Portland, OR, Sept. 16, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global cryptocurrency hardware wallet market generated $442.6 million in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 23.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $442.6 million |
Market Size in 2031 | $3.6 billion |
CAGR | 23.7% |
No. of Pages in Report | 293 |
Segments Covered | Hardware Component, Security Method, Type, and Region |
Drivers | Surge in the use of NFC in cryptocurrency wallets |
Rise in internet penetration across the globe | |
Opportunities | Increase in the adoption of artificial intelligence (AI) and machine in the digital currency industry |
Increase in need to enhance the security of cryptocurrency hardware wallets | |
Restrains | Extortionate cost of installing |
Lack of knowledge and limited to specific people |
COVID-19 Scenario:
- A lot of economic and financial issues were faced by the people due to the rise in unemployment, and hence people increasingly became inclined towards the booming cryptocurrency industry for not only investments but also in need for secure payments. This positively impacted the market.
- Stringent social distancing restrictions were imposed by the government, which enabled people to stay indoors, and then ultimately contributed to the growth in internet penetration.
- The COVID-19 pandemic has significantly fuelled the growth rate of the cryptocurrency hardware wallet market, owing to the significant rise in adoption of cryptocurrency by banks and financial institutions.
- In addition, banks and fintech industries were showing more interest in crypto currencies for enhancing their business processes and providing secure contactless payments to speed up their payment transaction process. These factors create remunerative opportunities for the growth of the industry.
The report offers detailed segmentation of the global cryptocurrency hardware wallet market based on hardware component, security method, type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
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