In comparison to a software wallet, hardware wallets function as cold storage to protect pins from hackers. On the other hand, the software wallets can be identified as extracting smartphone application that digitally protects private keys. Hardware apps comprise Ledger, Keep Key, Pro key, and Trezor.
Statistics:
The global hardware wallet market is estimated to account for US$ 240.3 Mn in terms of value by the end of 2022.
Drivers:
Rise in the adoption of artificial intelligence (AI) and machine learning (ML) in the digital currency industry are expected to drive the growth of the global hardware wallet market. For instance, as per a survey conducted by Narrative Science and the National Business Research Institute in February this year, 61% of companies had already adopted AI.
Opportunity:
Banks and fintech industries were showing more interest in crypto currencies for enhancing their business processes and providing secure contactless payments to speed up their payment transaction process. These factors create opportunities for the growth of the hardware wallet market.
Recent Development:
In July 2019, ELLIPAL approved the wallet known as ELLIPAL Titan, the globe’s first totally metal sealed and the air gapped cold wallet with the mobile assistance and it has approved a new wallet, the cold wallet 2.0 the next cohort cold wallet which features the mobile based full functioned cold wallet that assist the commerce that aids all the cryptocurrency commerce.
To know the latest trends and insights prevalent in the Global Hardware Wallet Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hardware-wallet-market-5101
Restraint:
The European Union has implemented new laws against holding cryptocurrencies by banks, credit, and investment firms. All these factors are acting as prime hurdle for the hardware wallets. This is further expected to hamper the growth of the global hardware wallet market.
Global Hardware Wallet Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has fueled the need for the digital currency or the cryptocurrency over the commercial and the personal sectors. The global hardware wallet has faced the huge surge in the need for a secure and the reliable storage method to store cryptocurrency private keys. Anyhow, the production services over the worldwide halted, over the economic slowdown and the inaccessibility of the raw materials and the workforce that is impacting the growth of the global hardware wallet market.
Key Takeaways:
The global hardware wallet 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 CARG of 24.9% between 2022 and 2030.
USB Segment held the dominant position in the global hardware wallet market in 2021, accounting for 71.23% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Key Trends/Takeaways:
Trend 1:
The adoption of cryptocurrencies in real-world stores is progressing slowly, even though it has the potential to be a convenient, fast, and secure way of paying for goods. Cryptocurrencies, such as Bitcoin, can be used in real-world environments in a timely matter without requiring a banking license. They can also be used to save merchants money and to safeguard the privacy of customers. This is expected to act as a key trend in the growth of the global hardware wallet market.
Trend 2:
By using NFC, payment is enabled even if the payee or payer is not connected to the Internet, based on the type of payment request. This scheme is beneficial for tourists who are not willing to pay high roaming fees or are at places where the Internet reception is unreliable or not present at all. This is expected to act as a leading trend in the growth of global hardware wallet market.
Competitive Landscape:
Major companies operating the global hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL.
