DUBLIN--(BUSINESS WIRE)--The "Hardware Wallet Market By Type, Connection Type, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global hardware wallet market size was valued at $0.22 billion in 2020, and is projected to reach at $1.02 billion by 2028, growing at a CAGR of 24.0 % from 2021 to 2028. Hardware wallet is one of the prime components of blockchain database intended to store users private key in a secure wallet. The hardware wallet is immune to any computer virus that may damage to steal store coin or crypto information.

Rise in demand for cryptocurrency across the commercial sector, owing to high investment from prime players coupled with surge in demand for next-generation digital technology in the financial sector, is influencing the market growth. However, implementation of government regulations for dealing in cryptocurrency and the absence of customer awareness are acting as a major restraints of the market growth. Furthermore, high market growth potential in major emerging economies is expected to provide lucrative opportunities for the hardware wallet industry during the forecast period.

The global hardware wallet market is segmented into type, connection type, end user, distribution channel, and region. On the basis of type, the market is fragmented into hot wallet and cold wallet. Depending on connection type, it is segregated into near-field communication, Bluetooth, and USB. By end user, it is divided into commercial and individual. As per distribution channel, it is bifurcated into online and offline.

Market Dynamics

Drivers

• Rise in investment in cryptocurrency
• Development of new technology
• Transparency of distributed ledger technology

Restraints

• Lack of consumer awareness regarding buying & selling of cryptocurrencies
• Implementation of various government regulations against cryptocurrencies

Opportunity

• High market growth potential across developing economics

Challenge

• Rise in concerns regarding privacy and security

Companies Mentioned

• ARCHOS
• BitLox
• CoolBitX Technology Ltd.
• ELLIPAL Limited
• Ledger SAS
• OPOLO SARL
• Satoshi Labs SRO
• ShapeShift
• Shift Cryto AG
• Sugi (zSofitto NV)

   

   

For more information about this report visit https://www.researchandmarkets.com/r/p9f8av

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