United States Hardware Wallet Market Analysis Report 2022-2028 - Massive Increase in Investments in Hardware Powered by Cryptocurrencies to Drive Demand/Growth

News provided by

Jan 24, 2023, 14:50 ET

DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "United States Hardware Wallet Market, By Type (Hot Wallet and Cold Wallet) By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel, By End User By End Use Industry, By Region, Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.

United States Hardware Wallet market is anticipated to grow at double digit CAGR of 26.5% with demand for highly transparent distributed ledger technology in the commercial sector driving market growth.

Additionally, a surge in the development of new technologies throughout the digital currency or cryptocurrency market is anticipated to contribute to market growth. Also, a massive increase in investments in hardware powered by cryptocurrencies is anticipated to drive the hardware wallet market's growth.

Moreover, government programmes to formally implement and regulate cryptocurrency systems in their commercial sector are also emerging. The United States is leading the way in establishing a legal and regulatory framework for managing cryptocurrencies nationwide, which is also anticipated to present a sizable opportunity for the expansion of the hardware wallet market in this country.

A hardware wallet is one of the critical components of a blockchain database designed to store a user's private keys in a secure wallet. This wallet is immune to computer viruses that steal your coins and crypto information.

Increased Cryptocurrency Investment

Investment in cryptocurrencies has increased as a result of the sudden rise in Bitcoin's value. Due to the massive adoption of cryptocurrencies by important players like PayPal and Xbox, Bitcoin is the most valuable cryptocurrency with a market value of billions of dollars.

In addition, the second-largest cryptocurrency, Ethereum, has increased by 750% since 2020. As a result, the increased demand for cryptocurrencies is driving the market for hardware wallets, which allow traders to keep their keys safely while still protecting their personal data. These elements taken together are expected to present profitable chances for the hardware wallet's expansion in the upcoming years.

Rising Focus on Security

Users are embracing the technology since it offers security for managing private keys. The need for hardware wallets is anticipated to increase over the future years due to greater security awareness and proper secret key storage practices.

Additionally, 66.30% of remote cyberattacks are considered to be the most dominant factors when it comes to the biggest perceived attacks in crypto, according to Trezor. A hardware wallet's main goal has always been to safeguard users and their money from malware assaults, computer viruses, and other remote threats.

As a result, cold storage - that is, keeping Bitcoin values in a hardware wallet - is the recommended method for protecting a bitcoin wallet because it is less vulnerable to hacking. Hence driving the growth of the United States Hardware Wallet Market.

Regulations Against Cryptocurrencies

In US the Internal Revenue Service (IRS) now mandates the declaration of profits derived from virtual currency, and the US Commodity Futures Trading Commission (CFTC) has defined bitcoin to be a commodity.

The market for hardware wallets is anticipated to be constrained given the rules already in place against cryptocurrencies hence hindering the growth of United States hardware wallet market.

Market Players

ARCHOS S.A. under the category Cryptocurrencies Hardware Wallets provides ARCHOS Safe-T mini, ARCHOS Safe-T touch as hardware wallets.

Ledger SAS offers hardware wallets as Ledger Nano X, Ledger Nano S, SatoshiLabs Group a.s. offers Trezor is a brand by the company which has the Model One and Model T devices as hardware wallet. KeepKey, LLC provides hardware wallet for cryptocurrencies that supports over 40 different crypto assets. SecuX Technology Inc provides V20 hardware wallet.

The Coolbitx Technology LTD. segment develop, and offers hardware wallets under the brand name CoolWallet for consumer markets as well as complete KYC solutions for virtual asset service providers (VASPs).

Recent Developments:

As Of Dec 2019, In order to distribute its ARCHOS SAFE-T line of hardware bitcoin wallets and blockchain secured solutions across the United States, ARCHOS teamed with Blockchain Foundry Inc., a leading developer of blockchain-based business solutions and consulting services.
As of Dec. 2021, In order to offer its consumers a completely new degree of protection, Ledger collaborated with Samsung, a major player in the consumer electronics industry, to connect its smartphone's bitcoin wallet to Ledger storage devices.

Market Dynamics

Drivers

Increasing investments in cryptocurrency based devices
Technological developments to strengthening hardware wallet security
Transparency within distributed ledger technology

Challenges

Lack of customer awareness about trading cryptocurrency
government regulations against cryptocurrencies

Market Trends & Developments

High potential for market expansion across developing economies
Rising focus on security
Increased use of near-field communication (NFC)
Rising cashless payments

Major Players

SatoshiLabs Group a.s
ARCHOS S.A
Ledger SAS
KeepKey, LLC
NerdWallet USA
ELLIPAL Limited
SecuX Technology Inc.
Yanssie HK Limited (Keystone)
Exodus Movement, Inc.
Coolbitx Technology LTD

Report Scope:

United States Hardware Wallet Market, By Type

Hot Wallet
Cold Wallet

United States Hardware Wallet Market, By Connection Type

Near Field Communication
USB
Bluetooth

United States Hardware Wallet Market, By Distribution Channel:

Online
Offline

United States Hardware Wallet Market, By End User:

Individual
Commercial

United States Hardware Wallet Market, By End Use Industry:

Capital Market
BFSI (Excluding Capital Market)
Real Estate
Others

United States Hardware Wallet Market, By Region:

North-East
South
West
Mid-West

For more information about this report visit https://www.researchandmarkets.com/r/udtpnp

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets