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Global Hardware Wallet Market to Grow at a CAGR of 26% During 2021-2026, Aided by Mainstreaming of Cryptocurrency

According to a new report by EMR titled, ‘Global Hardware Wallet Market Report and Forecast 2021-2026’, the market attained a value of about USD 201 million in 2020. The industry is further expected to grow at a CAGR of 26% in the forecast period of 2021-2026 to reach a value of nearly USD 800 million by 2026.

North America holds a significant share of the market growth. This is due to surging internet penetration and increasing investments in the region. Moreover, the presence of the leading companies is also catalysing the market growth. The Asia Pacific region is expected to witness substantial growth owing to the trend of a cashless economy in countries such as India, Japan, and South Korea. Technological advancements and innovations, along with the increasing research and development (R&D) for secure payments, are aiding the market growth in the region. Moreover, the rising popularity of digital wallets enabled with NFC technologies are further boosting the market growth. Additionally, the high risk of cybercrime, theft, and fraud in the region are increasing the demand for encrypted hardware wallets, which are immune to cybercrimes and software viruses. The development of hardware wallets with reinforced blockchain security to enhance the security of cryptocurrency is also aiding the market growth, hence contributing to the overall market share.

Coolbitx Ltd., one of the leading players in the market whose distribution channel is Amazon, collaborated with Binance Chain to launch a special edition of Coolwallet S Hardware Wallet in December 2019. The hardware wallet provides the Binance Chain community with the ability to securely store BUSD, BNB, and integrate with decentralised cryptocurrency exchange Binance DEX while optimising for mobility through its Bluetooth pairing feature. The wallet can optimise user experience with a Bluetooth-enabled pairing feature. Moreover, the wallet enhances the security of cryptocurrency while enabling the storage of multiple digital assets. Such innovative wallets are expected to fuel the market growth.

Market Analysis by Type and Region:

  • The market, on the basis of type, can be divided into USB, NFC, and Bluetooth.
  • The regional markets for hardware wallet include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising use of cryptocurrencies in investments and hassle-free international transactions are aiding the market growth.
  • The growing demand for enhanced security owing to the surging software hacks and cybercrimes are driving the growth of the hardware wallet industry.
  • Various benefits of cryptocurrencies such as low costs, trustless ownership, and elimination of traditional banking system is increasing its use, hence propelling the market growth.
  • The market is being driven by the adoption of the latest technology like the Internet of Things (IoT), blockchains, and near field communication, among others.

Key Offerings of the Report:

  • The EMR report gives an overview of the global hardware wallet market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types and regions of hardware wallet.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for hardware wallet are Coinkite Inc., Coolbitx Ltd., Ledger SAS, and KeepKey LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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