Global Hardware Wallet Market Size, Trends & Growth Opportunity, By Type (Hot Wallet, and Cold Wallet), By Connection Type, By End User (Commercial, and Individual), By Distribution Channel, By Region and Forecast till 2027.
Report ID : QR1001390 | Industries : Others | Published On :January 2022 | Page Count : 245Global Hardware Wallet Market
Hardware Wallet Market was valued at USD 205.23 million in 2020 which expected to reach at USD 877.9 million at a CAGR 28.56%.
A hardware wallet is defined as a specialized cryptocurrency wallet designed to store user private keys in a secure encrypted hardware device. Hardware wallet is an electronic device which is built for the purpose of security cryptocurrency. It is must be connected with a computer, laptop or mobile phone to transfer cryptocurrency.
Market Drivers
The rise in usage of cryptocurrency for fast & secure transaction, majorly for global trading, is a key driving factor for the global hardware wallets market. Cryptocurrencies use a peer-to-peer decentralized structure to conduct transactions with the help of blockchain technology. There is no centralized authority like banks/servers to oversee or authorize the transactions. The blockchain platform enables nodes on the network to automatically record & track transactions within a distributed ledger. Every node on the network is controlled by a miner which confirms the transactions. In addition, growing investment in cryptocurrency accelerated the hardware wallets market globally. For instance, in 2016, Circle Internet Financial Limited, a United States based company invested around US$ 60 Million in cryptocurrency. Similarly, Ripple Labs, an invested around US$ 55 Mn in cryptocurrency in 2016.
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Market Restraints
Lack of general understanding as well as awareness regarding cryptocurrencies is one of the major restraining factors which directly affects the global hardware wallets market. Also, the regulations against cryptocurrencies may hamper the global hardware wallet market over the forecast period.
Market Segmentation
The Global Hardware Wallet Market is segmented into type such as Hot Wallet, and Cold Wallet, by connection type such as Near-field Communication, Bluetooth, USB, by end user such as Commercial, and Individual. Further, market is segmented into distribution channel such as Online, and Offline.
Regional Analysis
Also, the Global Hardware Wallet Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, Middle East & Africa.
APAC hardware wallets market is expected to expand at a high CAGR throughout the forecast period. Due to the increase in adoption of cryptocurrency in the region & growing digital & cashless economy trend in countries like India, Japan, and South Korea.?
North America region held a dominant position in the global hardware wallets market and it is expected to retain its dominance over the forecast period. The U.S. & Canada drive the market in this region. Due to the increase in investment in cryptocurrency by U.S.-based companies boosted the hardware wallets market, globally.
Key Players
Circle Internet Financial Limited, Ripple Labs, Ledger SAS, Satoshi Labs SRO, ShapeShift AG, Coinkite Inc., CoolbitX Ltd., SHIFT Cryptosecurity, Penta Security Systems Inc., etc.
Market Taxonomy
By Type
- Hot Wallet
- Cold Wallet
By Connection Type
- Near-field Communication
- Bluetooth
- USB
By End User
- Commercial
- Individual
By Distribution Channel
- Online
- Offline
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Hardware Wallet Market?
- What will be the growth rate from 2020 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
Global Hardware Wallet Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Hardware Wallet Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Hardware Wallet Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Hardware Wallet Market Share Analysis, By Type
5.3 Global Hardware Wallet Market Size and Forecast, By Type
5.3.1 Hot Wallet
5.3.2 Cold Wallet
6 Global Hardware Wallet Market, By Connection Type
6.1 Y-o-Y Growth Comparison, By Connection Type
6.2 Global Hardware Wallet Market Share Analysis, By Connection Type
6.3 Global Hardware Wallet Market Size and Forecast, By Connection Type
6.3.1 Near-field Communication
6.3.2. Bluetooth
6.3.3. USB
7 Global Hardware Wallet Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Hardware Wallet Market Share Analysis, By End User
7.3 Global Hardware Wallet Market Size and Forecast, By End User
7.3.1 Commercial
7.3.2 Individual
8 Global Hardware Wallet Market, By Distribution Channel
8.1 Y-o-Y Growth Comparison, By Distribution Channel
8.2 Global Hardware Wallet Market Share Analysis, By Distribution Channel
8.3 Global Hardware Wallet Market Size and Forecast, By Distribution Channel
8.3.1. Online
8.3.2 Offline
9 Global Hardware Wallet Market, By Region
9.1 Global Hardware Wallet Market Share Analysis, By Region
9.2 Global Hardware Wallet Market Share Analysis, By Region
9.3 Global Hardware Wallet Market Size and Forecast, By Region
10 North America Hardware Wallet Analysis and Forecast (2021 – 2027)
10.1 Introduction
10.2 North America Hardware Wallet Product Market Share Analysis, By Type
10.3 North America Hardware Wallet Product Market Size and Forecast, By Connection Type
10.4 North America Hardware Wallet Product Market Size and Forecast, By End User
10.5 North America Hardware Wallet Product Market Size and Forecast, By Distribution Channel
10.6 North America Hardware Wallet Product Market Size and Forecast, By Country
10.6.1 U.S.
10.6.2 Canada
10.6.3 Mexico
11 Europe Hardware Wallet Market Analysis and Forecast (2021 – 2027)
11.1 Introduction
11.2 Europe Hardware Wallet Product Market Share Analysis, By Type
11.3 Europe Hardware Wallet Product Market Size and Forecast, By Connection Type
11.4 Europe Hardware Wallet Product Market Size and Forecast, By End User
11.5 Europe Hardware Wallet Product Market Size and Forecast, By Distribution Channel
11.6 Europe Hardware Wallet Product Market Size and Forecast, By Country
11.6.1 Germany
11.6.2 France
11.6.3 UK
11.64. Rest of Europe
12 Asia Pacific Hardware Wallet Market Analysis and Forecast (2021 – 2027)
12.1 Introduction
12.2 Asia Pacific Hardware Wallet Product Market Share Analysis, By Type
12.3 Asia Pacific Hardware Wallet Product Market Size and Forecast, By Connection Type
12.4 Asia Pacific Hardware Wallet Product Market Size and Forecast, By End User
12.5 Asia Pacific Hardware Wallet Product Market Size and Forecast, By Distribution Channel
12.6 Asia Pacific Hardware Wallet Product Market Size and Forecast, By Country
12.6.1 China
12.6.2 Japan
12.6.3 India
12.6.4. Rest of Asia Pacific
13 Latin America Hardware Wallet Market Analysis and Forecast (2021 – 2027)
13.1 Introduction
13.2 Latin America Hardware Wallet Product Market Share Analysis, By Type
13.3 Latin America Hardware Wallet Product Market Size and Forecast, By Connection Type
13.4 Latin America Hardware Wallet Product Market Size and Forecast, By End User
13.5 Latin America Hardware Wallet Product Market Size and Forecast, By Distribution Channel
13.6 Latin America Hardware Wallet Product Market Size and Forecast, By Country
13.6.2. Rest of Latin America
14 Middle East Hardware Wallet Market Analysis and Forecast (2021 – 2027)
14.1 Introduction
14.2 Middle East Hardware Wallet Product Market Share Analysis, By Type
14.3 Middle East Hardware Wallet Product Market Size and Forecast, By Connection Type
14.4 Middle East Hardware Wallet Product Market Size and Forecast, By End User
14.5 Middle East Hardware Wallet Product Market Size and Forecast, By Distribution Channel
14.6 Middle East Hardware Wallet Product Market Size and Forecast, By Country
14.6.2. UAE
14.6.3. Egypt
14.6.4 Kuwait
14.6.5. South Africa
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Circle Internet Financial Limited
16.1.1 Overview
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Ripple Labs
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 Ledger SAS
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 Satoshi Labs SRO
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 ShapeShift AG
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Coinkite Inc
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 CoolbitX Ltd
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 SHIFT Cryptosecurity
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 Penta Security Systems Inc
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies