Hardware wallets are physical devices that store users' private keys in a secure, offline environment and sign transactions for them via an integrated screen and buttons. They are considered safer than keeping cryptocurrency on exchanges or digital "hot" wallets because of the ability to keep private keys completely offline, while still allowing transferring or spending of funds when needed.
One of the key trends fueling the growth of the hardware wallet market is the rising awareness about the importance of security of cryptocurrencies. As cryptocurrency continues to gain popularity as an investment asset class, concerns around security of private keys and vulnerability of exchanges to hacks have prompted many investors to opt for hardware wallets to store their crypto assets. This has significantly driven the demand for hardware wallets over the forecast period.
The global hardware wallet market is segmented by connectivity into near field communication (NFC) and USB connectivity. The USB segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is due to the widespread adoption of USB as the most common connectivity standard across devices. Hardware wallets with USB connectivity provide seamless transfer of cryptocurrencies from devices like desktops and laptops to the hardware wallet for storage.
The Global Hardware Wallet Market Size is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period 2023 to 2030, due to increasing investments in cryptocurrencies.
North America dominated the global hardware wallet market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high adoption of cryptocurrencies in countries like the US. Countries in Western Europe such as Germany and the UK hold a major share in the regional market due to strict regulations regarding crypto assets.
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