Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets.
Global Hardware Wallet Market is valued at approximately USD 0.21 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 29.24 % over the forecast period 20212027. Hardware wallets are physical devices that hold cryptocurrency private keys offline in an encrypted device. When spending bitcoins, private keys in these wallets are required, and the wallets allow traders to safely store the keys while preserving the information. The demand for hardware wallets is skyrocketing, according to companies who make them. The demand for wallets is growing in tandem with the number of people who own several cryptocurrencies. The market’s growth is being influenced by the flexibility afforded by these solutions when compared to software, web wallets, and paper wallets. In August 2021, HooFoo, the first app and hardware combination wallet that secures and simplifies cryptocurrency transactions, waslaunched on Indiegogo. The company has developed a safer cold storage Bitcoin wallet for cryptocurrency as a result of the recent many Bitcoin exchange attacks. Furthermore, NEM Group and the NEM ecosystem revealed in February 2021 that Ledger’s Nano S and Nano X hardware wallets now support the NEM NIS1 XEM token and will support the XYM token when Symbol by NEM launches. Users may safely hold XEM and XYM assets by owning and securing their private keys with their own hardware wallets, while managing their tokens with the NEM Nano Wallet. NEM Group and the NEM ecosystem also announced in February 2021 that Ledger’s Nano S and Nano X hardware wallets now support the NEM NIS1 XEM token and will support the XYM token when Symbol by NEM launches. By owning and safeguarding their private keys with personal own hardware wallets, users may safely hold XEM and XYM assets while utilising the NEM Nano Wallet to manage their tokens. Furthermore, businesses are gradually focusing on enhancing the security of their products. The Goldpac Group, for example, chose IDEX Biometrics as a technology partner for its digital money initiative in China in March 2021. The firm now intends to use IDEX’s technology. However, regulations against cryptocurrencies in some countries may impede market growth over the forecast period of 2021-2027.
The regional analysis of the Global Hardware Wallet Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share due to increasing trend of digital and cashless economy in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 20212027, due to growing adoption of cryptocurrency in the region.
Major market player included in this report are:
ARCHOS
BitLox
CoolBitX Technology Ltd.
ELLIPAL Limited
Ledger SAS
OPOLO SARL
Satoshi Labs SRO
ShapeShift
Shift Crypto AG
Sugi (Sofitto NV).
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By type:
USB
NFC
Bluetooth
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Hardware Wallet Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Global Hardware Wallet Market is valued at approximately USD 0.21 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 29.24 % over the forecast period 20212027. Hardware wallets are physical devices that hold cryptocurrency private keys offline in an encrypted device. When spending bitcoins, private keys in these wallets are required, and the wallets allow traders to safely store the keys while preserving the information. The demand for hardware wallets is skyrocketing, according to companies who make them. The demand for wallets is growing in tandem with the number of people who own several cryptocurrencies. The market’s growth is being influenced by the flexibility afforded by these solutions when compared to software, web wallets, and paper wallets. In August 2021, HooFoo, the first app and hardware combination wallet that secures and simplifies cryptocurrency transactions, waslaunched on Indiegogo. The company has developed a safer cold storage Bitcoin wallet for cryptocurrency as a result of the recent many Bitcoin exchange attacks. Furthermore, NEM Group and the NEM ecosystem revealed in February 2021 that Ledger’s Nano S and Nano X hardware wallets now support the NEM NIS1 XEM token and will support the XYM token when Symbol by NEM launches. Users may safely hold XEM and XYM assets by owning and securing their private keys with their own hardware wallets, while managing their tokens with the NEM Nano Wallet. NEM Group and the NEM ecosystem also announced in February 2021 that Ledger’s Nano S and Nano X hardware wallets now support the NEM NIS1 XEM token and will support the XYM token when Symbol by NEM launches. By owning and safeguarding their private keys with personal own hardware wallets, users may safely hold XEM and XYM assets while utilising the NEM Nano Wallet to manage their tokens. Furthermore, businesses are gradually focusing on enhancing the security of their products. The Goldpac Group, for example, chose IDEX Biometrics as a technology partner for its digital money initiative in China in March 2021. The firm now intends to use IDEX’s technology. However, regulations against cryptocurrencies in some countries may impede market growth over the forecast period of 2021-2027.
The regional analysis of the Global Hardware Wallet Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share due to increasing trend of digital and cashless economy in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 20212027, due to growing adoption of cryptocurrency in the region.
Major market player included in this report are:
ARCHOS
BitLox
CoolBitX Technology Ltd.
ELLIPAL Limited
Ledger SAS
OPOLO SARL
Satoshi Labs SRO
ShapeShift
Shift Crypto AG
Sugi (Sofitto NV).
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By type:
USB
NFC
Bluetooth
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Hardware Wallet Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Hardware Wallet Market, by Region, 2019-2027 (USD Billion)
1.2.2. Hardware Wallet Market, by Type, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Hardware Wallet Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Hardware Wallet Market Dynamics
3.1. Hardware Wallet Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Increasing investments in cryptocurrency
3.1.1.2. Rising focus on security
3.1.2. Market Restraint
3.1.2.1. Regulations against cryptocurrencies
3.1.3. Market Opportunities
3.1.3.1. Growing attention to payment habits and the financial life cycle
Chapter 4. Global Hardware Wallet Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Hardware Wallet Market, by Type
5.1. Market Snapshot
5.2. Global Hardware Wallet Market by Type, Performance – Potential Analysis
5.3. Global Hardware Wallet Market Estimates & Forecasts by Type 2018-2027 (USD Billion)
5.4. Hardware Wallet Market, Sub Segment Analysis
5.4.1. USB
5.4.2. NFC
5.4.3. Bluetooth
Chapter 6. Global Hardware Wallet Market, Regional Analysis
6.1. Hardware Wallet Market, Regional Market Snapshot
6.2. North America Hardware Wallet Market
6.2.1. U.S. Hardware Wallet Market
6.2.1.1. Type breakdown estimates & forecasts, 2018-2027
6.2.2. Canada Hardware Wallet Market
6.3. Europe Hardware Wallet Market Snapshot
6.3.1. U.K. Hardware Wallet Market
6.3.2. Germany Hardware Wallet Market
6.3.3. France Hardware Wallet Market
6.3.4. Spain Hardware Wallet Market
6.3.5. Italy Hardware Wallet Market
6.3.6. Rest of Europe Hardware Wallet Market
6.4. Asia-Pacific Hardware Wallet Market Snapshot
6.4.1. China Hardware Wallet Market
6.4.2. India Hardware Wallet Market
6.4.3. Japan Hardware Wallet Market
6.4.4. Australia Hardware Wallet Market
6.4.5. South Korea Hardware Wallet Market
6.4.6. Rest of Asia Pacific Hardware Wallet Market
6.5. Latin America Hardware Wallet Market Snapshot
6.5.1. Brazil Hardware Wallet Market
6.5.2. Mexico Hardware Wallet Market
6.6. Rest of The World Hardware Wallet Market
Chapter 7. Competitive Intelligence
7.1. Top Market Strategies
7.2. Company Profiles
7.2.1. ARCHOS
7.2.1.1. Key Information
7.2.1.2. Overview
7.2.1.3. Financial (Subject to Data Availability)
7.2.1.4. Product Summary
7.2.1.5. Recent Developments
7.2.2. BitLox
7.2.3. CoolBitX Technology Ltd.
7.2.4. ELLIPAL Limited
7.2.5. Ledger SAS
7.2.6. OPOLO SARL
7.2.7. Satoshi Labs SRO
7.2.8. ShapeShift
7.2.9. Shift Crypto AG
7.2.10. Sugi (Sofitto NV).
Chapter 8. Research Process
8.1. Research Process
8.1.1. Data Mining
8.1.2. Analysis
8.1.3. Market Estimation
8.1.4. Validation
8.1.5. Publishing
8.2. Research Attributes
8.3. Research Assumption
At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.
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