PORTLAND, OR, Sept. 16, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Hardware wallet market for cryptocurrencies generated $442.6 million in 2021 and is projected to reach $3.6 billion by 2031, at a CAGR of 23.7% from 2022 to 2031. The report provides a detailed analysis of top winning strategies, evolving market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, pioneers and stockholders to introduce necessary strategies for the future and take essential steps to significantly strengthen and expand their position in the market.
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Report coverage and details:
|Market size in 2021||$442.6 million|
|Market size in 2031||$3.6 billion|
|Number of pages in the report||293|
|Covered Segments||Hardware component, security method, type and region|
|driver||Increase in the use of NFC in cryptocurrency wallets|
|Increase in internet penetration around the world|
|occasions||Increase in the adoption of artificial intelligence (AI) and machines in the digital currency industry|
|Increasing need to improve the security of cryptocurrency hardware wallets|
|inhibits||Excessive installation costs|
|Lack of knowledge and limited to certain people|
- Due to the rise in unemployment, people faced many economic and financial problems and hence, people increasingly gravitated toward the booming cryptocurrency industry not only for investment but also for the need for secure payments. This had a positive effect on the market.
- The government imposed strict social distancing restrictions that allowed people to stay indoors, and then ultimately contributed to the growth in internet penetration.
- The COVID-19 pandemic has significantly fueled the growth rate of the cryptocurrency hardware wallet market as the adoption of cryptocurrencies by banks and financial institutions has increased significantly.
- In addition, banks and fintech industries showed more interest in cryptocurrencies to improve their business processes and provide secure contactless payments to speed up their payment process. These factors create worthwhile opportunities for industry growth.
The report provides detailed segmentation of the global cryptocurrency hardware wallet market based on hardware components, security methods, type and region. The report provides a comprehensive analysis of each segment and its respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market participants, investors and new entrants to determine and develop strategies based on the fastest growing segments and highest revenue generation mentioned in the report.
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Based on the hardware components, the ASIC segment held the largest market share with nearly two-fifths of the global market in 2021 and is expected to maintain its leading position during the forecast period. The FPGA segment, on the other hand, is expected to show the fastest CAGR of 25.9% during the forecast period.
Based on the security method, the pin segment had the largest market share in 2021 with nearly one-third of the global market and is expected to maintain its leading position during the forecast period. The biometric security segment, on the other hand, is expected to cite the fastest CAGR of 25.7% during the forecast period.
Based on type, the USB connectivity type segment held the dominant market share with nearly one-third of the global market in 2021 and is expected to maintain its leading position during the forecast period. The NFC connectivity segment, on the other hand, is expected to show the fastest CAGR of 25.7% during the forecast period.
Based on region, the Asia Pacific market held the dominant market share with more than two-fifths of the global market in 2021 and is expected to maintain its leading position during the forecast period. The North America region, on the other hand, is expected to show the fastest CAGR of 26.2% during the forecast period.
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Key players analyzed in the global cryptocurrency hardware wallet market include BC VAULT, BitLox, CoolWallet, Cryptomeister, CryoBit LLC, Etherbit Private Limited, Keystone, Ledger SAS, OpenDime, SafePal, SatoshiLabss.RO, SecuX Technology Inc., ShapeShift, Shift Crypto AG, Sugi, OPOLO SARL and ELLIPAL LTD.
The report analyzes these major players in the global cryptocurrency hardware wallet market. These market players have effectively used strategies like joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their presence and power in the industry. The report is helpful in analyzing the recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
Main benefits for stakeholders:
- This report provides a quantitative analysis of the Cryptocurrency Hardware Wallet market segments, recent trends, estimates and market share dynamics from 2021 to 2031 to identify the prevailing Cryptocurrency Hardware Wallet market opportunities.
- The market research is offered along with information on key drivers, restraints and opportunities.
- Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the Cryptocurrency Hardware Wallet market segmentation helps in determining the prevailing opportunities in the market.
- The key countries in each region are mapped according to their revenue contribution to the global cryptocurrency hardware wallet market forecast.
- The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.
- The report includes the analysis of regional and global Hardware Wallet Market trends, key players, market segments, application areas, and market growth strategies.
Key Segments of the Cryptocurrency Hardware Wallet Market:
By hardware component:
By security method:
- Two-Factor Authentication
- biometric security
- USB connectivity type
- Bluetooth connection type
- NFC connectivity
- North America (USA, Canada and Mexico)
- Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unmatched quality of global, mid- and small-sized companies “Market Research Reports“ and “Business Intelligence Solutions”. AMR strives to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market space.
We are in professional business relationships with various companies and this helps us to unearth market data which help us create accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients succeed in any way possible. All data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable professionals and analysts in the industry.
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