Hardware wallet market
Hardware Wallet Market, By Type (Hot Wallet, Cold Wallet), By Connection (Near Field Communication, USB, Bluetooth), By Distribution Channel (Commercial, Individual), By The End-User ( Online, Offline), By Geography (North America, Europe, Asia-Pacific, LAMEA) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
- Jul 2022
- CMI5101
- 161 Pages
- Excel & Pdf
- Semiconductors
Hardware wallets are physical devices used to store the crypto assets’ digital keys. There are two main types of crypto wallets: software-based hot wallets and physical cold wallets. Hardware wallets work by storing the private keys in an external, physical device generally a USB or Bluetooth.
Statistics:
The Hardware wallet market was valued at US$ 227.1 Mn in 2021 and is forecast to reach a value of US$ 1426.50 Mn by 2030 at a CAGR of 24.9% between 2022 and 2030.
Figure 1: Global Hardware Wallet Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030
Key Developments:
In January 2019, ARCHOS collaborated with Blockchain Foundry Inc., a leading supplier of blockchain related business solutions and the consulting services to provide its ARCHOS SAFE-T, a range of the hardware cryptocurrency wallets and the blockchain protected solutions over Canada and U.S
In September 2018, ARCHOS revealed the approval of Safe-T touch, the first protected hardware wallet with a touch screen, showing an android interface an integrated services platform, for those who already use crypto-currency or who are interested to open an account with the help of crypto-assets in it.
Market Drivers:
Driver 1:
The public Ledger maintains data related to identities secretly, its cryptocurrency balance, and records genuine transactions to reduce manipulation during the transaction process. This is anticipated to drive the growth of the hardware wallet market, thereby influencing the development of the hardware wallet market.
Driver 2:
Rising investments by the key players in the commercial and private sectors is expected to boost the market. The rise in demand for advancement of next generation payments systems globally is expected to drive the growth of hardware wallet market.
Figure 2: Global Hardware Wallet Market Share (%), By Region, 2021
Market Restraint:
Restraint 1:
Implementation of government regulations against crypto currency or digital currency and increase in the currency regarding privacy and security of crypto is anticipated to hinder the growth of the global hardware wallet market.
Restraint 2:
Lack of consumer awareness regarding the hardware wallet is acting as a major barrier in its adoption. This is further expected to hamper the growth of the global hardware wallet market. People lack behind in the knowledge of buying and selling the cryptocurrency which might impede the growth of the market.
Hardware Wallet Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 227.1 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 24.9% | 2030 Value Projection: | US$ 1426.50 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Major companies operating the global hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities:
Opportunity 1:
A cryptocurrency public ledger system is a record-keeping system. The distributed ledger technology is designed to record transactions of assets and its detail in multiple places simultaneously. This system is intended to maintain transparency among users to reduce human errors, financial loss of data, or machine errors. This is expected to boost the growth of the global hardware wallet market.
Opportunity 2:
The surge in demand for cryptocurrencies such as bitcoins, dogecoin, and Ethereum across the developing economies such as India, China, and Brazil is expected propel the market’s growth. Due to the rise in inflation and potential for safe-haven assets it is predicted to offer lucrative opportunities in the growth of global hardware wallet market.
Market Key Takeaways/Trends:
Trend 1:
The integration of blockchain and distributed ledger technology for ensuring transparency by minimalizing the risks of hacking and other fraudulent activities is major factor propelling market growth. In line with this, the escalating prevalence of cybercrime and the growing usage of e-commerce platforms, along with steadily increasing data vulnerability are expected to fuel the growth of global hardware wallet market.
Trend 2:
The widespread adoption of wireless hardware wallets due to direct control, long-term storage and security is contributing to the market growth. The rising use of near-field communication (NFC) for wireless data transferring is also driving the market toward growth. Other factors, such as the emerging trend of digital and cashless payments, particularly in the developing regions, is boosting the market growth.
Competitive Landscape:
Major companies operating the global hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL.
Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Type
- Market Snapshot, By Connection Type
- Market Snapshot, By Distribution Channel
- Market Snapshot, By End-user
- Market Snapshot, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Rise in the investment in the cryptocurrency
- Lack of the consumer awareness about the buying and selling of the cryptocurrency
- Huge market development potential over the developing economics
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Global Hardware Wallet Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- Global Hardware Wallet Market, By type, 2017-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030(%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Hot wallet
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Cold wallet
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Introduction
- Global Hardware Wallet Market, By Connection Type, 2017-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030(%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Near Field Communication
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- USB
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Bluetooth
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Introduction
- Global Hardware Wallet Market, By End user, 2017-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030(%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Individual
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Introduction
- Global Hardware Wallet Market, By Distribution Channel, 2017-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030(%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Online
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Offline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Mn)
- Introduction
- Global Hardware Wallet Market, By Region, 2017-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2021-2030(%)
- Y-o-Y Growth Analysis, 2017-2030
- Country Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type of Technology, 2017-2030, (US$ Mn)
- Market Size and Forecast and Y-o-Y Growth , By End User, 2017-2030,(US$ Mn)
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type of Technology, 2017-2030, (US$ Mn)
- Market Size and Forecast and Y-o-Y Growth , By End User, 2017-2030,(US$ Mn)
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type of Technology, 2017-2030, (US$ Mn)
- Market Size and Forecast and Y-o-Y Growth , By End User, 2017-2030,(US$ Mn)
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type of Technology, 2017-2030, (US$ Mn)
- Market Size and Forecast and Y-o-Y Growth , By End User, 2017-2030,(US$ Mn)
- Introduction
- Competitive Landscape:
- ARCHOS S.A
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- ELLIPAL LTD.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- LEDGER SAS
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- OPOLO SARL
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- ARCHOS S.A
- Section:
- Research Methodology
- About Us
*Browse 24 market data tables and 28 figures on "Global Hardware Wallet Market” - Global forecast to 2030
Detailed Segmentation:
- Global Hardware Wallet Market, By Type:
- Hot Wallet
- Cold Wallet
- Global Hardware Wallet Market, By Connection Type
- Near Field Communication
- USB
- Bluetooth
- Global Hardware Wallet Market, By End User
- Commercial
- Individual
- Global Hardware Wallet Market, By Distribution Channel
- Online
- Offline
- Global Hardware Wallet Market, By Geography
- North America
- Europe
- Asia-Pacific
- LAMEA