Cryptocurrencies around the world are gaining traction, largely due to the belief that it promises greater returns on investment, albeit with risks. In order to keep data relating to cryptocurrency safe, Hardware wallets are used. These are physical devices that essentially store private keys for cryptocurrencies offline in an encrypted device,thus making them safer than software wallets. Private Keys are a requirement while trading in cryptocurrencies. Information within these wallets is kept secured. The most popular cryptocurrency today is Bitcoin, followed by Litecoin and Ethereum. Countries such as China (where cryptocurrencies are banned), Russia and Venezuela are investing in their own national cryptocurrency, tied to the price of crude oil. —
Global Info Research estimates that the Bitcoin & Cryptocurrency Hardware Wallets Market valued at US$ 128.69 million in 2019 and is expected to rise to US$ 495.9 million by 2024; at a Compound Annual Growth Rate (CAGR) of 24.93% over the forecast period (2019 - 2024).
The boom in Hardware Wallets market is evident as investments in cryptocurrency increased from merely US$18 billion in January 2017 to a whopping US$ 800 billion by January 2018. With this exponential rise in investments, people have started using private keys within Hardware Wallets, to keep their financial data secure.
Ledger SAS, Key Hodlers LLC, Satoshi Labs SRO, Coolbitx Ltd., and more.
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Global Info Research further classifies the ‘Bitcoin & Cryptocurrency Hardware Wallets Market’ into segments based on manufacturers, application and region.
Key players in the industry are- Ledger SAS, Key Hodlers LLC, Satoshi Labs SRO, Coolbitx Ltd., and more.
By mode of Application, Hardware Wallets may support- USB, Bluetooth and NFC (The most secure and widely used mode of application).
By Region, the Bitcoin & Cryptocurrency Hardware Wallets Market has been examined throughout Asia Pacific, Middle-East and Africa, North America, South America, and Europe.
A comprehensive region-wise analysis of the ‘Bitcoin & Cryptocurrency Hardware Wallets Market’ as per the report published by Global Info Research enumerates recent trends within specific countries across regions for the period 2019-2024. North America includes the US, Canada, Mexico and the Caribbean. South America includes Brazil, Argentina, Chile and Colombia. Asia-Pacific includes countries such as India, Japan, Korea, ASEAN and Australia. Major Players in the Middle-East and Africa are Egypt, UAE, RSA, KSA, Nigeria and Bahrain. Europe includes large markets such as UK, France, Germany, Italy, Poland, and Belgium.
In June 2018, the US Federal Reserve Bank recognized and legitimized the use of cryptocurrency. Four prominent cryptocurrencies were added to the Federal Reserve Bank of St Louis, one of twelve regional banks in the US Federal Banking System. These four cryptocurrencies were- Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
With the emergence of United States as the unopposed leader in cryptocurrency and hardware wallets market, any dynamics will likely change the entire global market landscape.
The Asia Pacific region has emerged as the fastest-growing market for cryptocurrency hardware wallets, owing to greater adoption of digital and cash less transactions in countries like India, Japan, and South Korea.
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