Cryptocurrency Hardware Market 2019-2028
New Market Study, Report “Cryptocurrency Hardware Market 2019 Global Industry Demand, Opportunities, Growth Drivers, Challenges, Strategies and Forecasts 2028” Has been Added on WiseGuyReports.com.
Global Cryptocurrency Hardware Wallet Market Growth with Increased Investments in Cryptocurrency
This report provides in depth study of “Cryptocurrency Hardware Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Cryptocurrency Hardware Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
A cryptocurrency hardware wallet refers to a device that is used to store private keys offline in an encrypted device. Such a wallet enables users to store keys safely and protects information. The global cryptocurrency hardware wallet market was valued at $94.61 million in 2017 and is predicted to go up to $391.64 million by 2023, at a CAGR of 24.93%.
According to regulations, from 2018, even a small holding of Bitcoin required a substantial investment which has increased the demand for a secure way to hold the cryptocurrency. This, coupled with the growing number of users investing in cryptocurrency, drives the cryptocurrency hardware wallet. In terms of software, web wallets and paper wallets are also driving the growth of the market. Manufacturers are offering flexible solutions and innovative technologies with devices supporting multiple currencies and wireless technologies, which boosts the market demand.
In 2017, a total investment of $18 billion was recorded, which went up to over $800 billion in 2018. Owing to this, the demand for cryptocurrency hardware wallet has increased with more and more people adopting the use of this device. This upward trend in the cryptocurrency hardware market is expected to continue, boosting the overall market growth.
Important Key Players Analysis: Ledger, Trezorm, KeepKey, Digital BitBox, Coinkite, BitLox, CoolWallet, CryoBit.
It covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Cryptocurrency Hardware market.
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The cryptocurrency hardware wallet market can be segmented on the type of hardware. USB wallets have the most demand since they are cheap and the most widely-used type of hardware wallets. These wallets recorded a revenue of over 88% since they are more in-demand among beginners. USB wallets have additional features, such as better security since they show the address and amount of transaction on the wallet, which drives the market demand.
Geographically, the cryptocurrency hardware wallet market can be segmented into North America, Europe, and the Asia Pacific. Europe is the highest market contributor, followed by North America. Government regulations and the adoption of advanced security by investors in cryptocurrency results in the higher market demand. Europe has the most manufacturers of these wallets, which accounts for the higher demand in this region. Further, the region has the most number of cryptocurrency exchange platforms. Malta, for instance, has cryptocurrency pro regulations which attract a lot of investors, thus boosting the sales and revenue in the region. France, Uk, Germany have adopted strict regulations in the crypto market.
Asia-Pacific is an emerging market and has witnessed a rise in surveillance systems adoption in recent years. Latin America and Africa are also predicted to play a major role in market demand.
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Adoption of advanced technologies is the best way to get ahead of the competition. Market players have adopted strategies like mergers & acquisitions, collaborations, and partnerships to get a strong foothold in the market.
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