Press release
Global Cryptocurrency Hardware Wallet Market Research Report 2023
The global Cryptocurrency Hardware Wallet market was valued at US$ 292.3 million in 2022 and is anticipated to reach US$ 1669.3 million by 2029, witnessing a CAGR of 33.7% during the forecast period 2023-2029. To communicate with electronic applications, the hardware wallet gadget uses technologies like near-field communication and Bluetooth. Due to the growth in demand for digital currencies or cryptocurrencies for trade, this gadget is widely used on a business basis. Furthermore, the wallet programs have been updated with a hacked and theft-free module, making devices impervious to any potential threats. In comparison to software, paper wallets, and web wallets, these devices offer increased security, which is projected to drive market growth during the forecast period.
Trends Influencing the Cryptocurrency Hardware Wallet Market
Due to an increase in demand for high transparency of distributed ledger technology across the commercial sector, Cryptocurrency Hardware Wallet Market is predicted to grow significantly during the projection period. Furthermore, the development of new technology throughout the cryptocurrency sector is likely to promote the Cryptocurrency Hardware Wallet Market growth. Moreover, the hardware wallet market is predicted to develop due to a significant increase in the number of investments in cryptocurrency-based products.
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The introduction of COVID-19 has worked as a major catalyst for the cryptocurrency market's expansion, boosting demand for Cryptocurrency Hardware wallets. The worldwide hardware wallet market has been struck by several challenges as a result of the adoption of a lockdown and a halt in manufacturing and selling activities. This resulted in a shortage of raw materials and skilled labor, as well as contractual commitments and project delays or cancellations. Furthermore, the recent advent of different cryptocurrency storage devices is projected to propel the hardware wallet market during the post-pandemic period.
However, government laws against cryptocurrencies or digital currency, as well as rising worries about crypto's privacy and security, are posing a significant threat to this business. The surge in technological breakthroughs in the business sector, on the other hand, is opportunistic for Cryptocurrency Hardware Wallet Market expansion. Furthermore, during the forecast period, the high potential of developing economies, combined with an increased focus on security, is likely to provide attractive prospects for the advancement of the Cryptocurrency Hardware Wallet Market.
Cryptocurrency Hardware Wallet Market Share Analysis
Based on region, the largest market in the Asia Pacific, which accounts for over 40% of the worldwide market share.
North America and Europe come in second and third, with a combined market share of about 60%.
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Based on type, USB Connectivity type dominated the Cryptocurrency Hardware Wallet market share, with a share value of 80% of the market.
Based on application, the individual segment has the greatest share of Cryptocurrency Hardware Wallet market share of about 65 percent.
Cryptocurrency Hardware Wallet Market By Type
USB Connectivity Type
Bluetooth Connectivity Type
NFC Connectivity
Others
Cryptocurrency Hardware Wallet Market By Application
Individual
Professionals
Cryptocurrency Hardware Wallet Market By Regions
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa
Top Companies in the Cryptocurrency Hardware Wallet Market
The top four manufacturers in the world control roughly 60% of the market. Some of the top companies analyzed in the Cryptocurrency Hardware Wallet market report include:
Ledger
Trezor
KeepKey
Digital BitBox
Coinkite
BitLox
CoolWallet
CryoBit
Cryptocurrency Hardware Wallet Market Scope
Segments covered Type, Application and Region
Report coverage Revenue & volume forecast, company share, competitive landscape, growth factors, and trends
Geographic regions covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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