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Global Hardware Wallet Market: By Type: USB, NFC, Bluetooth; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand, EMR’s Key Indicators for Price; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Hardware Wallet Market Outlook
The global hardware wallet market attained a value of nearly USD 201 million in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 26% to reach approximately USD 800 million by 2026.
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Rising Use of Cryptocurrencies for Investments and Transactions Aiding the Market Growth for Hardware Wallet
Cryptocurrencies have witnessed exceptional popularity in the past few years. Moreover, it is also hugely considered as decentralised money that has the potential to lead currencies in the recent future. This is resulting in the extensive use of cryptocurrencies such as Bitcoin and Litecoin for investments and hassle-free international transactions. Hence, the rising use of cryptocurrency is increasing the demand for hardware wallets for the storage of private keys. As hacks and thefts are common in cryptocurrency, it is increasing the demand for hardware wallets to store digital assets safely. This is also augmenting the market growth. Moreover, hardware wallets provide enhanced security to the cryptocurrency as a private key cannot be exposed for hacking or copying. Also, the pin encryption protects the wallet, which can self-destruct itself if the activation is forced. Further, hardware wallets are safe from computer viruses that are designed to attack system software. The device is designed safe and can store multiple currencies at the same time. These factors make hardware wallets the safest storage for cryptocurrencies, which, in turn, is positively impacting the market growth.
Hardware Wallet: Market Segmentation
A hardware wallet, variously known as a cryptocurrency wallet, is a device that can securely store cryptocurrency and enables the management of cryptocurrency funds. It stores a private key for cryptocurrency and protects the information offline in an encrypted device.
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The major types of hardware wallet are:
- USB
- NFC
- Bluetooth
The EMR report looks into the regional markets of hardware wallet like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Technological Advancements to Enhance Security of Hardware Wallets to Bolster the Growth of the Hardware Wallet Industry
The mainstreaming of cryptocurrency for various real-use transactions owing to its various benefits such as low costs, trustless ownership, and elimination of traditional banking system, is bolstering the market growth. Hardware wallets provide enhanced security while minimising data breaches, which is significantly aiding the market growth. The development of wireless hardware wallets to ease access and simplify cryptocurrency transactions owing to technological advancements and innovations is augmenting the market growth. The increasing prevalence of cybercrime is also aiding the growth of the hardware wallet industry. Moreover, the advent of blockchains to provide enhanced security and easy transactions of cryptocurrency is expected to further boost the market growth. Additionally, the surge of e-commerce platforms and the wide availability of diverse hardware wallets are anticipated to bolster the market growth.
The rising use of near field communication (NFC) to transfer the data wirelessly in real-time in cryptocurrency wallets is further invigorating the market growth. The shift to non-custodial wallets, which do not save or control private keys, is expected to further propel the market growth for hardware wallet. As NFC technology enables the use of digital wallets in everyday mode of payment, it is increasing the application of cryptocurrency, which is consequently fuelling the market growth for hardware wallets.
Key Industry Players in the Global Hardware Wallet Market
The report presents a detailed analysis of the following key players in the global hardware wallet market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Ledger SAS
- Ngrave.IO NV
- Trezor Company s.r.o.
- Shift Crypto AG
- SecuX Technology Inc.
- Key Hodlers, LLC
- BitKey Technologies, Inc.
- Sofitto NV
- ShapeShift AG
- OPOLO SARL
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Region |
| Breakup by Type | USB, NFC, Bluetooth |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Ledger SAS, Ngrave.IO NV, Trezor Company s.r.o., Shift Crypto AG, SecuX Technology Inc., Key Hodlers, LLC, BitKey Technologies, Inc., Sofitto NV, ShapeShift AG, OPOLO SARL, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Hardware Wallet Market Analysis
8.1 Key Industry Highlights
8.2 Global Hardware Wallet Historical Market (2018-2022)
8.3 Global Hardware Wallet Market Forecast (2023-2028)
8.4 Global Hardware Wallet Market by Type
8.4.1 USB
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 NFC
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Bluetooth
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Hardware Wallet Market by Region
8.5.1 North America
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Europe
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Asia Pacific
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Latin America
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Middle East and Africa
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
9 North America Hardware Wallet Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Hardware Wallet Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Hardware Wallet Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Hardware Wallet Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Hardware Wallet Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Ledger SAS
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 Ngrave.IO NV
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 Trezor Company s.r.o.
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 Shift Crypto 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 SecuX Technology Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Key Hodlers, LLC
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 BitKey Technologies, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Sofitto NV
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 ShapeShift AG
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 OPOLO SARL
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Hardware Wallet Market: Key Industry Highlights, 2018 and 2028
2. Global Hardware Wallet Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Hardware Wallet Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Hardware Wallet Historical Market: Breakup by Region (USD Million), 2018-2022
5. Global Hardware Wallet Market Forecast: Breakup by Region (USD Million), 2023-2028
6. North America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2018-2022
7. North America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Europe Hardware Wallet Historical Market: Breakup by Country (USD Million), 2018-2022
9. Europe Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Asia Pacific Hardware Wallet Historical Market: Breakup by Country (USD Million), 2018-2022
11. Asia Pacific Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Latin America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2018-2022
13. Latin America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Middle East and Africa Hardware Wallet Historical Market: Breakup by Country (USD Million), 2018-2022
15. Middle East and Africa Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Global Hardware Wallet Market Structure
Key Questions Answered in the Report
In 2020, the global hardware wallet market attained a value of nearly USD 201 million.
The market is projected to grow at a CAGR of 26% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 800 million by 2026.
The market is being aided by the rising use of cryptocurrency in investments and transactions.
The industry is expected to be driven by technological advancements, rising demand for enhanced security, and the surging use of near field communication (NFC).
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of hardware wallet in the industry are USB, NFC, and Bluetooth.
The major players in the industry are Ledger SAS, Ngrave.IO NV, Trezor Company s.r.o., Shift Crypto AG, SecuX Technology Inc., Key Hodlers, LLC, BitKey Technologies, Inc., Sofitto NV, ShapeShift AG, and OPOLO SARL, among others.
Analyst Review
The global hardware wallet market attained a value of USD 201 million in 2020, driven by the rising use of cryptocurrencies. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 26%. The market is projected to reach USD 800 million by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the hardware wallet industry can be segmented into yy, USB, NFC, and Bbluetooth. On the basis of distribution channels, the industry is divided into aa, bb, and cc, among others. The major regional markets for hardware wallet are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Ledger SAS, Ngrave.IO NV, Trezor Company s.r.o., Shift Crypto AG, SecuX Technology Inc., Key Hodlers, LLC, BitKey Technologies, Inc., Sofitto NV, ShapeShift AG, and OPOLO SARL, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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