DUBLIN–(BUSINESS WIRE)–The “Hardware
Wallet Market – Growth, Trends and Forecast (2019 – 2024)”
report has been added to ResearchAndMarkets.com’s
The hardware wallet market was valued at USD 128.69 million in 2018 and
is expected to reach USD 495.9 million by 2024 at a CAGR of 24.93% over
the forecast period (2019-2024).
Hardware wallets are the physical devices that store private keys for
cryptocurrencies offline in an encrypted device. Private keys in these
wallets are required while spending cryptocurrencies, and the wallets
enable traders to store the keys safely while protecting the information.
Investments in cryptocurrency increased from USD 18 billion in January
2017 to more than USD 800 billion in January 2018. With this rise in
investments, people started saving their cryptocurrency from exchange
with their own private keys. With more than 250,000 bitcoin transactions
taking place every day, on an average, hardware wallets are anticipated
to become essential to provide security to the holdings.
Cryptocurrencies bring with them security risks for hardware wallets.
While hardware wallets offer increased security and trust for the data
processed and stored in the device, they also need to be protected from
a wide variety of attacks.
In June 2018, the US Federal Reserve Bank recognized cryptocurrency, and
four cryptocurrencies were added to the Federal Reserve Bank of St
Louis, one of twelve regional banks in the US central banking system.
The four cryptocurrencies added were Bitcoin, Litecoin, Bitcoin Cash,
and Ethereum. With the country being at the core of the cryptocurrency
industry, the consumption of hardware wallets is expected to remain
The increasing participation of other industries is further expected to
drive the growth of the market studied in the country during the
forecast period. Also, the increase in demand for hardware wallets in
South Korea is anticipated to impact the position of Asia-Pacific in the
market studied, globally.
Key Market Trends
NFC Type to Hold Significant Share
The adoption of cryptocurrencies in real-world stores is progressing
slowly, even though it has the potential of being a convenient, fast,
and secure way of paying for goods. Cryptocurrencies, such as Bitcoin,
can be used in real-world environments in a convenient matter, without
requiring a banking license. They can also be used to save merchant
money and safeguard the privacy of customers.
By utilizing NFC, payment is allowed even if either the payee or payer
is not connected to the Internet, depending on the type of payment
request. This scheme is particularly useful for tourists who are not
willing to pay high roaming fees or are at places where the Internet
reception is unreliable or not present at all.
Similar to Apple, BitPay added NFC support to its PoS (Point of Sale)
software, allowing users to pay a bill with the aid of the Android
wallet with only a single tap, in 2015. However, in the case of BitPay,
NFC is a mere way to transmit the data traditionally provided by a
QR-Code, containing the amount, payment address, and a transaction memo.
The Android app does not transmit a complete Bitcoin transaction over
Asia-Pacific Expected to Witness Significant Growth
The region is the fastest-growing market for hardware wallet, owing to
the growing adoption of cryptocurrency and the increasing trend of the
digital and cashless economy in countries like India, Japan, and South
Though the ban on digital currency exchange in China can hinder the
regional growth, growing digital economy acceptance in the rest of the
region, especially in India, Japan, Australia, and South Korea, is
developing a massive market for cryptocurrencies in Asia-Pacific.
The country’s security firms are also exploring the possibility of
establishing and operating a joint cryptocurrency exchange in Bangkok.
These developments indicate a positive approach of the government toward
cryptocurrency, and are expected to drive the demand for the market
studied in the region.
The hardware wallet market is moderately fragmented. The market studied
comprises of several global and regional players, vying for attention in
a fairly-contested market space.
As the market studied poses low barriers to entry for new players,
several new entrants have been able to gain traction in the market, by
offering products, which are rich in features, at competitive prices.
The market studied is characterized by increasing levels of product
penetration, moderate/high product differentiation, and high levels of
The firm concentration ratio is expected to record robust growth over
the forecast period. This can be partly attributed to the lucrative
opportunity in the market with high profits. Some of the key players in
the market include Ledger SAS and SatoshiLabs SRO.
Some of the key developments in the area are:
In October 2017, Gemalto and Ledger announced a technology
partnership, to deliver security infrastructure for crypto asset
applications. The joint Gemalto and Ledger solution was an integration
of Ledger’s blockchain open Ledger operating system (BOLOS) into
Gemalto’s SafeNet hardware security module (HSM).
In December 2017, SatoshiLabs SRO introduced and expanded
cryptocurrency support in Trezor firmware 1.6.0.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Investments in Cryptocurrency
4.3.2 Rising Focus on Security
4.4 Market Restraints
4.4.1 Regulations against Cryptocurrencies
4.4.2 Limited Consumer Awareness
4.5 Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Forces Analysis
5 Market Segmentation
5.1 By Type
5.2.1 North America
5.2.4 Rest of the world
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Ledger SAS
6.1.2 Satoshi Labs SRO
6.1.3 Key Hodlers LLC
6.1.4 Coinkite Inc.
6.1.5 Coolbitx Ltd.
6.1.6 SHIFT Cryptosecurity
6.1.7 Penta Security Systems Inc.
7 Investment Analysis
8 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/3g76hp/global_hardware?w=4
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Original Release: Business Wire