Market Highlights

Market Research Future (MRFR) announces the publication of its half-cooked research report—global Hardware Wallet Market Forecast, 2019–2028.

According to Market Research Future, the global Hardware Wallet Market Forecast has been segmented into connection type, end user, distribution channel, and region/country. The global hardware wallet market size is expected to register an exponential CAGR of 25.6% from 2021 to 2028 and reach USD 1,121.5 million by 2028.

A hardware wallet is a cryptocurrency wallet that stores the user’s private keys (critical pieces of information used to authorize ongoing transactions on the blockchain network) in a secure hardware device. The main principle behind the hardware wallet is to provide complete isolation between the private keys and easy-to-hack computer or smartphone applications. Hardware wallets act like cold storage for confidential keys. The passwords are protected by a PIN, making it tough for hackers to extract private keys as the information is not exposed to the internet.

The asset owner, with the help of a protected hardware wallet, can access the private key to buy and sell crypto assets from any place. Most hardware wallets let users manage several accounts; some even permit users to connect to their Facebook or Google accounts. Hardware wallets are often stored in a protected microcontroller and cannot be transferred out of the wallet, making them highly secure. Their isolation from the internet connectivity also mitigates the risk of the resources being compromised. Moreover, it does not rely on any third-party app and thus, it is considered a highly secured wallet as compared to an online wallet.

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Regional Analysis

The global Hardware Wallet Market Forecast is expected to gain significant revenue from the various continents during the projected period. The geographic analysis of the global Hardware Wallet Market Forecast has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is further classified into the US, Canada, and Mexico. Europe is further classified into the UK, Germany, France, and the Rest of Europe. The Asia-Pacific is further segmented into China, Japan, India, and the Rest of Asia Pacific. The Asia-Pacific region is expected to exhibit the fastest growth during the projected period. This can be attributed to an increased cryptocurrency transaction volume coupled with associated malware attacks. China, India, Japan, South Korea, and Southeast Asian countries are expected to open significant demand for the hardware wallets during the projected period. 

Key Players

ARCHOS (France), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ELLIPAL Limited (Hong Kong), Ledger SAS (France), OPOLO SARL (Luxembourg), Satoshi Labs SRO (Czech Republic), ShapeShift (US), Shift Crypto AG (Switzerland), Sugi (zSofitto NV) (Belgium), Coinkite Inc. (Canada), SHIFT Cryptosecurity (Switzerland), Penta Security Systems Inc. (South Korea), CoolWallet (China), NGRAVE (Belgium), and SecuX Technology Inc. (Taiwan) are the key companies of the global Hardware Wallet market.

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Hardware Wallet Market Forecast Comprehensive Study by Connection Type (Near-field Communication (NFC), Bluetooth, USB, Others); by End User (Individual, Businesses); by Distribution Channel (Online, Offline); by Region (North America, Europe, Asia-Pacific, Rest of the World) Players and Region - Global Market Outlook to 2028

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