Hardware Wallet Market report provides emerging market drivers, challenges, opportunities for Hardware Wallet Industry. It focuses on the latest trends and recent developments of Hardware Wallet Industry. Hardware Wallet market report will help you to know each and every fact of keyword industry. Hardware Wallet market also covers growth potential, market size, demand by buyer and suppliers and forecast details.
Hardware Wallet Market is expected to grow at a CAGR of 78.4% during the forecast period.
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The market for hardware wallets is projected to register a CAGR of 78.4% during the forecast period (2018 – 2023). The scope of this report is limited to product type, which includes USD, NFC, and Bluetooth, among others. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
While there is a debate regarding the future of cryptocurrencies, the interest among users hasn’t declined since the market expansion, in Dec 2017. Cryptocurrencies are witnessing increasing consumption, while companies are pushing different modes to store these currencies. The global hardware wallet market is growing at a rapid rate, the demand is expected to more than double, by the end of 2018. Companies producing hardware wallets are experiencing exponential increase in demand. With the number of people owning cryptocurrencies increasing, the demand for wallets is also growing. Many users have been opting for hardware wallets due to flexibility and security offered by these solutions, in comparison with software or web wallets.
Wireless Wallets Witnessing Increasing Investments in the Market
With a wide variety of wallets available in the market, consumers are exploring different technologies that offer higher flexibility and security. While USB wallets are the primary hardware wallets and most consumed in the market, the demand for wireless wallets using NFC and Bluetooth connectivity are finding increasing adoption. With many outlets accepting cryptocurrencies, and enabling NFC payment option, the consumption of these products is growing. Companies are driving the design of new compact and powerful wallets. With the adoption of wireless technologies, the increasing demand for wireless hardware wallets is expected to drive the demand for the global hardware wallet market.
US to Maintain its Lead during the Forecast Period
While many countries have banned cryptocurrencies, it is still widely used in many regions. US, is the most influencing market for cryptocurrencies globally, with an estimated 32% of the currency share. The country is also the largest market for wallets. Many companies operating in the industry prioritize the US market, due to strong demand and high technology awareness. With the country being at the core of the crypto industry, the consumption of hardware wallets is expected to hold strong. The increasing participation of other industries is further expected to push the growth of the market in the country in the future. Also, the increasing demand for hardware wallets in South Korea is projected to impact the position of Asia-Pacific in the global landscape.
Key Developments in the Market
• Mar 2018 – Independent researchers exposed a major flaw in the Ledger cryptocurrency wallets, which remain one of the products sold highly in the market. The research exposed a vulnerability, wherein the third party reseller could update the device with a malicious code, compromising the data.
• Mar 2018 – Penta Security launched two new physical cryptocurrency hardware wallets with enhanced security, using crucial secure lifecycle, encryption, and biometric authentication. The wallets will be available either as a card or a device.
Major Players : TREZOR WALLET, LEDGER SAS, PI WALLET (OPEN SOURCE), KEEPKEY LLC, OPENDIME COMPANY, COOLWALLET COMPANY, DIGITAL BITBOXAND, SECALOT, amongst others.
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Global Hardware Wallet Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Hardware Wallet Market Dynamics
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Hardware Wallet Market Covers Following Points in TOC:
Chapter 1: Hardware Wallet Market Definition
Chapter 2: Research Methodology of Hardware Wallet Market
Chapter 3: Hardware Wallet Market Executive Summary
Chapter 4: Hardware Wallet Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Hardware Wallet Market Segmentation by Types, End-User, and Applications Forecast to 2023
Chapter 7: Hardware Wallet Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Hardware Wallet Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Hardware Wallet Market
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