Hardware Wallet Market Research Reportβ€”Global Forecast till 2028

Hardware Wallet Market 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

ID: MRFR/ICT/9255-HCR | August 2022 | Region: Global | 100 Pages         

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

1.1. Market Attractiveness Analysis

1.1.1. Global Hardware Wallet Market, by Connection Type

1.1.2. Global Hardware Wallet Market, by End User

1.1.3. Global Hardware Wallet Market, by Distribution Channel

1.1.4. Global Hardware Wallet Market, by Region

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope of the Study

2.3. Market Structure

3. RESEARCH METHODOLOGY

3.1. Research Process

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

3.5. List of Assumptions

4. MARKET DYNAMICS

4.1. Introduction

4.2. Drivers

4.2.1. Exponential Growth in Cryptocurrency Transaction Worldwide

4.2.2. Rise in Security Concerns among the Online Wallets

4.2.3. Various Advantages of the Hardware Wallets

4.3. Restraint

4.3.1. A High Cost of the Product Coupled with Prone to Theft/Loss and Weather Damage

4.4. Opportunity

4.4.1. High Growth Potential in Developing Economics Coupled with Surge in Focus on Security

4.4.2. Increasing Number of Cryptocurrency Owning Population & Small Businesses

4.5. Challenge

4.5.1. Limited Consumer Awareness Coupled with Complex Features of Hardware Wallets

4.6. Impact of COVID-19

4.6.1. Impact of COVID-19 on Cryptocurrencies

4.6.2. Impact on the Hardware Wallet Adoption

4.6.3. Impact on Semiconductor Manufacturers

4.6.4. Impact on Supply Chain

4.6.5. Post-pandemic Scenario

5. MARKET FACTOR ANALYSIS

5.1. Value Chain Analysis/Supply Chain Analysis

5.2. Porter’s Five Forces Model

5.2.1. Bargaining Power of Suppliers

5.2.2. Bargaining Power of Buyers

5.2.3. Threat of New Entrants

5.2.4. Threat of Substitutes

5.2.5. Intensity of Rivalry

6. GLOBAL HARDWARE WALLET MARKET, BY CONNECTION TYPE

6.1. Introduction

6.2. Near-field Communication (NFC)

6.3. Bluetooth

6.4. USB

6.5. Others

7. GLOBAL HARDWARE WALLET MARKET, BY END USER

7.1. Introduction

7.2. Individual

7.3. Businesses

8. GLOBAL HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL

8.1. Introduction

8.2. Online

8.3. Offline

9. GLOBAL HARDWARE WALLET MARKET, BY REGION

9.1. Overview

9.2. North America

9.2.1. Market Size & Estimates, by Country, 2019–2028

9.2.2. Market Size & Estimates, by Connection Type, 2019–2028

9.2.3. Market Size & Estimates, by End User, 2019–2028

9.2.4. Market Size & Estimates, by Distribution Channel, 2019–2028

9.2.5. US

9.2.5.1. Market Size & Estimates, by Connection Type, 2019–2028

9.2.5.2. Market Size & Estimates, by End User, 2019–2028

9.2.5.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.2.6. Canada

9.2.6.1. Market Size & Estimates, by Connection Type, 2019–2028

9.2.6.2. Market Size & Estimates, by End User, 2019–2028

9.2.6.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.2.7. Mexico

9.2.7.1. Market Size & Estimates, by Connection Type, 2019–2028

9.2.7.2. Market Size & Estimates, by End User, 2019–2028

9.2.7.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.3. Europe

9.3.1. Market Size & Estimates, by Country, 2019–2028

9.3.2. Market Size & Estimates, by Connection Type, 2019–2028

9.3.3. Market Size & Estimates, by End User, 2019–2028

9.3.4. Market Size & Estimates, by Distribution Channel, 2019–2028

9.3.5. Germany

9.3.5.1. Market Size & Estimates, by Connection Type, 2019–2028

9.3.5.2. Market Size & Estimates, by End User, 2019–2028

9.3.5.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.3.6. UK

9.3.6.1. Market Size & Estimates, by Connection Type, 2019–2028

9.3.6.2. Market Size & Estimates, by End User, 2019–2028

9.3.6.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.3.7. France

9.3.7.1. Market Size & Estimates, by Connection Type, 2019–2028

9.3.7.2. Market Size & Estimates, by End User, 2019–2028

9.3.7.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.3.8. Rest of Europe

9.3.8.1. Market Size & Estimates, by Connection Type, 2019–2028

9.3.8.2. Market Size & Estimates, by End User, 2019–2028

9.3.8.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.4. ASIA-PACIFIC

9.4.1. Market Size & Estimates, by Country, 2019–2028

9.4.2. Market Size & Estimates, by Connection Type, 2019–2028

9.4.3. Market Size & Estimates, by End User, 2019–2028

9.4.4. Market Size & Estimates, by Distribution Channel, 2019–2028

9.4.5. China

9.4.5.1. Market Size & Estimates, by Type, 2019–2028

9.4.5.2. Market Size & Estimates, by Platform, 2019–2028

9.4.5.3. Market Size & Estimates, BY DISTRIBUTION CHANNEL, 2019–2028

9.4.5.4. Market Size & Estimates, by Application, 2019–2028

9.4.6. Japan

9.4.6.1. Market Size & Estimates, by Connection Type, 2019–2028

9.4.6.2. Market Size & Estimates, by End User, 2019–2028

9.4.6.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.4.7. India

9.4.7.1. Market Size & Estimates, by Connection Type, 2019–2028

9.4.7.2. Market Size & Estimates, by End User, 2019–2028

9.4.7.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.4.8. Rest of Asia-Pacific

9.4.8.1. Market Size & Estimates, by Connection Type, 2019–2028

9.4.8.2. Market Size & Estimates, by End User, 2019–2028

9.4.8.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.5. Rest of the World

9.5.1. Market Size & Estimates, by Region, 2019–2028

9.5.2. Market Size & Estimates, by Connection Type, 2019–2028

9.5.3. Market Size & Estimates, by End User, 2019–2028

9.5.4. Market Size & Estimates, by Distribution Channel, 2019–2028

9.5.5. Middle East & Africa

9.5.5.1. Market Size & Estimates, by Connection Type, 2019–2028

9.5.5.2. Market Size & Estimates, by End User, 2019–2028

9.5.5.3. Market Size & Estimates, by Distribution Channel, 2019–2028

9.5.6. South America

9.5.6.1. Market Size & Estimates, by Connection Type, 2019–2028

9.5.6.2. Market Size & Estimates, by End User, 2019–2028

9.5.6.3. Market Size & Estimates, by Distribution Channel, 2019–2028

10. COMPETITIVE LANDSCAPE

10.1. Introduction

10.2. Key Players Market Share Analysis, 2020 (%)

10.3. Competitive Benchmarking

10.4. Competitor Dashboard

10.5. Major Growth Strategy in the market

10.6. Key Developments & Growth Strategies

10.6.1. New Product Development

10.6.2. Mergers & Acquisitions

10.6.3. Contracts & Agreements

11. COMPANY PROFILES

11.1. ARCHOS (France)

11.1.1. Company Overview

11.1.2. Financial Overview

11.1.3. Products Offered

11.1.4. Key Developments

11.1.5. SWOT Analysis

11.1.6. Key Strategies

11.2. BitLox (Hong Kong)

11.2.1. Company Overview

11.2.2. Financial Overview

11.2.3. Products Offered

11.2.4. Key Developments

11.2.5. SWOT Analysis

11.2.6. Key Strategies

11.3. CoolBitX Technology Ltd. (Taiwan)

11.3.1. Company Overview

11.3.2. Financial Overview

11.3.3. Products Offered

11.3.4. Key Developments

11.3.5. SWOT Analysis

11.4. ELLIPAL Limited (Hong Kong)

11.4.1. Company Overview

11.4.2. Financial Overview

11.4.3. Products Offered

11.4.4. Key Developments

11.4.5. SWOT Analysis

11.4.6. Key Strategies

11.5. Ledger SAS (France)

11.5.1. Company Overview

11.5.2. Financial Overview

11.5.3. Products Offered

11.5.4. Key Developments

11.5.5. SWOT Analysis

11.5.6. Key Strategies

11.6. OPOLO SARL (Luxembourg)

11.6.1. Company Overview

11.6.2. Financial Overview

11.6.3. Products Offered

11.6.4. Key Developments

11.6.5. SWOT Analysis

11.6.6. Key Strategies

11.7. Satoshi Labs SRO (Czech Republic)

11.7.1. Company Overview

11.7.2. Financial Overview

11.7.3. Products Offered

11.7.4. Key Developments

11.7.5. SWOT Analysis

11.7.6. Key Strategies

11.8. ShapeShift (US)

11.8.1. Company Overview

11.8.2. Financial Overview

11.8.3. Products Offered

11.8.4. Key Developments

11.8.5. SWOT Analysis

11.8.6. Key Strategies

11.9. Shift Crypto AG (Switzerland)

11.9.1. Company Overview

11.9.2. Financial Overview

11.9.3. Products Offered

11.9.4. Key Developments

11.9.5. SWOT Analysis

11.9.6. Key Strategies

11.10. Sugi (zSofitto NV) (Belgium)

11.10.1. Company Overview

11.10.2. Financial Overview

11.10.3. Products Offered

11.10.4. Key Developments

11.10.5. SWOT Analysis

11.10.6. Key Strategies

11.11. Coinkite Inc. (Canada)

11.11.1. Company Overview

11.11.2. Financial Overview

11.11.3. Products Offered

11.11.4. Key Developments

11.11.5. SWOT Analysis

11.11.6. Key Strategies

11.12. SHIFT Cryptosecurity (Switzerland)

11.12.1. Company Overview

11.12.2. Financial Overview

11.12.3. Products Offered

11.12.4. Key Developments

11.12.5. SWOT Analysis

11.12.6. Key Strategies

11.13. Penta Security Systems Inc. (South Korea)

11.13.1. Company Overview

11.13.2. Financial Overview

11.13.3. Products Offered

11.13.4. Key Developments

11.13.5. SWOT Analysis

11.13.6. Key Strategies

11.14. CoolWallet (China)

11.14.1. Company Overview

11.14.2. Financial Overview

11.14.3. Products Offered

11.14.4. Key Developments

11.14.5. SWOT Analysis

11.14.6. Key Strategies

11.15. NGRAVE (Belgium)

11.15.1. Company Overview

11.15.2. Financial Overview

11.15.3. Products Offered

11.15.4. Key Developments

11.15.5. SWOT Analysis

11.15.6. Key Strategies

11.16. SecuX Technology Inc. (Taiwan)

11.16.1. Company Overview

11.16.2. Financial Overview

11.16.3. Products Offered

11.16.4. Key Developments

11.16.5. SWOT Analysis

11.16.6. Key Strategies

LIST OF TABLES

TABLE 1 LIST OF ASSUMPTIONS

TABLE 2 GLOBAL HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 3 GLOBAL HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 4 GLOBAL HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION

TABLE 5 GLOBAL HARDWARE WALLET MARKET, BY REGION, 2019–2028 (USD MILLION)

TABLE 6 NORTH AMERICA HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

TABLE 7 NORTH AMERICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 8 NORTH AMERICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 9 NORTH AMERICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 10 US HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION

TABLE 11 US HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION

TABLE 12 US HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 13 CANADA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 14 CANADA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 15 CANADA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 16 MEXICO HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 17 MEXICO HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 18 MEXICO HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION

TABLE 19 EUROPE HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

TABLE 21 EUROPE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 22 EUROPE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 23 EUROPE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 24 UK HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 25 UK HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 26 UK HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 27 GERMANY HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 28 GERMANY HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 29 GERMANY HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 30 FRANCE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 31 FRANCE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 32 FRANCE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 33 REST OF EUROPE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 34 REST OF EUROPE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 35 REST OF EUROPE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 36 ASIA-PACIFIC HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

TABLE 37 ASIA-PACIFIC HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 38 ASIA-PACIFIC HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 39 ASIA-PACIFIC HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 40 CHINA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 41 CHINA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 42 CHINA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 43 JAPAN HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 44 JAPAN HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 45 JAPAN HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 46 INDIA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 47 INDIA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 48 INDIA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 49 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 50 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 51 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 52 REST OF THE WORLD HARDWARE WALLET MARKET, BY REGION, 2019–2028 (USD MILLION)

TABLE 53 REST OF THE WORLD HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 54 REST OF THE WORLD HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 55 REST OF THE WORLD HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 56 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 57 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 58 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

TABLE 59 SOUTH AMERICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

TABLE 60 SOUTH AMERICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

TABLE 61 SOUTH AMERICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

 

 

LIST OF FIGURES

FIGURE 1 MARKET SYNOPSIS

FIGURE 2 RESEARCH PROCESS OF MRFR

FIGURE 3 TOP DOWN & BOTTOM-UP APPROACH

FIGURE 4 GLOBAL HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 5 GLOBAL HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 6 GLOBAL HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION

FIGURE 7 GLOBAL HARDWARE WALLET MARKET, BY REGION, 2019–2028 (USD MILLION)

FIGURE 8 NORTH AMERICA HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

FIGURE 9 NORTH AMERICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 10 NORTH AMERICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 11 NORTH AMERICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 12 US HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION

FIGURE 13 US HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION

FIGURE 14 US HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 15 CANADA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 16 CANADA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 17 CANADA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 18 MEXICO HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 19 MEXICO HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 20 MEXICO HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION

FIGURE 21 EUROPE HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

FIGURE 22 EUROPE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 23 EUROPE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 24 EUROPE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 25 UK HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 26 UK HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 27 UK HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 28 GERMANY HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 28 GERMANY HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 29 GERMANY HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 30 FRANCE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 31 FRANCE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 32 FRANCE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 33 REST OF EUROPE HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 34 REST OF EUROPE HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 35 REST OF EUROPE HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 36 ASIA-PACIFIC HARDWARE WALLET MARKET, BY COUNTRY, 2019–2028 (USD MILLION)

FIGURE 38 ASIA-PACIFIC HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 39 ASIA-PACIFIC HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 40 ASIA-PACIFIC HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 41 CHINA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 42 CHINA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 43 CHINA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 44 JAPAN HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 45 JAPAN HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 46 JAPAN HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 47 INDIA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 48 INDIA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 49 INDIA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 50 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 51 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 52 REST OF ASIA-PACIFIC HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 53 REST OF THE WORLD HARDWARE WALLET MARKET, BY REGION, 2019–2028 (USD MILLION)

FIGURE 54 REST OF THE WORLD HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 55 REST OF THE WORLD HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 56 REST OF THE WORLD HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 57 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 58 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 59 MIDDLE EAST & AFRICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

FIGURE 60 SOUTH AMERICA HARDWARE WALLET MARKET, BY CONNECTION TYPE, 2019–2028 (USD MILLION)

FIGURE 61 SOUTH AMERICA HARDWARE WALLET MARKET, BY END USER, 2019–2028 (USD MILLION)

FIGURE 62 SOUTH AMERICA HARDWARE WALLET MARKET, BY DISTRIBUTION CHANNEL, 2019–2028 (USD MILLION)

Hardware Wallet Market Speak to Analyst Request a Free Sample

Hardware wallet Market Overview


The global hardware wallet market was valued at USD 211.6 million in 2020 and projected to reach USD 1,121.5 million by 2028 with a CAGR of 25.6% during 2021-2028.


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.


Hardware wallet Market Dynamics



  • Drivers


Exponential Growth in Cryptocurrency Transaction Worldwide

Cryptocurrency is one of the most trending topics today owing to the significant increase in its transaction volume. Several businesses around the world today accept various forms of cryptocurrency as a means of payment for goods as well as services. The value of cryptocurrencies is achieving significant heights and thereby, it is has achieved massive Hardware wallet Market capitalization in recent years. According to the latest statistics, the global crypto market cap is USD 2.61T, a 3.86% increase over the last day. The daily transaction is worth billion of dollars increasing day by day. Moreover, with the increase in transactions, the malware attacks associated with it are also growing with rocket speed which can be stated as the most dangerous threat. Software-based wallets are most vulnerable to threats and hence, hardware-based wallets are gaining significant traction to protect sensitive keys in terms of cryptocurrency.


Rise in Security Concerns among the Online Wallets 

Security concerns are growing massively in the web or smartphone-based wallets. This can be attributed to its continuous connection with the internet. As of January 2020, the cryptocurrency had unleashed over 600 million sneaky crypto-malware. According to cryptocurrency security statistics, the malware attack numbers had increased by around 16 million by March of the same year. There are several solutions are being developed to tackle the concerns, however, hardware-based wallets are proved to be the most secure wallets to store private information. This factor has fuelled its demand among the consumers and businesses and driving the adoption at a significant scale.


Various Advantages of the Hardware Wallets

Various advantages of the hardware wallets are expected to be a major driving factor for the Hardware wallet market. Hardware wallets give a user an extra layer of protection against cyber-attacks, phishing sites, and malware. A hardware wallet can work with multiple blockchains simultaneously. This allows a user to manage Ethereum & Alt. Coins, Bitcoin, Lumens, and more other cryptocurrencies, all on the same device. All of them can be backed up easily with a single recovery phrase. Ease of use and convenience are the major advantages of the hardware wallets which is expected to propel its popularity among other cryptocurrency owners.



  • Restraints


A High Cost of the Product Coupled with Prone to Theft/Loss and Weather Damage

The hardware wallets are often expensive than software wallets, which is expected to be hindering factor for its adoption among the end-users. The primary hardware wallet, although safer than its alternatives, are prone to weather damage and electromagnetic interference, or can be lost. Thus, people keep a backup password on a piece of paper, but this too can be easily destroyed or lost. These factors are expected to hinder the growth of the Hardware wallet Market to some extent.



  • Opportunity


High Growth Potential in Developing Economics Coupled with Surge in Focus on Security

Cryptocurrencies are getting a significant surge among developing countries. The countries such as China, India, Brazil have witnessed significant growth in the bitcoin owing population.  Bitcoin has gained significant popularity as it provides low-cost money transfers, particularly for those seeking to transfer small amounts of money globally, such as remittance payments. This money can often be transferred inexpensively than with central bank-issued currencies because using cryptocurrencies enables worldwide financial transfer without the need of an intermediary institution. Therefore, developing countries are opening new avenues for the Hardware wallet market players in terms of hardware wallet demand.



  • Challenges


Limited Consumer Awareness Coupled with Complex Features of Hardware Wallets

Limited consumer awareness could pose a major challenge for the market. This has been driven by the lower marketing and promotional activities by the companies and governments. Moreover, Some hardware wallets can also have complex features, making it difficult for first-timers to understand.


Impact of COVID19 on Hardware wallet Market


Introduction


The COVID-19 firstly originated in early 2020 in Wuhan, China, and rapidly spread across the globe. The worldwide cases have surpassed 244 million as of now and continue to rise. The pandemic forced lockdown situations across all the major economies and imposed numerous restrictions such as travel barriers, closure of the shops and markets, work from home, import-export ban, and others. Governments all over the globe made various guidelines to stop the further spread of the COVID-19. Despite this, the coronavirus cases increased significantly and continue to rise. The COVID-19 pandemic hit all the major industries such as manufacturing, trade, hospitality, leisure, oil and gas, tourism, automotive, transportation, among others. However, this is conversely applicable to the hardware wallet industry.



  • Impact of COVID-19 on Hardware wallet market


COVID-19 has created havoc in the history of humankind and caused several commodities and assets to lose their value, the cryptocurrency market, on the other hand, was found immune to coronavirus. Despite this deadly outbreak, cryptocurrency exchanges across the globe kept on expanding their business and their figures. Also, this led to the opening of new Bitcoin Exchanges as well.



  • Impact on Hardware Wallet Adoption


During the pandemic, malware attacks and other security concerns increased significantly in terms of online wallets. This factor accelerated the adoption of hardware wallets among consumers.



  • Post-pandemic scenario


Consumer and businesses now have adopted the use of hardware wallets as a better option than software wallets in order to protect private keys from the hackers. Post-pandemic is expected to start a new era of hardware wallets in most economies.



  • Cumulative Growth Analysis


YOY Growth to Expand at a Strong Rate


According to MRFR, the hardware wallet market is expected to witness 22% to 27% percent YOY growth every year during the projected period. Exponential growth in cryptocurrency transactions worldwide, rise in security concerns among online wallets, and various advantages of the hardware wallets are some of the key growth drivers of the market.


Value Chain Analysis / Technology Analysis / Regulatory Implications


The global Hardware wallet Market supply chain has evolved from a traditional approach to a set of highly efficient processes, including procurement, system integration, and distribution. The supply chain of the market involves raw material suppliers, component manufacturers, system integrators, and end-users.


Hardware wallet market Segment Overview


The global Hardware wallet Market has been segmented into connection type, end-user, distribution channel, and region/country.


Based on the connection type, the hardware wallet market has been segmented into Near-field Communication (NFC), Bluetooth, USB, and Others. USB type is expected to exhibit the fastest CAGR growth during the projected period.


Based on the end-user, the Hardware wallet market has been bifurcated into individual and businesses. Individual holds the largest share within the market and is expected to exhibit the fastest growth during the projected period.


Based on the distribution channel, the hardware wallet market has been segmented into online and offline. Online distribution channel is expected to witness fastest CAGR growth during the forecast period.  


Regional Analysis


The global Hardware wallet market is expected to gain significant revenue from the various continents during the projected period. The geographic analysis of the global Hardware wallet market has been conducted for North America, Europe, Asia-Pacific, and the Rest of the World. 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 APAC region is expected to be the Fastest Growing Continents


Asia Pacific region is expected to grow with the fastest CAGR rate during the forecast period. The region has witnessed significant growth in cryptocurrency transactions and is expected to exhibit the noteworthy growth the developing nation. The region also has witnessed a surge in malware attacks among online wallets, which is a major driving factor for the projected growth. Moreover, the region has the presence of several prominent vendors such as BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ELLIPAL Limited (Hong Kong), Penta Security Systems Inc. (South Korea), and CoolWallet (China) which have shown noteworthy demand for the sales of hardware wallets. The countries such as China, Japan, India, South Korea, and Australia are the major growth engines of the APAC region's market growth. Besides, Southeast Asian countries such as Malaysia and Singapore also have emerged as the major market for the hardware wallet in recent years.


Competitive Analysis


The global Hardware wallet market is highly competitive with the presence of several leading vendors. However, some of these players have created goodwill within the market by offering advanced features at affordable prices. ARCHOS (France), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), Ledger SAS (France), Satoshi Labs SRO (Czech Republic), ShapeShift (US), and SecuX Technology Inc. (Taiwan) are the prominent players within the market which have captured the largest client base across the globe. Some of these prominent players have adopted some organic and inorganic strategies such as mergers, acquisitions, partnerships, strategic alliances, and product launches among others in order to gain a competitive advantage. Moreover, some of the leading players are constantly focusing on technological advancements so as to offer advanced and upgraded features as per the dynamic consumer needs. The vendors compete in terms of product pricing, interface, features, quality, among other factors. Technological advancements are mandatory for new entrants to compete against the leading giants within the Hardware wallet market.


List of Key Companies Covered in hardware wallet market Report:-



  • 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)

  • SecuX Technology Inc. (Taiwan)


Key Developments in Global Hardware Wallet Market:


On 26th Oct 2021, International blockchain security company CoolBitX, creator of the CoolWallet Pro, the Bluetooth hardware wallet for DeFi users, announced a collaboration with Crypto.com, the world’s fastest-growing crypto platform. CoolWallet’s official website has integrated Crypto.com Pay, a powerful payment solution that offers cashback and other rewards to users for paying and receiving payment in cryptocurrency and also provides integrated support for the CRO token.


On 11th June 2021, French startup Ledger has raised a USD 380 million Series C funding round led by 10T Holdings. Now the company has reached a valuation of USD 1.5 billion. Other investors in the funding round include existing investors Draper Associates, Cathay Innovation, Draper Dragon, Draper Esprit, DCG, Korelya Capital, and Wicklow Capital.


On 25th Feb 2021, GRAY, a Singapore-based company announced the expansion of its crypto hardware wallet line, the CORAZON, in aluminum variants. The CORAZON is created in partnership with Satoshilabs the creators of Trezor, the first and leading hardware wallet – now available for pre-order for USD 599.


On 7th Jan 2019, Ledger, a global leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, unveiled the Ledger Nano X, a Bluetooth-enabled hardware wallet. As Ledger's new signature product, the Ledger Nano X improves on the Ledger Nano S, the hardware wallet having sold over 1.5 million units, with enhanced advanced security and an improved user experience and design.


Hardware wallet market Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2019 to 2028. For this analysis, MRFR segmented the global hardware wallet market has based on connection type, end user, distribution channel, and region/country.


Hardware wallet market Based on Connection Type



  • Near-field Communication (NFC)

  • Bluetooth

  • USB

  • Others


Hardware wallet market Based on End User



  • Individual

  • Businesses


Hardware wallet market Based on Distribution Channel



  • Online

  • Offline


Hardware wallet market Based on Region



  • North America

  • Europe

  • Asia Pacific

  • Rest of the World


Hardware wallet market Intended Audience



  • Hardware Wallet Manufacturing Companies

  • Potential Investors

  • Regulatory & Government Bodies

  • Research & Consulting Firms

  • Upstream & Downstream Vendors

  • End Users

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   2028- USD 1,121.5 million
  CAGR   25.6%
  Base Year   
  Forecast Period   
  Historical Data   
  Forecast Units   
  Report Coverage   β€’ North America (US, Canada, and Mexico) β€’ Europe (UK, Germany, France, Rest of Europe) β€’ Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) β€’ Rest of the World (Middle East & Africa, South America)
  Segments Covered   β€’ By Connection Type (Near-field Communication (NFC), Bluetooth β€’ USB, Others) β€’ By End User (Individual, Businesses) β€’ By Distribution Channel (Online, Offline)
  Geographies Covered   
  Key Vendors   
  Key Market Opportunities   
  Key Market Drivers   β€’ Drivers β€’ Exponential Growth in Cryptocurrency Transaction Worldwide β€’ Rise in Security Concerns among the Online Wallets β€’ Various Advantages of the Hardware Wallets β€’ Restraint β€’ A High Cost of the Product Coupled with Prone to Theft/Loss and Weather Damage β€’ Opportunity β€’ High Growth Potential in Developing Economics Coupled with Surge in Focus on Security β€’ Increasing Number of Cryptocurrency owning Population & Small Businesses β€’ Challenge β€’ Limited Consumer Awareness Coupled with Complex Features of Hardware Wallets β€’ Impact of COVID-19 β€’ Impact of COVID-19 on Cryptocurrencies β€’ Impact on the Hardware Wallet Adoption β€’ Impact on Semiconductor Manufacturers β€’ Impact on Supply Chain


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Frequently Asked Questions (FAQ) :

The global hardware wallet market was valued at USD 211.6 million in 2020.

The global hardware wallet market is expected to reach the valuation of USD 1,121.5 million.

The global hardware wallet market is expected to exhibit a 25.6% CAGR rate by 2028.

ARCHOS (France), nBitLox (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.