The Global Cryptocurrency Hardware Wallet Market is valued at USD 250.7 Million in 2021 and is expected to reach USD 1328.7 Million by 2028 with a CAGR of 26.9% over the forecast period.
Global Cryptocurrency Hardware Wallet Market Size, Trends, Competitive, and Historical & Forecast Analysis to 2022-2028, Increasing growth of cryptocurrency industry, proliferating use of near-field communication (NFC) in cryptocurrency wallets, and rising number of partnerships in this market are some of the major factors driving the growth of the Global Cryptocurrency Hardware Wallet Market.
Cryptocurrency hardware wallets are considered physical devices that offer a very secure approach to store crypto for a lengthier time frame in an encrypted device. Cryptocurrency hardware wallets are far more secure than even the greatest crypto wallet apps as these wallets work with various blockchains simultaneously. Hardware wallets allow the user to have rapid and simple access to their crypto.
The beginning of Covid-19 has worked as the main catalyst for the cryptocurrency market's development and also heightening demand for cryptocurrency hardware wallets. The worldwide cryptocurrency hardware wallet market has been struck by numerous disputes as a result of the adoption of a lockdown and a halt in manufacturing and selling activities. This resulted in a scarcity of raw materials and skilled labor, as well as contractual commitments and project delays or cancellations. Likewise, the current advent of various cryptocurrency storage devices is expected to boost the cryptocurrency hardware wallet market during the post-pandemic period.
The global Cryptocurrency Hardware Wallet Market is segmented based on type, application, and geography. Based on type, the global cryptocurrency hardware wallet market is segmented into USB connectivity, Bluetooth connectivity, NFC connectivity, and others. On the basis on applications, the cryptocurrency hardware wallet market is segmented into individual and professional.
The regions covered in this global Cryptocurrency Hardware Wallet market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of global Cryptocurrency Hardware Wallet is subdivided into the U.S., Canada, Brazil, Mexico, Germany, U.K., France, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
On February 25th, 2021; a Singapore-based luxury brand known for its futuristic and architectural designs, GRAY, expanded its crypto hardware wallet line, the CORAZON, in aluminum variants. The CORAZON has formed in partnership with Satoshilabs the creators of Trezor, the first and leading hardware wallet currently offered for pre-orders for $599.
On June 11st, 2021; French startup Ledger raised up around USD 380 million Series C funding round headed by 10T Holdings. The company has achieved a valuation of nearly USD 1.5 billion.
On July 09th, 2021; a San-Francisco-based financial services and digital payments company, Square announced its plan to make a hardware wallet for bitcoin. The declaration was made by Square's hardware lead, Jesse Dorogusker on Twitter.
On October 26th, 2021; CoolBitX, an international blockchain security company, and creator of the Bluetooth hardware wallet for DeFi users, the CoolWallet Pro, announced a collaboration with Crypto.com, the world's fastest-growing crypto platform.
Rising awareness regarding NFC in cryptocurrency wallets across the globe is one of the contributors to boosting the cryptocurrency hardware wallet market. Digital wallets can currently be used as a normal mode of payment. By offering a means of storage, NFC technology permits for the flexible use of cryptocurrency and thus enhancing its popularity across the world. For example; Keycard is a credit-card-sized hardware wallet containing near-field communication (NFC) to approve cryptocurrency transactions. In addition to this, Circle also allowed Near Field Communication technology on its Android-based mobile app. The shift to NFC technology is expected to accelerate cryptocurrency hardware wallet market growth. More crucially, cryptocurrency can be utilized as a normal form of payment owing to this technology, which only involves the use of a mobile app. Consequently, the expanded use of NFC in cryptocurrency wallets is dynamically fueling the growth of the cryptocurrency hardware wallet market during the anticipated period.
In addition, the improvement of new technology in the field of cryptocurrency is likely to encourage the cryptocurrency hardware wallet Market growth. Due to several benefits such as trustless ownership, low costs, and the removal of the traditional banking system, mainstreaming of cryptocurrency for a variety of real-world transactions is boosting. USB connectivity, Bluetooth connectivity, and other advances in hardware wallets are enhancing the interest of many players to leverage into the market. And, rising number of product offerings are also supplementi8ng the market growth. For example; Ledger launched its hardware wallet which includes numerous features like a tiny 100 mAh battery, a small screen to confirm transactions on the device, micro USB port, and many interesting things. The development of wireless hardware wallets to ease access and shorten cryptocurrency transactions is hastening market growth due to technological advancements and innovations.
Apart from the above optimistic factors, government laws against digital currency or cryptocurrencies, as well as increasing worries regarding crypto's privacy and security, may hamper the cryptocurrency hardware wallet market growth. In spite of this, the growth in technological breakthroughs in the business segment, on the other hand, is opportunistic for further expansion of the global cryptocurrency hardware wallet market.
North America is expected to account for the largest share in the global cryptocurrency hardware wallet market owing to the huge demand for cryptocurrencies in the region. High awareness regarding cryptocurrencies is enormously heightening among the people due to their outstanding features. For example, Bitcoin is the eldest decentralized cryptocurrency and there are more than 28 million are from the U.S. The usage and awareness of cryptocurrencies across the globe are skyrocketing and eventually generating vast opportunities for a crypto wallet.
The Asia Pacific is another fastest growing region intensively contributing to the growth of the cryptocurrency hardware wallet market. This is due to the growing use of hardware wallets and the increasing number of cyberattacks in the cryptocurrency market in this region. For instance; a Singapore-based cryptocurrency exchange, KuCoin has disclosed a security incident that resulted in the unauthorized transfer of approximately USD 150 million in digital assets in September 2020. Also, in October 2020, Huawei announced that its upcoming Mate40 smartphone series might consist of a blended hardware wallet for China’s central bank digital currency, the digital Yuan. As a consequence, these factors are fundamentally propelling the cryptocurrency hardware wallet market growth in the Asia Pacific.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 250.7 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 1328.7 Million|
|Tables, Charts & Figures:||175|
|Cryptocurrency Hardware Wallet Companies||Ledger, Trezor, KeepKey, Digital BitBox, Coinkite, BitLox, CoolWallet, CryoBit, others|
|Segments Covered||By Type, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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