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 has 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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Key Players:
Key Companies in the Hardware
Wallet market include,
·
ARCHOS (France)
·
BitLox
(Hong Kong)
·
CoolBitX
Technology Ltd. (Taiwan)
·
ELLIPAL
Limited (Hong Kong)
·
Ledger
SAS (France)
·
OPOLO
SARL (Luxembourg)
·
Satoshi
Labs SRO (Czech Republic)
·
ShapeShift
(US)
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. 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.
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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Hardware Wallet Industry Developments:
January: Ledger, the
leading hardware wallet manufacturer, releases the Ledger Nano S Plus, an
upgraded version of its popular Nano S device. The Nano S Plus features a
larger screen, faster processor, and more storage space.
February: Trezor, another
major hardware wallet manufacturer, releases the Trezor Model T, its most advanced
device to date. The Model T features a touchscreen display, a built-in USB-C
port, and support for more cryptocurrencies than the Trezor One.
March: The Ledger Nano
X, a Bluetooth-enabled hardware wallet, is released. The Nano X offers the same
security features as the Nano S Plus, but with the added convenience of being
able to be used wirelessly.
April: The SafePal S1,
a new hardware wallet from SafePal, is released. The SafePal S1 is a more
affordable option than the Ledger Nano S or Trezor Model T, but it still offers
a high level of security.
May: The BitBox02, a
new hardware wallet from Shift Crypto, is released. The BitBox02 is a
Swiss-made hardware wallet that features a unique security design.
June: The Ledger Nano
X is updated with a new firmware that adds support for more cryptocurrencies.
July: The Trezor Model
T is updated with a new firmware that adds support for more cryptocurrencies
and improves security features.
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