Hardware Wallets Market Scope
A hardware wallet is a crypto currency wallet that stores the user's personal keys (critical piece of information used to authorize outgoing transactions on the block chain network) in a secure hardware device. The main principle behind hardware wallets is to produce full isolation between the private keys and your easy-to-hack laptop or smartphone. A Hardware wallet is an electronic device that's built for the sole reason of securing crypto currency.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | ShapeShift (Switzerland), Portis (United States), Ledger SAS (France), Satoshi Labs SRO ( Czechia), KeepKey, LLC (United States), Coinkite Inc. (Canada), Coolbitx Ltd (Taiwan), SHIFT Cryptosecurity (Switzerland), BitLox (China) and ELLIPAL Limited (China) |
CAGR | 6.6% |
Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Hardware Wallets market throughout the predicted period.
ShapeShift (Switzerland), Portis (United States), Ledger SAS (France), Satoshi Labs SRO ( Czechia), KeepKey, LLC (United States), Coinkite Inc. (Canada), Coolbitx Ltd (Taiwan), SHIFT Cryptosecurity (Switzerland), BitLox (China) and ELLIPAL Limited (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Sugi (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Hardware Wallets market by Type , by Application (Banking, Government, Enterprise and Others) and Region with country level break-up.
On the basis of geography, the market of Hardware Wallets has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2020 - ShapeShift announced the acquisition of Portis, an Israeli startup that built the leading Web3 wallet SDK for developers of crypto applications to easily integrate wallet functionality into their product.
In October 2023,Ledger announcement issued the new hardware wallet offers support for clear signing via the company’s web app to ensure the safety of NFT collectors when signing transactions. Clear signing is part of a new trend by both hardware and software wallet makers to ensure that users are aware of the nature of transactions that they are executing.
Influencing Trend:
Adoption of NFC Technology
Market Growth Drivers:
Increase in Usages of Crypto Currency and Rise in Investment in Crypto Currency
Challenges:
Growing Concerns Regarding Cyber Attacks, Increasing Concern Regarding Security, Privacy and Control and Technical Challenges Pertaining to Scalability
Restraints:
Lack of General Understanding and Awareness Regarding Crypto Currencies, Vulnerabilities in the Hardware and Uncertainty in Regulatory Status
Opportunities:
Growing Awareness of Private Key due to Cyber-Attacks, Acceptance of Crypto Currency Across Various Industries and Significant growth opportunities in emerging and developed markets
Key Target Audience
Cryptocurrency exchanges, Software solutions providers companies, Cryptocurrency companies, Wallets companies, Banking and finance organizations, Semiconductor and electronics manufacturers and Ecommerce companies