The Global Hardware Wallet Market Is Estimated To Be Valued At US$240.3 Miliion In 2022 And Is Expected To Exhibit A CAGR Of 24.9% Between 2022 And 2030.

Hardware Wallet Market Overview:

A hardware wallet is a cryptocurrency wallet that stores a user's private keys (critical information used to authorize ongoing transactions on a blockchain network) in a secure hardware device. The basic principle of hardware wallets is complete isolation of private keys and hackable computer or smartphone applications. Hardware wallets act as cold storage for your secret keys. Your password is PIN-protected, making it difficult for hackers to extract your private key because your information is never exposed to the internet.

Asset owners can access their private keys to buy and sell crypto assets from anywhere with the help of a protected hardware wallet. Most hardware wallets allow users to manage multiple accounts. Some even allow users to connect to their Facebook or Google accounts. Hardware wallets are often stored on a protected microcontroller and are very secure as they cannot be transferred outside the wallet. Isolation from internet connectivity also mitigates the risk of resource compromise. It is also considered a more secure wallet compared to online wallets, as it does not rely on third-party apps.

Hardware Wallet market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Hardware Wallet market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In January 2019, ARCHOS teamed up with Blockchain Foundry Inc., a leading provider of blockchain-related business solutions and consulting services, to provide ARCHOS SAFE-T, a range of hardware cryptocurrency wallets, and blockchain protection solutions to Canada and the United States.
• In September 2018, ARCHOS announced the approval of Safe-T Touch, the first protected hardware wallet with a touch screen, and an integrated service platform for those already using cryptocurrencies or interested in opening an account. Shows the Android interface. Crypto assets help.

Major Market Segments Covered in Hardware Wallet Industry Research:

Market Key Players:
ARCHOS, BitLox, CoolBitX Technology Ltd., ELLIPAL Limited, Ledger SAS, OPOLO SARL, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi (zSofitto NV)

By Type:

• Hot Wallet
• Cold Wallet

By Connection Type

• Near-field Communication
• Bluetooth
• USB

By Application:

• Commercial
• Individual

By Distribution Channel

• Online
• Offline

By Region:

The hardware wallet market is expanding at the fastest pace in the Asia-Pacific region, owing to the growing use of cryptocurrencies and the growing trend toward a cashless digital economy in countries such as India, Japan, and South Korea.

Local economies may be hampered by Chinese restrictions on digital currency exchanges. Nonetheless, the rest of the region is increasingly embracing the digital economy, particularly in India, Japan, Australia and South Korea, creating significant cryptocurrency markets. These countries are also among the regions with the highest hardware wallet adoption rates. .

The growth of the regional hardware wallet market is also fueled by increasing cyberattacks in the region's cryptocurrency market. For example, a web hosting service in Malaysia was the target of a ransomware attack in September 2021, demanding a ransom of USD 900,000. A ransomware attack in May 2021 targeted four subsidiaries of a multinational insurance company in Thailand, Malaysia, Hong Kong and the Philippines, demanding payments of $20 million.

A major driver for the regional hardware wallet market growth is the increasing number of startups evolving towards blockchain technology across the region. According to a June 2022 study by venture capital firm White Star Capital, there are more than 600 cryptocurrency or blockchain businesses in Southeast Asia. According to the report, startups in the crypto, blockchain and web3 industries have contributed significantly to the recent rise in venture capital funding across the region. These startups raised nearly $1 billion in funding in 2022 and are set to surpass $1.45 billion in total in 2021.

South Korea is emerging as one of the important markets for hardware wallets, driving regional growth. The launch of a user-friendly crypto wallet by SK Telecom, a South Korean telecommunications company, could impact adoption. As of December 2021, 30 million people, or about 58% of the population of Korea, have subscribed to SK Telecom.

On the other hand, India wants to introduce laws to ban cryptocurrencies and impose fines on anyone who holds, sells or possesses cryptocurrencies in the country. The move is in line with the government's strategy in January to outlaw personal cryptocurrencies like Bitcoin while laying the groundwork for an official digital currency.

If the ban is enacted into law, India will be the first developed country to make cryptocurrency possession illegal. Mining and even trading are banned in China, but possession is not a crime. These obstacles will hinder market expansion in those regions.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Hardware Wallet Market Dynamics:

Drivers:
The public Ledger covertly stores information regarding identities, its cryptocurrency balance, and authentic transactions to reduce transaction manipulation. This is anticipated to stimulate the growth of the hardware wallet market, thereby influencing its future development.
Key actors in the commercial and private sectors are anticipated to increase their investments, boosting the market. The increase in global demand for the development of payment systems of the next generation is anticipated to propel the growth of the hardware wallet market.

Restraint:
Implementation of government regulations against cryptocurrencies or digital currencies, as well as an increase in cryptocurrencies' privacy and security concerns, are expected to restrain the growth of the global market for hardware wallets.
Lack of consumer awareness about hardware wallets is a significant barrier to its adoption. This is anticipated to further impede the expansion of the global hardware wallet market. People's dearth of knowledge regarding the purchase and sale of cryptocurrency may hinder the market's expansion.

Opportunity:
A cryptocurrency public ledger system is a system for maintaining records. The distributed ledger technology is designed to simultaneously record asset transactions in multiple locations. This system is designed to maintain user transparency to reduce human errors, data loss, and machine errors. This is anticipated to stimulate the expansion of the global market for hardware wallets.
The rise in demand for cryptocurrencies such as bitcoins, dogecoin, and Ethereum in emerging markets such as India, China, and Brazil is anticipated to drive market expansion. Inflation and the potential for safe-haven assets are expected to provide lucrative opportunities for the expansion of the global market for hardware wallets.

Hardware Wallet Market report scope:

Key Takeaways from this Hardware Wallet Report

• Estimate Hardware Wallet market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Hardware Wallet market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Hardware Wallet market?

The Hardware Wallet Market is growing at a CAGR of 24.9% During Forecast Period.

 What are the key types of Hardware Wallet market?

Hot Wallet, Cold Wallet

What are the key applications of Hardware Wallet market?

Commercial, Individual

Who are the key players in Hardware Wallet market?

ARCHOS, BitLox, CoolBitX Technology Ltd., ELLIPAL Limited, Ledger SAS, OPOLO SARL, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi (zSofitto NV)