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Global Hardware Wallet Market: By Type: USB, NFC, Bluetooth; Regional Analysis; Historical Market and Forecast (2016-2026); 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 2021-2026 at a CAGR of 26% to reach approximately USD 800 million by 2026.

 

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

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Hardware Wallet: Industry Definition and 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.

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.

 

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:

  • Coinkite Inc.
  • Coolbitx Ltd.
  • Ledger SAS
  • KeepKey LLC
  • 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 2020
Historical Period 2016-2020
Forecast Period 2021-2026
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.

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 (2016-2020) 
    8.3    Global Hardware Wallet Market Forecast (2021-2026)
    8.4    Global Hardware Wallet Market by Type
        8.4.1    USB
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    NFC
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    Bluetooth
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
    8.5    Global Hardware Wallet Market by Region
        8.5.1    Market Share
            8.5.1.1    North America
            8.5.1.2    Europe
            8.5.1.3    Asia Pacific
            8.5.1.4    Latin America
            8.5.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    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.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Coolbitx Ltd.
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Ledger SAS
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    KeepKey, LLC
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Others
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), 2016-2020
3.    Global Hardware Wallet Market Forecast: Breakup by Type (USD Million), 2021-2026
4.    Global Hardware Wallet Historical Market: Breakup by Region (USD Million), 2016-2020
5.    Global Hardware Wallet Market Forecast: Breakup by Region (USD Million), 2021-2026
6.    North America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2016-2020
7.    North America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2021-2026
8.    Europe Hardware Wallet Historical Market: Breakup by Country (USD Million), 2016-2020
9.    Europe Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2021-2026
10.    Asia Pacific Hardware Wallet Historical Market: Breakup by Country (USD Million), 2016-2020
11.    Asia Pacific Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2021-2026
12.    Latin America Hardware Wallet Historical Market: Breakup by Country (USD Million), 2016-2020
13.    Latin America Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2021-2026
14.    Middle East and Africa Hardware Wallet Historical Market: Breakup by Country (USD Million), 2016-2020
15.    Middle East and Africa Hardware Wallet Market Forecast: Breakup by Country (USD Million), 2021-2026
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 2021-2026 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.

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 2021-2026, 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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