Hardware wallet Market Rising Concerns About the Safety of Valuable Physical Assets.

According to Precision Business Insights (PBI), the latest report, the global hardware wallet market is expected to be worth USD 256.9 million in 2022 and projected to grow at an 21.5% CAGR over 2022 to 2028. The increasing digitalization through various verticals and the legalization and approval of the purchase, sale, and trade of several virtual currencies, such as Ethereum, Bitcoin, and Cardano, represent vital factors driving the market expansion. Most market players are launching hardware wallet apps to simplify cryptocurrency exchange. Furthermore, the combination of blockchain and distributed ledger technology for ensuring transparency by minimizing the risks of hacking and other fraudulent activities is another growth-inducing factor.

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The NFC Segment is Dominating the Hardware wallet Market:
Based on the connection type, the global hardware wallet market is segmented into Near-field Communication, Bluetooth, and USB. The NFC segment is anticipated to grow at a significant CAGR over the forecast years. Because the demand for NFC-enabled devices is expanding astoundingly, and the transition from old methods of transferring data to innovative technologies will further fuel market growth over the next five years, NFC dominated the hardware wallet industry. The falling prices of NFC chips, the acceptance of mobile commerce, the rising volume of cashless transactions, and the increasing usage of smart appliances are some of the primary reasons driving the global market.

Asia Pacific Leads Hardware wallet Market:
The Asia Pacific is expected to hold a significant market share in the global Hardware wallet market and is projected to grow at a prominent growth rate over the forecast years. Asia-Pacific, particularly China, continues to be a prominent player in the worldwide hardware wallet market. Major organizations in the country are investing heavily in technology. For example, Postal Savings Bank of China, Co., Ltd. created a new biometric hardware wallet to improve its banking services, consequently encouraging market growth in the region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Hardware wallet market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance In January 2022, Trezor, the original hardware wallet, accepted a new desktop application. The former Trezor Wallet user interface has been changed. The new program, Trezor Suite, is a significant development that helps safeguard cryptocurrency users against phishing attempts, one of the most pressing issues in modern crypto security. All Trezor users are advised to download the Trezor Suite desktop application and begin using the most fantastic tool for their long-term security by SatoshiLabs.

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By Type
o Hot Wallet
o Cold Wallet

By Connection Type
o Near-field Communication
o Bluetooth
o USB

By End User
o Commercial
o Individual

By Distribution Channel
o Online
o Offline

By Geography
o North America
o Europe
o Asia-Pacific
o Latin America
o Middle East and Africa (MEA)

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Key player's profiles in the hardware wallet market report are ARCHOS (France), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ELLIPAL Limited (Hong Kong), Ledger SAS (France), OPOLO SARL (Luxembourg), Satoshi Labs SRO (Czech Republic), ShapeShift (US), Shift Crypto AG (Switzerland), Sugi (zSofitto NV) (Belgium), Coinkite Inc. (Canada), SHIFT Cryptosecurity (Switzerland), Penta Security Systems Inc. (South Korea), CoolWallet

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This release was published on openPR.