The global Hardware Wallet Market is estimated to be valued at US$ 354.28 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A hardware cryptocurrency wallet is a hardware device that allows cryptocurrency owners to store their private keys in a secure vault and sign transactions to prevent theft. Hardware wallets connect to the user's computer to approve transactions via an encrypted connection. They are primarily used for securing cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Market key trends:
One of the major trends in the hardware wallet market is the integration of biometrics for authentication. Biometric verification measures like fingerprint sensor or face recognition adds extra layer of security to the hardware wallet. This reduces the risk of private keys being stolen if the device gets compromised. Many hardware wallet manufacturers are integrating biometric authentication to improve the security for cryptocurrency owners.
Segment Analysis
The global hardware wallet market is segmented by connection types into near field communication (NFC) and Bluetooth enabled hardware wallets. Bluetooth enabled hardware wallets are dominating the market as they allow secure wireless transactions without any physical contact. Moreover, Bluetooth supported hardware wallets are more convenient to use as compared to NFC enabled wallets.
Key Takeaways
Global Hardware Wallet Market Demand is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing popularity of cryptocurrency among consumers and growing crypto transactions worldwide.
Regional analysis
North America region is expected to dominate the hardware wallet market during the forecast period. Increasing adoption of cryptocurrency for investment and payments in the US is driving the demand for hardware wallets in the region. Asia Pacific region is expected to witness fastest growth rate owing to growing bitcoin trading volumes in China and India.
Key players
Key players operating in the hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL. ARCHOS S.A. offers hardware wallet products called Safe-T Mini and Safe-T Nano providing secure crypto storage. ELLIPAL LTD. launched LTD Titan Cold Wallet which has military-grade encryption to safeguard private keys and cryptocurrencies.
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