According to a new report published by Allied Market Research, titled, “Hardware Wallet Market By Type, Connection Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2028,”. The global hardware wallet market size was valued at $0.22 billion in 2020, and is projected to reach at $1.02 billion by 2028, growing at a CAGR of 24.0 % from 2021 to 2028.
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A hardware wallet is an electronic device with the sole purpose of allowing the user to store digital currency or cryptocurrencies’ private keys in an offline wallet to protect coins. Furthermore, a hardware wallet is intended to connect with electronic devices such as computers, laptops, mobile, and other smart devices.
The new generation hardware wallet is designed to permit users to recover cryptocurrencies in case of loss or break of devices, owing to new recovery seed technology. Moreover, rise in demand for cryptocurrencies or digital currency across the commercial sector is anticipated to propel the demand for hardware wallets for a secure mode of cryptocurrency holding,
Rise in demand for cryptocurrency across the commercial sector, owing to rise in high investment from prime players coupled with surge in demand for next-generation digital technology in the financial sector, is influencing the market growth. However, enforcement of government regulations for dealing in cryptocurrency and low awareness among costumers for crypto security are acting as a major restraints of the market growth. Furthermore, high market growth potential in major emerging economies is expected to provide lucrative opportunities for the industry during the forecast period.
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The USB segment was the highest contributor to the market in 2020. The USB and Bluetooth segments collectively accounted for around 90% market share in 2020. Surge in distributed ledger technology fuels the growth of the USB segment, thereby enhancing the hardware wallet market growth.
Covid-19 Impact Analysis
The emergence of COVID-19 has significantly boosted the growth of the cryptocurrency market, subsequently propelling the demand for hardware wallet devices across the globe. However, the partial or complete lockdown in various regions has significantly impacted the manufacturing and selling plants of hardware wallets during the pandemic. Moreover, a rise in investments from various prime industries is expected to hamper the market growth in the coming years.
Region-wise, Asia-Pacific holds a significant share in the hardware wallet market, as this region accommodates a major population of the globe. The adoption of cryptocurrency or digital currency at the individual and commercial levels is expected to propel the hardware wallet industry in this region. Moreover, surge in demand for digital currency across financial and banking sectors in the Asia-Pacific is anticipated to boost the growth of the hardware wallet market.
Key Findings Of The Study
In 2020, the hot wallet segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 25.10% during the forecast period.
The USB and Bluetooth segment together accounted for around90% of the hardware wallet market share in 2020.
The commercial segment of the hardware wallet market is projected to growth at a CAGR of 25.5% during the forecast period.
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Asia-Pacific contributed major share in hardware wallet market trends, accounting for more than 23.8% share in 2020.
The key players profiled in the report include ARCHOS, BitLox, CoolBitX Technology Ltd., ELLIPAL Limited, Ledger SAS, OPOLO SARL, Satoshi Labs SRO, ShapeShift, Shift Cryto AG, and Sugi (zSofitto NV).
Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the hardware wallet market.
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