Hardware Wallet Market Projected to reach USD 1.2 Billion with a health CAGR of 24.4% During the Forecast Period 2030

Future market research insights:

The market for hardware wallets was valued at USD 211.6 million in 2020 and is anticipated to grow at a CAGR of 25.6% between 2021 and 2028 to reach USD 1,121.5 million.

A hardware wallet market is a type of cryptocurrency wallet that keeps the user's private keys—vital bits of data required to approve ongoing transactions on the blockchain network—in a safe piece of hardware. The primary goal of the hardware wallet is to completely isolate the private keys from vulnerable PC or mobile apps. Hardware wallets serve as a type of cold storage for private keys. Since the private keys are not made available on the internet, the passwords are safeguarded by a PIN, making it difficult for hackers to get them.

The asset owner may access the private key to purchase and sell cryptocurrency assets from anywhere with the aid of a secure hardware wallet market. The majority of hardware wallets let users to manage several accounts, and some even enable them link their Facebook or Google accounts. Hardware wallets are very safe since the data is frequently kept in a secure microcontroller and cannot be removed from the wallet. The danger of the resources being hacked is also reduced by their exclusion from internet access. In addition, it is not dependent on any outside apps, making it a much more secure wallet than an internet wallet.

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A hardware wallet is a cryptocurrency wallet which stores the user's private keys (critical piece of information used to authorize outgoing transactions on the blockchain network) in a secure hardware device. It is considered to be one of the most secure ways to store cryptocurrencies, as private keys are stored offline and are not exposed to potential hackers. Hardware wallets are typically used by crypto traders and investors to protect against online security breaches and provide an extra layer of security for their digital assets.

Hardware wallets are primarily used for securely storing and managing cryptocurrency. They are designed to be secure, private and reliable, and provide users with a way to protect their digital assets from potential hackers and scammers. Hardware wallets typically interface with a computer or a smartphone, and can be used to send and receive payments, store cryptocurrencies, and even sign messages and documents. Additionally, they can be used to securely store private keys and passwords, and can be used to protect user accounts on various exchanges and wallets. As such, hardware wallets are an essential tool for those looking to manage and protect their cryptocurrency investments.

Due to the tremendous rise in its transaction volume, cryptocurrency has become one of the most popular issues in today's culture. Today, many companies all around the world accept various cryptocurrencies as a form of payment for both products and services. The value of cryptocurrencies is rising significantly, and as a result, the Hardware wallet Market has experienced tremendous growth in recent years. The worldwide crypto market valuation is now USD 2.61T, up 3.86% from yesterday, according to the most recent figures. The value of everyday transactions is in the billions and is rising constantly. Additionally, the most significant concern is the rise in malware assaults, which are said to be linked to the growth in transaction volume. Hardware-based wallets are becoming increasingly popular as a means of protecting bitcoin sensitive keys since software-based wallets are the most susceptible to attacks.

Regional evaluation:

During the anticipated time, the global Hardware wallet industry is anticipated to generate sizable revenues from the various continents. North America, Europe, Asia-Pacific, and the Rest of the World have all been included in the regional study of the worldwide Hardware wallet market. The US, Canada, and Mexico are further divided into North America. The UK, Germany, France, and the Rest of Europe are additional categories for Europe. China, Japan, India, and the Rest of Asia Pacific make up the second division of the Asia Pacific.

The fastest CAGR growth is anticipated in the Asia Pacific area throughout the projection period. The region has seen a huge increase in bitcoin transactions, and it is anticipated that it will continue to rise significantly. The region has also seen an increase in malware assaults on online wallets, which is a key element in the anticipated development. Additionally, the region is home to a number of well-known vendors, including Penta Security Systems Inc. (South Korea), CoolWallet (China), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ELLIPAL Limited (Hong Kong), and CoolBitX (Taiwan), who have demonstrated a notable demand for the sales of hardware wallets. The main market growth drivers in the APAC area include nations like China, Japan, India, South Korea, and Australia. In addition, Southeast Asian nations like Malaysia and Singapore have recently become the hardware wallet industry's largest market.

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Overview of the market segments:

The connection type, end-user, distribution channel, and region/country categories have been used to segment the worldwide Hardware wallet Market.

The hardware wallet industry has been divided into Near-field Communication (NFC), Bluetooth, USB, and Others segments based on connection type. During the anticipated period, the USB type is anticipated to develop at the quickest CAGR.

Hardware wallet market sales have been divided into two categories based on the end-user: individuals and companies. Individual currently has the greatest market share and is anticipated to expand at the quickest rate throughout the anticipated period.

The market for Hardware wallets market has been divided into online and offline segments based on the distribution channel. The projection term is likely to see the strongest CAGR increase for the online distribution channel.

Hardware wallet market Based on Connection Type:

Near-field Communication (NFC)
Bluetooth
USB
Others

Hardware wallet market Based on End User:

Individual
Businesses

Hardware wallet market Based on Distribution Channel:

Online
Offline

Hardware wallet market Based on Region:

North America
Europe
Asia Pacific
Rest of the World

Hardware wallet market Intended Audience:

Hardware Wallet Manufacturing Companies
Potential Investors
Regulatory Government Bodies
Research Consulting Firms
Upstream Downstream Vendors
End Users
Others

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Key Players:

Ledger SAS (France), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ARCHOS (France), Satoshi Labs SRO (Czech Republic), ShapeShift (US), and SecuX Technology Inc. are important players (Taiwan)

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

1.1. Market Attractiveness Analysis

1.1.1. Global Hardware Wallet Market, By Connection Type

1.1.2. Global Hardware Wallet Market, By End User

1.1.3. Global Hardware Wallet Market, By Distribution Channel

1.1.4. Global Hardware Wallet Market, By Region

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope Of The Study

2.3. Market Structure

3. RESEARCH METHODOLOGY

3.1. Research Process

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

3.5. List Of Assumptions

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