Hardware Wallets Market: Introduction
- A Hardware wallet is an electronic device that is built for the sole purpose of securing cryptocurrency. It stores the user’s private key in a secure hardware device. A hardware wallet must be connected with a computer, laptop or mobile phone to transfer cryptocurrency.
Hardware Wallets Market: Dynamics
- Increase in Usage of Cryptocurrency to Drive Hardware Wallets Market
- Increase in usage of cryptocurrency for fast and secure transaction, majorly for global trading, is a key driving factor for the hardware wallets market. Cryptocurrencies use a peer-to-peer decentralized structure to conduct transactions with the help of blockchain technology. There is no centralized authority such as banks or servers to oversee or authorize the transactions. The blockchain platform enables nodes on the network to automatically record and track transactions within a distributed ledger. Every node on the network is controlled by a miner that confirms the transactions. In addition, rise in investment in cryptocurrency accelerated the hardware wallets market globally. For instance, in 2016, Circle Internet Financial Limited, a U.S.-based company invested US$ 60 Mn in cryptocurrency. Similarly, Ripple Labs, a U.S.-based company invested US$ 55 Mn in cryptocurrency in 2016.
- Lack of general understanding and awareness regarding cryptocurrencies is one of the major reasons which directly affects the hardware wallets market. A large number of users do not see these digital currencies as a long-term investment but a gamble to gain short term earnings.
Asia Pacific Market to Expand at Rapid Pace
Based on region, the hardware wallets market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Asia Pacific hardware wallets market is expected to expand at a high CAGR during the forecast period. India, China, Japan, and Australia are key countries that drive the hardware wallets market in this region. In December 2017, Huobi, one of the major cryptocurrency exchange platforms in China, partnered with Tokyo-based financial services provider, SBI holdings Inc. SBI would be setting up two new cryptocurrency exchanges in Japan with the combined resources for which SBI has completed registration with concerned authorities as a cryptocurrency exchange service provider. Hence, acceptance of cryptocurrency in countries in Asia drives the demand for hardware wallets.
- North America held a dominant position in the global hardware wallets market in 2018 and is expected to retain its dominance during the forecast period. The U.S. and Canada drive the market in this region. Increase in investment in cryptocurrency by U.S.-based companies boosted the hardware wallets market, globally. For instance, in 2017, Coinbase, a U.S.-based company invested US$ 100 Mn in cryptocurrency. Similarly, Digital Asset Holdings, a U.S.-based company invested US$ 40 Mn in cryptocurrency in 2017.
- Europe holds a significant position in the global hardware wallets market. Russia, Germany, and the U.K. drive the market in the region.
Online Distribution Channel Expected to Expand at High CAGR
- Based on distribution channel, the hardware wallets market is segmented into online and offline. The online/e-commerce distribution channel segment of the market is expected to expand at a high CAGR during the forecast period, owing to increase in adoption of e-commerce platform by end-users.
Key players operating in the global hardware wallets market:
Some of the key players of the global hardware wallets market are as follows:
- Ledger SAS
- Satoshi Labs SRO
- KeepKey, LLC
- Coinkite Inc.
- Coolbitx Ltd
- SHIFT Cryptosecurity
- ELLIPAL Limited
- Sugi (zSofitto NV)
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Global Hardware Wallets Market: Research Scope
Global Hardware Wallets Market, by Connection Type
- Near Field Communication (NFC)
Global Hardware Wallets Market, by Distribution Channel
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Global Hardware Wallets Market, by Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Crypto currency Wallet
- Multisignature Wallet
- Bitcoins Wallet
- Mobile Payments
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