Hardware Wallet Market is expanding at 25.6% CAGR by 2028 Rise in Security Concerns among the Online Wallets
Sep 28, 2022
The hardware wallet market witnesses rapid traction across the globe. The increasing digital currency market and rising crypto-assets substantiate the market revenues. On the other hand, crypto wallet security concerns are rising among bitcoin developers and traders. The impact of the cutting-edge intersection of finances, technologies, and Bitcoin globally positively impacts market growth.
MRFR expects the Hardware Wallet Market value to escalate from USD 211.6 MN in 2020 to USD 1,121.5 MN by 2028, expanding at 25.6% CAGR throughout the review period (2021-2028). Mass adoption of cryptocurrency increases the demand for platforms needed to manage and grow digital assets.
A hardware wallet/cryptocurrency wallet is a cold storage device that supports storing various cryptocurrencies and offers extra security to crypto transactions. Some hardware wallets offer additional security features like a PIN code or a biometric for transaction authorization. Crypto investors actively use hardware wallets for their capabilities to build quality and staking mechanisms for ease of use and NFT support.
Some digital asset management platforms have implemented various features to their hardware wallets to facilitate quick transactions by using a shorter recovery phrase without involving UTXO changes. Generally speaking, hardware wallets are not made for multiple transactions per day. Also, some cold storage devices reportedly have concerns about handling the strain of regular use.
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Players leading the global hardware wallet market are-
- ELLIPAL Limited (Hong Kong)
- OPOLO SARL (Luxembourg)
- Ledger SAS (France)
- Satoshi Labs SRO (Czech Republic)
- Shift Crypto AG (Switzerland)
- ShapeShift (US)
- Sugi (zSofitto NV) (Belgium)
- SHIFT Cryptosecurity (Switzerland)
- Coinkite Inc. (Canada)
- Penta Security Systems Inc. (South Korea)
- NGRAVE (Belgium)
- CoolWallet (China)
- SecuX Technology Inc. (Taiwan)
Market Size in 2030
USD 1,121.5 million
CAGR of 25.6% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Exponential growth in cryptocurrency transactions globally defines the growing market landscape. Additionally, the rising demand for semiconductor-based wallets substantiates the market size, providing contactless hardware wallet security and ease for Bitcoin uses and other cryptocurrency users. The rise in online wallet security concerns creates a vast demand for offline wallets.
Robust Crypto investments appeal to criminals, which increases offline/hot wallet uses to protect funds and private keys on an online server. Offline hardware wallets offer the safest option to store private keys as they are not connected to the internet, reducing the risk of compromised security. Furthermore, computer viruses cannot infect offline hardware wallets as private keys don’t come in contact with network-connected devices or potential software vulnerabilities.
Hardware Wallet Market Segments
The report segments market dynamics into connection types, end-users, distribution channels, and regions. The connection type segment is bifurcated into Bluetooth, near-field communication (NFC), USB, and others. The end-user segment is divided into individuals, businesses, and others. Similarly, the distribution channel segment is bifurcated into online and offline. By region, the Hardware Wallet Market is categorized into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
Hardware Wallet Market Regional Analysis
APAC dominates the global hardware wallet market, witnessing significant growth in cryptocurrency transactions. Besides, the strong presence of prominent vendors such as BitLox, ELLIPAL Limited, CoolBitX Technology Ltd., CoolWallet Penta, and Security Systems Inc. boosts the market size. Also, surging malware attacks among online wallets foster the region’s market shares.
Moreover, the presence of several bitcoin users/traders creates a significant demand for hardware wallets in the region. Countries like Japan, South Korea, China, India, and Australia have emerged as major markets, whereas, Southeast Asian countries like Singapore and Malaysia have emerged as profitable markets for hardware wallets.
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The hardware wallet market appears highly fragmented, with several well-established players forming a competitive landscape. These players initiate strategic approaches, such as mergers & acquisitions, collaborations, and innovations, to gain a larger competitive share. The market would witness intensified competition with innovations, increased R&D investments, and M&A.
Digital asset management platforms collaborate with other technology providers to create luxury hardware wallets and leap ahead in a new direction in releasing new wallet accessories. These firms develop products that adhere to government directives and FATF guidelines to curb money laundering. They also work on creating a collection of tech accessories on web3, decentralized apps that run on the Blockchain, allowing anyone to participate without monetizing their personal data.
For instance, on Sep 06, 2022, Trezor, a leading crypto wallet platform, announced a partnership with privacy project Wasabi to bring CoinJoin mixing to Bitcoin transactions on its hardware wallets. Coinjoin is a privacy-enhancing process leveraged to anonymize transfers on a Blockchain by combining them to obscure their origins. This will make bitcoin more private, allowing users to use CoinJoin on their Trezor devices for greater transaction privacy.
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