A hardware wallet can be referred as a cryptocurrency wallet used to store private keys in a secure encrypted hardware device.
Since hardware devices are unaffected in the face of cyber-attacks, these wallets allow the storage of multiple currencies at the same time as they take up very little storage space.
TechSci Research has recently published a report, “India Hardware Wallet Market By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition Forecast & Opportunities, FY2027”, stating that the India hardware wallet market is expected to witness steady growth for the next five years.
The hardware wallet devices use technologies such as Bluetooth and USB, near field communication, among others to make the connection with other electronic devices. There has been a rise in the adoption of cryptocurrencies by consumers as they are a convenient, fast, and secure way to pay for goods.
Cryptocurrencies can be used directly without the need for a banking license and eliminate the traditional banking system which is the major reason considered for the high demand for hardware wallets. Hardware wallets provide enhanced security by minimizing data threats.
The surge in the adoption of digital technology across various prominent verticals and the rising demand for online transaction is influencing the growth of the market.
The COVID-19 outbreak across the world which has been declared as a pandemic by the World Health Organization has affected several countries adversely including India. Leading authorities of India imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Due to the imposition of strict regulations and policies by leading authorities, the business had to suffer huge losses.
Manufacturing units were temporarily shut down and the shortage of workforce at the manufacturing plants was observed as the workers moved back to their native places. Disruption in the supply chain was observed which led to the lack of availability of raw materials, skilled workforce, and project delays.
However, the rise in concerns regarding data security and privacy of cryptocurrency may hamper the hardware wallet market growth.
Indian hardware wallet market is segmented into connection type, distribution channel, end-user, regional distribution, and company. Based on connection type, the market can be bifurcated into near field communication, USB and Bluetooth. The near-field communication segment is expected to account for a major market share of the hardware wallet market, FY2023F-FY2027F. The use of near field communication technology provides the storage facility which allows the flexible usage of cryptocurrency.
The use of this technology enables consumers to use cryptocurrency as the normal mode of payment by connecting it with mobile applications. The transaction can take place even in the absence of the internet using near field technology which depends on the type of payment request.
Based on the end-user, the market can be divided into the capital market, BFSI (excluding capital market), real estate, and others. The capital market segment is expected to hold a major market share in the next five years owing to the rise in the market investments and huge revenue generation through them.
Unocoin, WazirX, Coinbase, Exodus, Guarda, Ledger, Trezor, Sugi, KeepKey LLC, BitBox Limited are the leading players operating in the Indian hardware wallet market. Manufacturers are increasingly focusing on research and development processes to fuel higher growth in the market. To meet evolving customer demand for better efficiency and durability, several hardware wallet manufacturers are coming up with their technologically advanced offerings.
“High-end investments by the major players for the invention of new technology are expected to fuel the growth of the hardware wallet market in India in the next five years. The development of a non-custodial wallet and wireless hardware wallet aiming to simplify the cryptocurrency transactions, coupled with the availability of a diverse variety of hardware wallets based on the consumer needs and requirements in the market is bolstering the market growth. The adoption of advanced technology by the major companies such as blockchain technology to offer higher security and ease the transactions relating to cryptocurrency is facilitating the growing demand for e-commerce platforms, which is further expected to propel the hardware wallet market growth till FY2027F,” said Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
According to TechSci Research “India Hardware Wallet Market By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India hardware wallet market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Indian hardware wallet market.
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