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Australia Hardware Wallet Market Size, Growth, Forecast: By Type: Cold Wallet, Hot Wallet; By Connection Type: USB, Near-field Communication (NFC), Bluetooth; By End Use: Individual, Commercial; By Distribution Channel: Online, Offline; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Australia Hardware Wallet Market Outlook
The Australia hardware wallet market size is projected to grow at a CAGR of 16.5% between 2024 and 2032.
Key Takeaways
- As the adoption of cryptocurrencies and digital currencies continues to rise, hardware wallets are becoming more popular due to their enhanced security features compared to software-based wallets.
- Ledger Nano X wallet is considered the best overall hardware wallet. It supports over 5,500 assets and offers robust security features.
- Australia boasts the third-highest rate of crypto adoption globally as around 60% of Australians use a hot wallet for managing their crypto holdings.
The increasing adoption of cryptocurrencies in investments and transactions, particularly in countries like India, Japan, Australia, and South Korea are creating a significant market for digital assets. As per industry reports, approximately 4.6 million Australians own some form of cryptocurrency. The growing number of cyberattacks in the cryptocurrency market is also fuelling the demand for secure storage solutions like hardware wallets.
Moreover, the rise of startup firms in the crypto and blockchain industries in Southeast Asia, with over 600 such businesses in the region, is contributing to the Australia hardware wallet market growth. The development of wireless hardware wallets, the increasing adoption of near field communication (NFC) technology, and the shift towards non-custodial wallets are other key trends fuelling the market growth.
Another key trend contributing to the Australia hardware wallet market development is the integration of biometric security features like fingerprint recognition or facial recognition to enhance user authentication and data protection. The market is also witnessing a trend towards hardware wallets offering support for a wide range of cryptocurrencies and tokens, allowing users to manage multiple digital assets in a single device.
USB-based hardware wallets, exemplified by popular models like Ledger Nano S, offer a reliable and secure connection method, appealing to users seeking stability in managing their digital assets. These wallets are favoured for their compatibility with various devices and robust security features. Near-Field Communication (NFC) technology, as seen in devices like Ellipal Titan, is gaining traction for its convenience and quick transaction capabilities. NFC-enabled hardware wallets provide seamless communication for secure payments. Bluetooth-connected hardware wallets, such as the Trezor Model T, offer wireless connectivity for enhanced mobility and accessibility.
Market Segmentation
Australia Hardware Wallet Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Cold Wallet
- Hot Wallet
Market Breakup by Connection Type
- USB
- Near-field Communication (NFC)
- Bluetooth
Market Breakup by End Use
- Individual
- Commercial
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
Competitive Landscape
Market players are focused on providing advanced quality of hardware wallet across industries to ensure optimal storage security and stay ahead in the competition.
- Hardware Wallets Pty Ltd
- Trezor Company s.r.o.
- Ledger SAS
- Tangem AG
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Connection Type |
|
| Breakup by End Use |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Hardware Wallet Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Hardware Wallet Historical Market (2018-2023)
8.3 Asia Pacific Hardware Wallet Market Forecast (2024-2032)
9 Australia Hardware Wallet Market Overview
9.1 Key Industry Highlights
9.2 Australia Hardware Wallet Historical Market (2018-2023)
9.3 Australia Hardware Wallet Market Forecast (2024-2032)
10 Australia Hardware Wallet Market by Type
10.1 Cold Wallet
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hot Wallet
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Australia Hardware Wallet Market by Connection Type
11.1 USB
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Near-field Communication (NFC)
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Bluetooth
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Australia Hardware Wallet Market by End Use
12.1 Individual
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Australia Hardware Wallet Market by Distribution Channel
13.1 Online
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Offline
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Australia Hardware Wallet Market by Region
14.1 New South Wales
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Victoria
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Queensland
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Australian Capital Territory
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Western Australia
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Hardware Wallets Pty Ltd
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Trezor Company s.r.o.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Ledger SAS
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Tangem AG
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Hardware Wallet Market: Key Industry Highlights, 2018 and 2032
2. Australia Hardware Wallet Market: Key Industry Highlights, 2018 and 2032
3. Australia Hardware Wallet Historical Market: Breakup by Type (USD Million), 2018-2023
4. Australia Hardware Wallet Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Australia Hardware Wallet Historical Market: Breakup by Connection Type (USD Million), 2018-2023
6. Australia Hardware Wallet Market Forecast: Breakup by Connection Type (USD Million), 2024-2032
7. Australia Hardware Wallet Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Australia Hardware Wallet Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Australia Hardware Wallet Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
10. Australia Hardware Wallet Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
11. Australia Hardware Wallet Historical Market: Breakup by Region (USD Million), 2018-2023
12. Australia Hardware Wallet Market Forecast: Breakup by Region (USD Million), 2024-2032
13. Australia Hardware Wallet Market Structure
Key Questions Answered in the Report
The Australia hardware wallet market value is expected to grow at a CAGR of 16.5% between 2024 and 2032.
The market is being driven due to rising use of cryptocurrency in investments and transactions, coupled with growing concerns regarding thefts and hacks, which is driving the demand for secure storage solutions.
Key trends aiding the market expansion include mainstreaming of cryptocurrency for various real-use transactions, the development of wireless hardware wallets, the increasing adoption of near field communication (NFC) technology, and the shift towards non-custodial wallets.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
In terms of connection type, the market is segmented into USB, near-field communication (NFC), and Bluetooth.
Cold and hot wallets are considered in the report.
Based on end use, the market segmentation includes individual and commercial.
Key players in this market include Hardware Wallets Pty Ltd, Trezor Company s.r.o., Ledger SAS, and Tangem AG, among others.
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