Hardware Wallet Market - Growth, Trends and Forecasts (2022 - 2027)
The global hardware wallet market was valued at USD 202.40 million in 2020. It is expected to be valued at USD 877.69 million by 2026, registering a CAGR of approximately 29.24% over the forecast period (2021-2026). The rapidly growing demand for cryptocurrency during the pandemic has positively influenced the market for the hardware wallet. Cryptocurrencies, such as Bitcoin are gradually making a transition from uncertain investment instruments to payments. There is growing attention to payment habits and the financial life cycle, as the COVID-19 pandemic has led to more calls for dematerialization of payments.
Key HighlightsThe hardware wallet market is highly consolidated due to several global and regional players vying for attention in a somewhat contested market space. As the market studied poses low barriers to entry for new players, several new entrants have gained traction in the market by offering products that are rich in features at competitive prices. The market studied is characterized by increasing product penetration levels, moderate/high product differentiation, and high levels of competition. Some of the recent developments in the market are:
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