The global cryptocurrency hardware wallet market revenue was around US$ 547.4 million in 2022 and is estimated to reach US$ 3.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 23.7% during the forecast period from 2023 to 2031.

A hardware wallet is a cryptocurrency wallet that stores the private keys of the user in a secure hardware device. The primary principle behind the hardware wallet is to deliver comprehensive isolation between the private keys and easy-to-hack smartphone or computer applications.

Factors Influencing Market Growth

- The increased usage of NFC in cryptocurrency wallets and technological advancements to improve the security of cryptocurrency hardware wallets are propelling the growth of the cryptocurrency hardware wallet market.

- The growth in demand for high transparency of distributed ledger technology across the commercial sector benefits push the growth of the cryptocurrency hardware wallet market.

- The high cost of installing cryptocurrency hardware wallet is a major factor hindering the growth of the cryptocurrency hardware wallet market.

- The adoption of AI and Machine Learning and the advancements in technology in the digital currency industry is anticipated to provide lucrative growth opportunities in the coming years.

Impact of COVID-19

The outbreak of the COVID-19 pandemic had a positive influence on the growth of the cryptocurrency hardware wallet market, as the adoption of cryptocurrency has expanded in the face of unprecedented circumstances. The COVID-19 pandemic has significantly boosted the growth rate of the cryptocurrency hardware wallet market because of the significant growth in the adoption of cryptocurrency by financial institutions and banks has been observed because of the rise in demand to share financial details with consumers during the pandemic.

Regional Analysis

In 2022, Asia-Pacific dominated the global cryptocurrency hardware wallet market in terms of revenue. This is attributed to the fact that the region has noticed a significant growth in cryptocurrency transactions and is anticipated to exhibit significant growth in the developing nation.

Leading Companies

The leading prominent companies profiled in the global cryptocurrency hardware wallet market are: -

- BC VAULT
- BitLox
- CoolWallet
- Cryptomeister
- CryoBit LLC
- Etherbit Private Limited
- Keystone
- Ledger SAS
- OpenDime
- SafePal
- SatoshiLabs.R.O.
- SecuX Technology Inc.
- ShapeShift
- Shift Crypto AG
- Sugi
- OPOLO SARL
- ELLIPAL LTD.
- Other prominent key players

Segmentation Outline

The global cryptocurrency hardware wallet market segmentation focuses on Hardware Component, Security Method, Type, and Region.

Segmentation based on Hardware Component

- ASIC
- GPU
- FPGA
- Others

Segmentation based on Security Method

- Pin
- Two-factor Authentication
- Biometric Security
- Others

Segmentation based on Type

- Others
- USB Connectivity Type
- Bluetooth Connectivity Type
- NFC Connectivity

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa