Increasing demand for online transfer and storage of crypto assets with growing digitization concerning safety and security is the main reason to boost up the global hardware wallet market through 2026.
According to TechSci Research report, “Global Hardware Wallet Market By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, the global hardware wallet market is projected to cross USD359.84 million by 2026 at a CAGR of 10.12%, on account of the increasing need for the security and transparency along with the rising demand of usage of cryptocurrencies in emerging countries across the world. Moreover, the increasing digitization with the rise in digital payments will positively influence the global hardware wallet market in the upcoming years.
The global hardware wallet market can be segmented based on connection type, distribution channel, end-user and region. In terms of connection type, the market can be divided into Near Field Communication, USB and Bluetooth. The Near Field Communication segment had a market share of 46.7% in 2020 due to the accessibility and versability during any crypto shift processes with the growing economies. The demand for the ease of cryptocurrency storage and transfer drives the Near Field Communication segment of the global hardware wallet market in forecast years.
Based on the distribution channel, the market is branched into Online and Offline. The Online segment had 52.17% of the market shares in 2020 owing to its ease of delivery over a long distance while saving time. This increase in the online distribution channel segment is insubstantial due to the rise in online frauds and hacking with technological advancements. Based on end-user, the market can be bifurcated into Capital Market, BFSI (Excluding Capital Market), Real Estate, Mobile, Enterprise, etc. The capital market sector segment accounts for the largest market share of 49.14% in 2020 due to the proliferation in the market investments with the generation of significant revenue in the market. The growth in the stock market segment is in turn expected to enhance the market growth over the estimated period due to the increasing trend of the cashless and digital economy.
In the global hardware wallet market, North America had the largest contributor with 36.71% of market shares in 2020. United States (US) was the largest contributing country in the region with a market shares of 53.6% for the forecast period, followed by Canada and Mexico. Being the world’s largest hardware wallet manufacturers and exporter, North America’s growing urbanization and information technologies are contributing to the country’s leading market position. Meanwhile, Europe is growing at a quicker pace due to its increasing cryptocurrency storage demand in the forecast years with the ongoing advancements for the need for digitization in the upcoming years. Cryptocurrencies such as bitcoin are progressively making a transition from uncertain investment tools to payments. Specific awareness of payment habits and the financial life cycle has evolved as the COVID-19 pandemic has led to more calls for dematerialization of payments.
Ledger SAS, SatoshiLabs SRO, CoolBitX Technology Ltd., Shift Crypto AG, BitLox Limited, Coinkite Inc, KeepKey LLC, Penta Security Systems Inc., Sunmi Technology Co. Ltd, Ellipal Limited, etc. are among the leading players operating in the global hardware wallet market. Companies operating in the market are using organic strategies to develop and launch new products with mergers and acquisitions to boost their shares in the global hardware wallet market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the response time of the wallet, enhancing accuracy, boosting productivity with high funding in R&D, and boosting performance to support in the competitive hardware wallet market. Further, with escalating concerns regarding cyber-attacks are posing challenges to the market’s growth. In July 2020, Bitcoin hardware wallet maker Ledger revealed that its e-commerce database was hacked in June 2020, leaking 1 million emails and some personal documents.
“With the development of the cryptocurrency market in December 2017, a lot of new consumers gained knowledge about blockchain and cryptocurrency and started exploring the same. There has been a massive and quick rise in blockchain and cryptocurrency wallet users. Hopes for Cryptocurrencies being Digital Gold in the upcoming years also been positively influencing the market with a continuous urge for launching new products in the upcoming years.”, said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Hardware Wallet Market By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of global hardware wallet market by providing the statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in the global hardware wallet market.