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2022
Cryptocurrency Hardware Wallet Market

Cryptocurrency Hardware Wallet Market by Type (CPU, GPU, FGPA, ASIC, and Others), Application (Mining, Transactions), and End User (Banks, Trading, Remittances, Retail & E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028

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Feb 2022 | 107 Views
   
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COVID-19

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A cryptocurrency hardware wallet is a type of wallet that uses a secure encrypted hardware device to hold user's private keys. As a result, hardware wallets are designed to allow users to store private keys in a secure section of the microcontroller while safeguarding sensitive data. Computer viruses that steal or damage data in a software wallet are supposed to be impervious to hardware devices. The hardware wallet, which runs on open-source software, allows users to authenticate the device's whole functionality. Furthermore, to communicate with electronic applications, the hardware wallet gadget uses technologies like near-field communication and Bluetooth. Due to the growth in demand for digital currencies or cryptocurrencies for trade, this gadget is widely used on a business basis. Moreover, the wallet programs have been updated with a hacked and theft-free module, making devices impervious to any potential threats. Therefore, the surge in demand across many economies is expected to boost the growth of the cryptocurrency hardware wallet market size in the upcoming years.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increased use of NFC in cryptocurrency wallets and technological advances to enhance the security of cryptocurrency hardware wallets are driving the growth of the market. In addition, the rise in demand for high transparency of distributed ledger technology across the commercial sector helps to propel the growth of the market. However, lack of awareness and threat of privacy is considered to limit the growth. Contrarily, high growth potential in developing economics coupled with a surge in focus on security is said to provide lucrative opportunities for the market in the upcoming years.

The global cryptocurrency hardware wallet market trends are as follows:

Increased Use of NFC in Cryptocurrency Wallets:

The increasing use of near-field communication (NFC) in cryptocurrency wallets to transfer data wirelessly in real-time boosts market growth. The shift to non-custodial wallets, which do not save or control private keys, is expected to accelerate cryptocurrency hardware wallet market growth. As a result of NFC technology, digital wallets can now be used as a regular mode of payment. By providing a means of storage, NFC technology allows for the flexible use of cryptocurrency. More importantly, it allows crypto assets to be used in everyday purchases. Cryptocurrency can now be used as a regular form of payment due to this technology, which only requires the use of a mobile app. ​Therefore, the increased use of NFC in cryptocurrency wallets is driving the growth of the cryptocurrency hardware wallet market share during the forecasted period.

Technological Advances to Enhance the Security of Cryptocurrency Hardware Wallets:

The mainstreaming of cryptocurrency for various real-world transactions is boosting market growth, due to its numerous advantages such as low costs, trustless ownership, and the elimination of the traditional banking system. Cryptocurrency hardware wallets provide enhanced security while reducing data breaches, which is assisting the market's growth significantly. Due to technological advancements and innovations, the development of wireless hardware wallets to ease access and simplify cryptocurrency transactions is accelerating market growth. In addition, the rise of cybercrime is also helping to propel the hardware wallet industry forward. Furthermore, the introduction of blockchains to provide enhanced security and ease of cryptocurrency transactions is expected to boost the growth of the cryptocurrency hardware wallet market during the forecasted period.

COVID-19 Scenario Analysis

  • The introduction of COVID-19 has worked as a major catalyst for the cryptocurrency market's expansion, boosting demand for hardware wallets. Until the end of 2021, the market is expected to increase at a relatively high rate. The worldwide hardware wallet market, on the other hand, has been struck by several challenges as a result of the adoption of a lockout and a halt in manufacturing and selling activities.
  • Furthermore, it has resulted in a shortage of raw materials & skilled labor, as well as contractual commitments and project delays or cancellations. Moreover, the recent advent of different cryptocurrency storage devices is projected to fuel the cryptocurrency hardware wallet market growth in the post-pandemic phase.

Market Scope and Structure Analysis:

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast units

  Value ($)

  Segments covered

  Type, Application, End User and Region

  Companies covered

Major players analyzed include Ledger SAS, ShapeShift, CoolBitX, Shift Crypto AG, Penta Security Inc., CoolWallet, SantoshiLabs s.r.o., ELLIPAL, ARCHOS and Sugi (zSofitto NV)

 

Key Benefits of the Report:

  • This study presents an analytical depiction of the global cryptocurrency hardware wallet market along with the current trends and future estimations to determine the imminent investment pockets.               
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global cryptocurrency hardware wallet market growth scenario.                           
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Cryptocurrency Hardware Wallet Market Research Report:              

  • Which are the leading players active in the global cryptocurrency hardware wallet market?
  • What would be the detailed impact of COVID-19 on the global cryptocurrency hardware wallet market?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global cryptocurrency hardware wallet market?
  • What are the projections for the future that would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
Type
  • CPU
  • GPU
  • FGPA
  • ASIC
  • Others
Application
  • Mining
  • Transactions
End User
  • Banks
  • Trading
  • Remittances
  • Retail & E-commerce
  • Others
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 
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