Global Hardware Wallet Market - Segmented by Type (USB, NFC, and Bluetooth) and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for hardware wallets is projected to register a CAGR of 78.4% during the forecast period (2018 - 2023). The scope of this report is limited to product type, which includes USD, NFC, and Bluetooth, among others. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
While there is a debate regarding the future of cryptocurrencies, the interest among users hasn’t declined since the market expansion, in Dec 2017. Cryptocurrencies are witnessing increasing consumption, while companies are pushing different modes to store these currencies. The global hardware wallet market is growing at a rapid rate, the demand is expected to more than double, by the end of 2018. Companies producing hardware wallets are experiencing exponential increase in demand. With the number of people owning cryptocurrencies increasing, the demand for wallets is also growing. Many users have been opting for hardware wallets due to flexibility and security offered by these solutions, in comparison with software or web wallets.
Wireless Wallets Witnessing Increasing Investments in the Market
With a wide variety of wallets available in the market, consumers are exploring different technologies that offer higher flexibility and security. While USB wallets are the primary hardware wallets and most consumed in the market, the demand for wireless wallets using NFC and Bluetooth connectivity are finding increasing adoption. With many outlets accepting cryptocurrencies, and enabling NFC payment option, the consumption of these products is growing. Companies are driving the design of new compact and powerful wallets. With the adoption of wireless technologies, the increasing demand for wireless hardware wallets is expected to drive the demand for the global hardware wallet market.
US to Maintain its Lead during the Forecast Period
While many countries have banned cryptocurrencies, it is still widely used in many regions. US, is the most influencing market for cryptocurrencies globally, with an estimated 32% of the currency share. The country is also the largest market for wallets. Many companies operating in the industry prioritize the US market, due to strong demand and high technology awareness. With the country being at the core of the crypto industry, the consumption of hardware wallets is expected to hold strong. The increasing participation of other industries is further expected to push the growth of the market in the country in the future. Also, the increasing demand for hardware wallets in South Korea is projected to impact the position of Asia-Pacific in the global landscape.
Key Developments in the Market