Market Overview:
The global hardware wallet market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for secure and convenient storage solutions for cryptocurrencies. In addition, the growing awareness about the benefits of using hardware wallets is also contributing to the growth of this market. The global hardware wallet market can be segmented on the basis of type, application and region. On the basis of type,the global hardware wallet market can be divided into USB wallets, NFC wallets and Bluetooth wallets. Of these, USB wallets are expected to account for a major share in terms of revenue in 2018 owing to their low cost and easy portability. However, NFC-based wallets are anticipatedto register higher growth rates duringthe forecast period due their enhanced security features as comparedto other typesofwallets .
Product Definition:
A hardware wallet is a physical device used to store cryptocurrencies. Hardware wallets are often considered to be the most secure way to store cryptocurrencies because they are not connected to the internet and therefore cannot be hacked.
USB:
U.S.banking troves into the digital money market with an innovative plan to fight against check-kiting, which is a practice of writing bad checks in order to collect interest and make payments simultaneously. In November 2014, USB launched its “Make Payment Digital” campaign, aimed at helping consumers and merchants move toward a cashless economy by providing free debit cards that can be used for making purchases online as well as in stores.
NFC:
NFC (Near Field Communication) is a wireless technology used for the purpose of communication between mobile devices and payment terminals. It also provides secure information transfer, which makes it easier to conduct financial transactions. The technology is widely used in smartphones, tablets, and other electronic devices for making payments online or in stores with the help of apps installed on them.
Application Insights:
The commercial use segment dominated the global hardware wallet market in 2017, accounting for more than 60.0% share of the total revenue. The growth can be attributed to increasing adoption of digital payments and growing concerns about data security among businesses and individuals. Moreover, governments across the world are taking measures to curb spending on virtual currencies that are used for money laundering and other illegal activities, which is further driving the demand for secure physical wallets in commercial applications.
The personal use segment is expected to witness significant growth over the forecast period owing to rising awareness about online safety among consumers globally coupled with a rise in disposable income among millennials globally.
Regional Analysis:
The market in North America is expected to witness significant growth over the forecast period owing to increasing investments by prominent players in the region. The U.S. and Canada are considered as lucrative markets for digital currency due to growing adoption of mobile, NFC-based and hardware wallets among other technologies that facilitate secure transactions and storage of bitcoins/ altcoins.
Asia Pacific is anticipated to be one of the most promising regions during the forecast period owing to increasing awareness regarding bitcoin mining, trading, investing etc., especially in China & Japan countries which constitute a large percentage of global hashing power (approximately 40% & 35% respectively). This has resulted into increased security concerns amongst users resulting into higher adoption rates for hardware wallets across APAC countries such as India, Singapore and Australia among others; thus positively impacting overall industry growth over the next eight years.
Growth Factors:
- Increasing demand for secure and convenient storage of cryptocurrencies
- Rising awareness about the benefits of hardware wallets over traditional methods
- Proliferation of digital currencies and increasing acceptance among merchants and consumers
- Growing number of startups in the hardware wallet space
- Development of innovative features by hardware wallet manufacturers
Scope Of The Report
Report Attributes
Report Details
Report Title
Hardware Wallet Market Research Report
By Type
USB, NFC, Bluetooth
By Application
Commercial Hardware Wallets, Personal Use
By Companies
Ledger, SatoshiLabs, KeepKey, Coinkite, CoolBitX, SHIFT Crypto Security, Penta Security Systems
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
220
Number of Tables & Figures
154
Customization Available
Yes, the report can be customized as per your need.
Global Hardware Wallet Market Report Segments:
The global Hardware Wallet market is segmented on the basis of:
Types
USB, NFC, Bluetooth
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Commercial Hardware Wallets, Personal Use
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Ledger
- SatoshiLabs
- KeepKey
- Coinkite
- CoolBitX
- SHIFT Crypto Security
- Penta Security Systems
Highlights of The Hardware Wallet Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- USB
- NFC
- Bluetooth
- By Application:
- Commercial Hardware Wallets
- Personal Use
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Hardware Wallet Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A hardware wallet is a physical device that stores cryptocurrencies offline. It is often times more secure than online wallets because it does not rely on third-party servers. Hardware wallets are also easier to use, as they require no software installation.
Some of the major players in the hardware wallet market are Ledger, SatoshiLabs, KeepKey, Coinkite, CoolBitX, SHIFT Crypto Security, Penta Security Systems.
The hardware wallet market is expected to grow at a compound annual growth rate of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Hardware Wallet Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Hardware Wallet Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Hardware Wallet Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Hardware Wallet Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Hardware Wallet Market Size & Forecast, 2020-2028
4.5.1 Hardware Wallet Market Size and Y-o-Y Growth
4.5.2 Hardware Wallet Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 USB
5.2.2 NFC
5.2.3 Bluetooth
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Commercial Hardware Wallets
6.2.2 Personal Use
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Hardware Wallet Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Hardware Wallet Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 USB
9.6.2 NFC
9.6.3 Bluetooth
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Commercial Hardware Wallets
9.10.2 Personal Use
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 USB
10.6.2 NFC
10.6.3 Bluetooth
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Commercial Hardware Wallets
10.10.2 Personal Use
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 USB
11.6.2 NFC
11.6.3 Bluetooth
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Commercial Hardware Wallets
11.10.2 Personal Use
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 USB
12.6.2 NFC
12.6.3 Bluetooth
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Commercial Hardware Wallets
12.10.2 Personal Use
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 USB
13.6.2 NFC
13.6.3 Bluetooth
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Commercial Hardware Wallets
13.10.2 Personal Use
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Hardware Wallet Market: Competitive Dashboard
14.2 Global Hardware Wallet Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Ledger
14.3.2 SatoshiLabs
14.3.3 KeepKey
14.3.4 Coinkite
14.3.5 CoolBitX
14.3.6 SHIFT Crypto Security
14.3.7 Penta Security Systems
