Global Hardware Wallets Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at xx % through 2020 to 2027, reaching US$ XX Mn.
Global Hardware Wallets Market Overview:
Hardware wallets are an electronic device designed solely for the purpose of securing cryptocurrency. In a secure hardware device, it stores the user’s private key. For cryptocurrency transfer, a hardware wallet must be connected to a computer, laptop or mobile phone. Hardware wallets aim to provide the masses with a safe, simple, and enjoyable solution for crypto management. The device has an impressive capability to simultaneously handle 100 crypto assets. Also supports wide support altcoins including Ethereum, Litecoin, Dogecoin, Zcash, Dash, Ripple and most ERC-20 tokens.
A key driving factor for the hardware wallets market is the rise in cryptocurrency use for quick and stable transactions, primarily for global trading. With the assistance of blockchain technology, cryptocurrencies use a peer-to – peer decentralized system to perform transactions. There is no centralized body to oversee or authorize transactions, such as banks or servers. The blockchain platform allows network nodes to automatically record transactions within a distributed ledger and track them. A miner that confirms the transactions controls every node on the network. Furthermore, rising cryptocurrency investments have accelerated the global demand for hardware wallets. Circle Internet Financial Limited, a U.S.-based corporation, invested US$ 60 million in cryptocurrencies in 2016, for example. Likewise, in 2016, Ripple Labs, a US-based firm, invested US$ 55 million in cryptocurrencies. One of the key factors directly impacting the demand for hardware wallets is a lack of general understanding and knowledge of cryptocurrencies. These digital currencies are not seen by a significant number of consumers as a long-term investment but a risk to achieve short-term earnings.
Based on type Hardware Wallets market is segmented by USB, NFC and Bluetooth. NFC dominated hardware wallets market due to the high frequency band used by most of the organizations due to the demand for NFC-enabled devices is increasing at an incredible pace, and the change from traditional ways of transferring data to smart technology will further fuel market growth over the next five years. Some of the major factors driving the market around the world are the dropping prices of NFC chips, the adoption of mobile commerce, the rising volume of cashless transactions, and the increasing adoption of smart appliances. Based on Distribution Channel, Online is the leading segment to dominate the market during the forecast period due to the increased e-commerce platform adoption by end-users pushing to the market growth. The key drivers are growing fast track digital data and enable to achieve insight into user behavior which motivates market development.
The Hardware Wallets market in North America is anticipated to account for the highest revenue share contribution and projected to maintain its dominance in the target market during the forecast period. The attributing factor is due to the presence of major players with the advance technologies. For instance, In December 2017, SatoshiLabs SRO introduced and expanded cryptocurrency support in Trezor firmware 1.6.0. The Asia Pacific region is projected to register the fastest growth rate in the target market due to surge in penetration of smartphones and digitalizing the infrastructure in the region.
Global Hardware Wallets Market Competitive Landscape:
Global Hardware Wallets Market1
The objective of the report is to present a comprehensive analysis of the Global Hardware Wallets Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Hardware Wallets Market dynamics, structure by analyzing the market segments and projects the Global Hardware Wallets Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Raw material portfolio, growth strategies, and regional presence in the Global Hardware Wallets Market make the report investor’s guide.
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Scope of Global Hardware Wallets Market:
Global Hardware Wallets Market, By Type
Global Hardware Wallets Market, By Distribution Channel
Global Hardware Wallets Market, by Region
• North America
• ME & Africa
• Latin America
Global Hardware Wallets Market Key Players
• Ledger SAS
• SatoshiLabs s.r.o. (Trezor)
• Coinkite Inc.
• Shift Crypto AG
• Sugi (Sofitto NV)
This Report Is Submitted By : Maximize Market Research Company
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