Hardware Wallet Market Current Status and Future Prospects
The Hardware Wallet market industry is projected to grow from USD 285.1 million in 2022 to USD 1,449.2 million by 2030, exhibiting a compound annual growth rate (CAGR) of 22.5% during the forecast period (2022 - 2030).
Shraddha Nevase
Hardware Wallet Market Overview
The hardware wallet device is a new payment device that uses Bluetooth connectivity and near field communication capabilities to connect with other electronic devices. The hardware wallet is used to store digital currencies or cryptocurrencies. With the rise of cryptocurrency as an alternative sector of currencies and payment modes, the rise of the Hardware Wallet Market Growthhas been almost simultaneous and proportional to it. The present hardware wallet applications are improving to include better security and anti-theft capabilities. The evolution of modern hardware wallets helps develop alternative payment modes without the threat of cyber-criminal activity.
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The presently developing sphere of payment security is going to be an advantage for the market in the coming years. The hardware wallets will become a more secure option for money storing and payments over paper wallets and web wallets. Therefore, the hardware wallet market will see high growth potential due to many drivers in the coming years. The Hardware Wallet Market Size was valued at USD 245.3 million in 2021. The Hardware Wallet market industry is projected to grow from USD 285.1 million in 2022 to USD 1,449.2 million by 2030, exhibiting a compound annual growth rate (CAGR) of 22.5% during the forecast period (2022 - 2030).
The increased use of distributed ledger services in the accounting and payment department and the use of cryptocurrencies will increase the dependence on hardware wallets. A higher number of investments in the research and development of cryptocurrency oriented devices will also create opportunities for market growth in future years. Apart from these strong market drivers, there are certain restraints like government regulations that oppose growth. However, the innovation channels already built into the market will make the projected CAGR a reality.
Hardware Wallet Market segments
The hardware wallet market is divided into different segments based on different criteria. The market is segmented into segments of connection type, end-user, distribution channels etc. By connection type, the segment is further divided into USB, Bluetooth connectivity, NFC etc. Based on end-users, the segment divides into individuals and businesses. The distribution channels include offline and online channels for hardware wallets.
Regional analysis
The global hardware wallet market is based in primary regional markets of North America, APAC, Europe, MEA and South America. The analysis of these regional markets helps establish the leading submarket and identify the industry's major stakeholders as a whole. The major shares of the market are held by the North American and APAC regions. The Asian Pacific countries show the highest growth rate in terms of market revenue and activity. Other regional markets also register a significant growth rate in the coming years.
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Industry news
The key companies of the hardware wallet market are taking up new product development and improvements in the existing wallets for maximizing revenue generation opportunities. From strategic alliances to mergers, acquisitions, and collaborative development, the sector's major stakeholders are proactively creating new opportunities and scope of growth in the hardware wallet industry. Increased investments in these initiatives are supporting the growth of the market collectively.
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