On August 11, HTF MI released its latest research report assessing the market conditions of hardware wallets globally for the next five years. HTF MI is a brand of the HTF Market Intelligence Consulting Private Limited dedicated to identifying growth opportunities while evaluating the key drivers.
This report, “Global Cryptocurrency Hardware Wallet Market Size, Status, and Forecast 2019-2025”, aims to circulate the previous trends, current market, notable opportunities, and risk analysis and strategic approaches to consolidate support.
A Spiking Demand for Hardware Wallets
Interestingly, we consider cryptocurrencies the most secure avenues of exchange. However, recent days are constantly proving us wrong considering the increased cases in cybercrimes on significant exchanges, other financial service providers, and social media platforms worldwide.
Recently, the world experienced the most massive Twitter hack of all time. The hackers lured bitcoin holders to send the coin to their address with a promising offer to double them. To their unfortunate surprise, the criminals used major names in finance and technology to dupe the.
If that was not enough, exchanges such as Binance lost millions of dollars from hacks in recent years. Crypto holders, in turn, struggle to attain the best ways to store their coins without worries of such vulnerabilities that come with online wallets; hence, their persistence to acquire hardware wallets.
The Research’s Outline
According to the report’s analysis, the crypto hardware wallet market will upsurge to over $8 billion by 2024 from the 100-million spot in 2018, which acts as the base year for the research. HTF MI surveys through 2014-2018 for history, 2019 as the estimated year, and 2019-2025 as the forecast period.
It further regards Ledger, Trezor, Keepkey, Digital Bitbox, CryoBit, BitLox, Coinkite, and CoolWallet as the major players. The report subdivides the wallets into USB, Bluetooth, and NFC enabled evaluating both individual and professional use. Regions to consider are the Americas, Asia Pacific, China, and Europe, where there is the highest distribution of these hardware wallets.
The market trends the research watches closely is the increased use of cryptos as an alternative for fiat currencies. Secondly is the adoption into utilizing the same for real-time transactions worldwide. The boosted popularity of cryptos will drive more hardware wallet purchases, increasing the market value at a CAGR of over 111% in the forecast period.
Additional Hype Surrounding Hardware Wallets
In conclusion, there are other reasons why people will consider hardware wallets. One of the advantages is the need for physical transaction confirmations aided by additional PIN encryption making it vitally secure. They can hold varieties of digital coins, encouraging exchange efficiency. Private keys are inaccessible, therefore, eliminating risks of cyber-attacks. Lastly, these wallets are immune to virus attacks, which further lessens the risk of losses.