India Hardware Wallet Market, By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition Forecast & Opportunities, FY2027
India hardware wallet market is expected to grow at a significant CAGR during the forecast period, FY2023-FY2027. Hardware wallets allow the user to store confidential data by storing private keys at a secure place of the microcontroller. Hardware wallets enable the user to authenticate with the system in the case of open-sourced software. By using the hardware wallet, the private key remains unexposed as there is no need to enter the password anywhere near the computer system which provides extra security to the stored digital currency and cryptocurrency. The growing demand and adoption of cryptocurrency and trading to earn money is contributing to the surge in the growth of hardware wallets as they are used for commercial purposes to store crucial information. The surge in the demand in commercial sector for transparency of distributed ledgers is influencing the demand for hardware wallet market in India. The applications present in the hardware wallet are designed to be secure and with an enhanced theft-free module to provide protection to the device in case of cyber-attacks. The high level of security provided by the hardware wallet over the software wallet, web wallets, among others is the major reason for the high demand for hardware wallets in the forecast period. The rise in disposable income among middle-class families is increasing the expenditure capacity of consumers to afford hardware wallets to ensure maximum security for the information stored. Adoption of the latest technologies to ensure the growth of the cryptocurrency or digital currency is aiding in accelerating the market demand in the next five years.
India hardware wallet market is segmented into connection type, distribution channel, end-user, regional distribution, and company. Based on distribution channel, the market can be bifurcated into online and offline. The online segment is expected to witness substantial growth in the forecast period, FY2023-FY2027. The rise in the number of online frauds and cyber-attacks are the driving factors for the growth of this segment.
The major players operating in the India hardware wallet market are Unocoin, WazirX, Coinbase, Exodus, Guarda, Ledger, Trezor, Sugi, KeepKey LLC, BitBox Limited, and others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F–FY2027F
Objective of the Study:
- To analyze the historical growth in the market size of India hardware wallet market from FY2017 to FY2021.
- To estimate and forecast the market size of India hardware wallet market from FY2022E to FY2027F and growth rate until FY2027F.
- To classify and forecast India hardware wallet market based on connection type, distribution channel, end-user, regional distribution, and company.
- To identify dominant region or segment in the India hardware wallet market
- To identify drivers and challenges for India hardware wallet market
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India hardware wallet market.
- To identify and analyze the profile of leading players operating in India hardware wallet market.
- To identify key sustainable strategies adopted by market players in India hardware wallet market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of companies across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the companies which could not be identified due to the limitations of secondary research. TechSci Research analyzed the companies, distribution channels and presence of all major players across India.
TechSci Research calculated the market size of India hardware wallet market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Hardware wallet manufacturing companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to hardware wallet market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, India hardware wallet market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Hardware Wallet Market, By Connection Type:
- Near Field Communication
- USB and Bluetooth
- India Hardware Wallet Market, By Distribution Channel:
- India Hardware Wallet Market, By End-User:
- Capital Market
- BFSI (Excluding Capital Market)
- Real Estate
- India Hardware Wallet Market, By Region:
Company Profiles: Detailed analysis of the major companies present in India hardware wallet market.
- Detailed analysis and profiling of additional market players (up to five).
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