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At 23.67% CAGR, Hardware Wallet Market Size to Surpass 435.8 Million by 2027, says ResearchMoz | Ledger, KeepKey, CoolBitX, Penta Security Systems, Satoshi Labs, Coinkite
A hardware wallet is an electronic device that secures user’s cryptocurrency. It stores a unique private key used by the consumer to transfer cryptocurrency. Hardware wallet is a secure hardware device that must be connected to a laptop, computer, or a smart phone in order to transfer cryptocurrency. They have a huge advantage over software wallets because one can store their private cryptocurrency keys in a protected area of a microcontroller. These keys cannot be transferred out of the hardware wallets in plaintext, thereby ensuring data security.
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Hardware wallets use internet while completing a transaction but the cryptocurrency is saved offline in their hardware. This adds a layer of data security missing in software wallets, as they store the data online. Increasing use of cryptocurrency to facilitate secure and fast transactions in global trading is one of the key factors boosting the global hardware wallet market. However, lack of knowledge and awareness about cryptocurrencies in general population is a potential restraint for the growth in global hardware wallet market.
Segments in global hardware wallet market based on product type include USB hardware wallets, Bluetooth hardware wallets, and NFC hardware wallets. NFC technology enables flexible transactions of cryptocurrencies in everyday purchases. It provides both means of transactions and storages at the same time. NFC wallets can be used to transfer cryptocurrencies even when payee or payer is not connected to the internet. Integration and advancement of NFC technology are anticipated to propel growth in global hardware wallet market.
Segments in global hardware wallet market by application are commercial hardware wallets and hardware wallets for personal use. Cryptocurrencies such as Bitcoin can be used in real world environment to transact in a convenient manner. These cryptocurrencies can save money for merchants and safeguard the privacy of the customers. Flexible nature of cryptocurrencies along with safe-to-use features of hardware wallets is anticipated to boost the global hardware wallet market.
Implementation of cashless payment systems boosts Asia Pacific hardware wallet market
Key regions in global hardware wallet market include North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Growing adoption of cryptocurrencies in general population along with rising trend of implementing digital payment and cashless economy systems in various countries is anticipated to propel growth in Asia Pacific hardware wallet market. Countries engaged in production and consumption in global hardware wallet market include US, Canada, UK, France, Germany, Italy, Russia, Japan, India, China, South Korea, Taiwan, Australia, Philippines, Thailand, Indonesia, Malaysia, Vietnam, Brazil, Turkey, Mexico, UAE, and Saudi Arabia. Growing number of cyber-attacks in cryptocurrency market is fueling the demand in global hardware wallet market.
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Some of the major players in global hardware wallet market are Ledger, KeepKey, CoolBitX, Penta Security Systems, Satoshi Labs, Coinkite, and SHIFT Crypto Security.
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