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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 2022-2027 at a CAGR of 26% to reach approximately USD 800 million by 2026.
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.
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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.
The major types of hardware wallet are:
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.
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.
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:
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.
|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, EMR’s Key Indicators for Price and Demand|
|Competitive Landscape||Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications|
|Companies Covered||Coinkite Inc., Coolbitx Ltd., Ledger SAS, KeepKey, LLC, 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.|
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Hardware Wallet Market Analysis
8.1 Key Industry Highlights
8.2 Global Hardware Wallet Historical Market (2017-2021)
8.3 Global Hardware Wallet Market Forecast (2022-2027)
8.4 Global Hardware Wallet Market by Type
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.5 Global Hardware Wallet Market by Region
8.5.1 Market Share
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
184.108.40.206 United States of America
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
220.127.116.11 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Coinkite Inc.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.2 Coolbitx Ltd.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.3 Ledger SAS
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.4 KeepKey, LLC
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
13 Industry Events and Developments
List of Figures and Tables
1. Global Hardware Wallet Market: Key Industry Highlights, 2016 and 2026
2. Global Hardware Wallet Historical Market: Breakup by Type (USD Million), 2017-2021
3. Global Hardware Wallet Market Forecast: Breakup by Type (USD Million), 2022-2027
4. Global Hardware Wallet Historical Market: Breakup by Region (USD Million), 2017-2021
5. Global Hardware Wallet Market Forecast: Breakup by Region (USD Million), 2022-2027
6. North America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2017-2021
7. North America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2022-2027
8. Europe Hardware Wallet Historical Market: Breakup by Country (USD Million), 2017-2021
9. Europe Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2022-2027
10. Asia Pacific Hardware Wallet Historical Market: Breakup by Country (USD Million), 2017-2021
11. Asia Pacific Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2022-2027
12. Latin America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2017-2021
13. Latin America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2022-2027
14. Middle East and Africa Hardware Wallet Historical Market: Breakup by Country (USD Million), 2017-2021
15. Middle East and Africa Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2022-2027
16. Global Hardware Wallet Market Structure
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 2022-2027 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 Coinkite Inc., Coolbitx Ltd., Ledger SAS, and KeepKey LLC, among others.
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 2022-2027, 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 Coinkite Inc., Coolbitx Ltd., Ledger SAS, and KeepKey LLC, 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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