Global Hardware Wallet Market Is Estimated To Witness Significant Growth Owing To Rising Demand For Cryptocurrencies And Rapid Urbanization

 

Hardware Wallet Market

Overview:

The Hardware Wallet is a security tool that provides an extra layer of protection when sending cryptocurrency from the computer or mobile device to another user. It separates the private keys from the computer or smartphone that can verify and sign transactions with them. Private keys never leave the hardware wallet so they cannot be stolen by malware that has access to the phone or computer. A hardware wallet will intercept the transaction information and then confirm that it’s correct when prompted on the screen. It will then send this verified transaction back to the software, which broadcasts it on the blockchain network.

Market Dynamics:

Increasing adoptions of inorganic growth strategies by key players is estimated to augment growth of the Global Hardware Wallet Market during the forecast period. For instance, ShapeShift integrated with THORChain completely in April 2021. This has enabled direct trading of native Bitcoin with Litecoin and Ethereum. ShapeShift’s mobile users do not need an intermediary, custodian for making cross-chain swaps. Moreover, lack of technical knowledge is anticipated to restrain growth of the global hardware wallet market during the forecast period.

Impact of COVID-19:

The pandemic was first identified in 2019. In 2020, the WHO declared it as a global public health emergency. The pandemic affected many countries and it led to imposition of strict nationwide lockdowns in many nations. The pandemic also hampered the growth of many businesses across the world. Due to this the global economy was ruptured. This also affected the Global Hardware Wallet Market, as people were facing financial loses. There was decrease in the amount of investments in cryptocurrencies. This had a negative impact on the growth of the hardware wallet market.

Key Takeaways:

The Global Hardware Wallet Market is expected to witness high growth, exhibiting CAGR of 24.9 % over the forecast period, due to increasing partnerships among key players. For instance, Ledger and Coinbase partnered up in February 2022, for creating a limited-edition hardware wallet. This can be used by users for storing and exchanging nonfungible tokens and cryptocurrencies.

Asia Pacific is anticipated to witness significant growth in the global hardware wallet market during the forecast period, due to growing use of cryptocurrencies and increasing trend towards cashless and digital economy.

Key Players Operating In The Global Hardware Wallet Market Are Cryobit LLC., Ledger SAS, Shift Cryptosecurity AG, OPENDIME, Coinkite, Intel, BitLox, BitMain Technologies Holding Company, CoolWallet, GEMNET Pte Ltd, Cryobit LLC., KeepKey, and SatoshiLabs s.r.o.

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