Market Insights Reports delivers key insights on the Global Hardware Wallet market in its latest report titled, “Global Hardware Wallet Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global hardware wallet market was valued at USD 202.40 million in 2020, and it is expected to be valued at USD 795.32 million by 2026 and grow at a CAGR of 26.72% over the forecast period (2021-2026).
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Top Key Players in the Global Global Hardware Wallet Market: Ledger SAS, Satoshi Labs SRO, Key Hodlers LLC, Coinkite Inc., Coolbitx Ltd., SHIFT Cryptosecurity, Penta Security Systems Inc.
– April 2020 – ShapeShift announced the acquisition of Portis, an Israeli startup that built the leading Web3 wallet SDK for developers of crypto applications to easily integrate wallet functionality into their product.
– March 2020 – CoolBitX Limited announced that it has closed USD USD 16.75 million in its Series B funding round, led by Japan’s financial group SBI Holdings, with participation from the National Development Fund of Taiwan, Korea crypto exchange BitSonic, and another Japanese financial group Monex. With this funding, CoolBitX lays down its strategy of expanding the Sygna product lines presence beyond the APAC region as the first-to-market FATF-compliant solution for virtual asset service providers (VASPs) around the world.
Key Market Trends
NFC Type to Hold Significant Share
– The adoption of cryptocurrencies in real-world stores is progressing slowly, even though it has the potential of being a convenient, fast, and secure way of paying for goods. Cryptocurrencies, such as Bitcoin, can be used in real-world environments in a convenient matter, without requiring a banking license. They can also be used to save merchant money and for safeguarding the privacy of customers.?
– NFC technology enables the flexible usage of cryptocurrency by providing means of storage. More importantly, it enables the usage of crypto assets in everyday purchases. By using this technology, cryptocurrency can be turned into an everyday way of payment, and it works just by pairing with a mobile app.?
– By utilizing NFC, payment is allowed even if either the payee or payer is not connected to the Internet, depending on the type of payment request. This scheme is particularly useful for tourists who are not willing to pay high roaming fees or are at places where the Internet reception is unreliable or not present at all.?
– Over the next few years, NFC may be one of the key technologies, especially in the context of conducting transactions and exchanging digital content, as it enables seamless functioning (with just a touch gesture), thus, driving the market growth for cryptocurrency transactions over NFC technology.
The report offers in-depth assessment of the growth and other aspects of the Global Hardware Wallet market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Asia-Pacific Expected to Witness Significant Growth
– Asia-Pacific is the fastest-growing market for hardware wallets, owing to the growing adoption of cryptocurrency in the region, as well as due to the increasing trend of the digital and cashless economy in countries, like India, Japan, and South Korea.?
– Though the ban on digital currency exchange in China can hinder regional growth, growing digital economy acceptance in the rest of the region, especially in India, Japan, Australia, and South Korea, is developing a massive market for cryptocurrencies in the region. These countries are also among the ones where the most adoption of hardware wallets is taking place in the region.?
– Southeast Asia is also evolving into a digital currency competition among governments. For instance, the Cagayan Special Economic Zone and Freeport in the northern Philippines are building the Crypto Valley of Asia, a USD 100 million blockchain hub. This also offers a huge opportunity for the hardware wallet market in the region.?
– The growing number of cyberattacks in the cryptocurrency market in the region is also fueling the growth of the regional hardware wallet market. For instance, in June 2018, hackers stole around USD 30 million, in crypto, from Bithumb, South Korea’s leading virtual currency exchange, prompting the exchange to suspend all deposits and payments temporarily. This is also forcing vendors to adopt hardware wallets, to have a more secure process.
This Global Hardware Wallet Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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