Cryptocurrency Adoption is Fastest Growing Segment Fueling the Growth of Hardware Wallet Market
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Hardware Wallet market |
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:
Hardware wallets are physical
devices that store users' private keys in a secure, offline environment and
sign transactions for them via an integrated screen and buttons. They are
considered safer than keeping cryptocurrency on exchanges or digital
"hot" wallets because of the ability to keep private keys completely
offline, while still allowing transferring or spending of funds when needed.
Market key trends:
One of the key trends fueling the
growth of the hardware wallet market is the rising awareness about the
importance of security of cryptocurrencies. As cryptocurrency continues to gain
popularity as an investment asset class, concerns around security of private
keys and vulnerability of exchanges to hacks have prompted many investors to
opt for hardware wallets to store their crypto assets. This has significantly
driven the demand for hardware wallets over the forecast period.
Segment Analysis
The global hardware wallet market
is segmented by connectivity into near field communication (NFC) and USB
connectivity. The USB segment dominated the market in 2022 and is expected to
continue its dominance over the forecast period. This is due to the widespread
adoption of USB as the most common connectivity standard across devices.
Hardware wallets with USB connectivity provide seamless transfer of
cryptocurrencies from devices like desktops and laptops to the hardware wallet
for storage.
Key Takeaways
The Global
Hardware Wallet Market Size is expected to witness high growth,
exhibiting a CAGR of 24% over the
forecast period 2023 to 2030, due to increasing investments in
cryptocurrencies.
Regional analysis:
North America dominated the
global hardware wallet market in 2022 and is expected to continue its dominance
over the forecast period. This is attributed to high adoption of
cryptocurrencies in countries like the US. Countries in Western Europe such as
Germany and the UK hold a major share in the regional market due to strict
regulations regarding crypto assets.
Key players:
Key players operating in the
hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO
SARL. The global hardware wallet market was valued at US$ 354.28 Mn in 2023 and
is projected to reach US$ 2,302.73 Mn by 2030, expanding at a CAGR of 24%
during the forecast period.
Read more
https://www.dailyprbulletin.com/hardware-wallet-market-size-share-growth-outlook-2023/
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