According to a market research study published by Contrive Datum Insights, the hardware wallet market is expanding at the fastest pace in the Asia-Pacific region, South Korea is emerging as one of the important markets for hardware wallets
Farmington, March 29, 2023 (GLOBE NEWSWIRE) — The Global Hardware Wallet Market Is Estimated To Be Valued At US$ 240.3 Miliion In 2022 And Is Expected To Exhibit A CAGR Of 24.9% Between 2022 And 2030. A hardware wallet is a cryptocurrency wallet that contains a user’s private keys (crucial data used to authorize ongoing transactions on a blockchain network) in a secure hardware device. Hardware wallets are based on the principle of complete separation between private keys and hackable computer and mobile applications. Hardware wallets serve as secure vaults for your private credentials. Your PIN-protected password makes it difficult for hackers to extract your private key because your information is never exposed to the internet.
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Using a secure hardware wallet, owners can access their private keys to acquire and sell crypto assets from anywhere. The majority of hardware wallets permit multiple account management. Some even permit users to link their Facebook and Google accounts. Hardware wallets are frequently stored on a protected microcontroller and are extremely secure because they cannot be moved outside of the wallet. Isolation from the internet reduces the possibility of resource compromise. It is also more secure than online wallets because it does not rely on third-party applications.
Hardware Wallet Market Recent Developments:
- In January 2019, ARCHOS teamed up with Blockchain Foundry Inc., a leading provider of blockchain-related business solutions and consulting services, to provide ARCHOS SAFE-T, a range of hardware cryptocurrency wallets, and blockchain protection solutions to Canada and the United States.
- In September 2018, ARCHOS announced the approval of Safe-T Touch, the first protected hardware wallet with a touch screen, and an integrated service platform for those already using cryptocurrencies or interested in opening an account. Shows the Android interface. Crypto assets help.
Hardware Wallet Market Dynamics:
Drivers:
To prevent transaction manipulation, the public Ledger secretly holds information regarding identities, its cryptocurrency balance, and authentic transactions. This is expected to stimulate the growth of the hardware wallet market, influencing its future growth.
It is anticipated that key actors in the commercial and private sectors will increase their investments, thereby stimulating the market. Increased global demand for the development of next-generation payment systems is expected to drive the growth of the hardware wallet market.
Restraint:
Implementation of government regulations against cryptocurrencies or digital currencies, as well as a rise in privacy and security concerns regarding cryptocurrencies, are anticipated to restrain the development of the global market for hardware wallets.
Lack of consumer awareness regarding hardware wallets is a major barrier to their adoption. This is anticipated to impede the growth of the global market for hardware wallets. People’s lack of knowledge regarding the purchase and transaction of cryptocurrencies may impede the growth of the market.
Opportunity:
A cryptocurrency public ledger system is a record-keeping system. The distributed ledger technology is intended to record asset transactions in multiple locations simultaneously. This system is intended to maintain user visibility in order to reduce human, data, and machine errors. This is anticipated to stimulate the growth of the global hardware wallets market.
In emerging markets such as India, China, and Brazil, the rising demand for cryptocurrencies such as bitcoins, dogecoin, and Ethereum is anticipated to drive market expansion. Inflation and the potential for safe-haven assets are anticipated to offer lucrative expansion opportunities for the global market for hardware wallets.
Regional Outlook:
Due to the increasing use of cryptocurrencies and the trend toward a cashless digital economy in countries such as India, Japan, and South Korea, the market for hardware wallets is expanding at the quickest rate in the Asia-Pacific region. Chinese restrictions on digital currency exchanges may be detrimental to local economies. In spite of this, the remainder of the region is increasingly adopting the digital economy, particularly in India, Japan, Australia, and South Korea, resulting in the formation of substantial cryptocurrency markets. These nations are also among those with the greatest adoption rates of hardware wallets.
Increasing intrusions on the region’s cryptocurrency market contribute to the expansion of the market for hardware wallets. In September 2021, for instance, a web hosting service in Malaysia was the target of a ransomware attack that demanded USD 900,000. In May 2021, a ransomware attack demanded $20 million from four subsidiaries of a multinational insurance company in Thailand, Malaysia, Hong Kong, and the Philippines.
A significant growth driver for the regional hardware wallet market is the increasing number of regional startups adopting blockchain technology. According to a study conducted by venture capital firm White Star Capital in June 2022, Southeast Asia is home to more than 600 cryptocurrency or blockchain businesses. According to the report, crypto, blockchain, and web3 startups have considerably contributed to the recent increase in venture capital funding in the region. In 2021, the total funding raised by these firms is projected to surpass $1.45 billion.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 24.9% from 2023 to 2030 |
| Market Size in 2022 | USD 240.3 Million |
| By Type |
|
| By Connection Type |
|
| By Application |
|
| By Distribution Channel |
|
| By Companies | ARCHOS, BitLox, CoolBitX Technology Ltd., ELLIPAL Limited, Ledger SAS, OPOLO SARL, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi (zSofitto NV), and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Hardware Wallet Market Key Segments Covered:
Top Market Players:
ARCHOS, BitLox, CoolBitX Technology Ltd., ELLIPAL Limited, Ledger SAS, OPOLO SARL, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi (zSofitto NV), and Others.
By Type:
- Hot Wallet
- Cold Wallet
By Connection Type
- Near-field Communication
- Bluetooth
- USB
By Application:
- Commercial
- Individual
By Distribution Channel
- Online
- Offline
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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