[ad_1]
DUBLIN–(BUSINESS WIRE)–“United States Hardware Wallet Market, By Type (Hot Wallet and Cold Wallet), By Connectivity Type (Near Field Communication, USB and Bluetooth), By Distribution Channel, By End User, By End Use Industry, By Region, Competition Forecast and Opportunities, 2028” report has been added ResearchAndMarkets.com by offering.
The US Hardware Wallet market is expected to grow at a double-digit CAGR of 26.5% as demand for highly transparent distributed ledger technology in the commercial sector drives market growth.
Moreover, the explosive development of new technologies in the digital currency or cryptocurrency market is expected to contribute to the growth of the market. Also, the massive increase in investment in cryptocurrency-enabled devices is expected to boost the growth of the hardware wallet market.
In addition, government programs are emerging to officially implement and regulate cryptocurrency systems in their commercial sector. The United States is leading the way in creating a legal and regulatory framework to govern cryptocurrencies nationwide, which is also expected to provide a significant opportunity to expand the hardware wallet market in this country.
A hardware wallet is one of the critical parts of a blockchain database designed to store a user’s private keys in a secure wallet. This wallet is immune to computer viruses that steal your coins and crypto data.
Increased cryptocurrency investment
Investments in cryptocurrencies have increased following the sudden rise in the value of Bitcoin. Due to the widespread adoption of cryptocurrencies by major players such as PayPal and Xbox, Bitcoin is the most valuable cryptocurrency with a market cap of billions of dollars.
Additionally, the second largest cryptocurrency, Ethereum, has grown 750% since 2020. As a result, increased demand for cryptocurrencies is driving the hardware wallet market, which allows merchants to securely store their keys while protecting their personal information. . Together, these elements are expected to provide profitable opportunities for hardware wallet expansion in the coming years.
A growing focus on security
Users embrace the technology because it provides security for private key management. The need for hardware wallets is expected to grow in the coming years due to increased security awareness and proper secret key storage practices.
Additionally, according to Trezor, 66.30 percent of remote cyberattacks are considered dominant when it comes to the largest cryptoattacks detected. The main goal of a hardware wallet has always been to protect users and their money from malware, computer viruses and other remote threats.
As a result, cold storage – that is, storing Bitcoin values in a hardware wallet – is the preferred way to protect a bitcoin wallet, as it is less vulnerable to hacking. This will contribute to the growth of the US hardware wallet market.
Rules Against Cryptocurrencies
In the United States, the Internal Revenue Service (IRS) now requires reporting of profits from virtual currency, and the US Commodity Futures Trading Commission (CFTC) has designated bitcoin as a commodity.
The market for hardware wallets is expected to be limited due to the already existing regulations against cryptocurrencies, thus hindering the growth of the hardware wallet market in the United States.
Market players
ARCHOS SA in the category Cryptocurrencies Hardware Wallets offers ARCHOS Safe-T mini and ARCHOS Safe-T touch devices as hardware wallets.
Ledger SAS offers hardware wallets such as Ledger Nano X, Ledger Nano S, SatoshiLabs Group offers Trezor is a company brand that has Model One and Model T devices as a hardware wallet. KeepKey, LLC provides a hardware wallet for cryptocurrencies that supports over 40 different cryptoassets. SecuX Technology Inc offers the V20 hardware wallet.
Coolbitx Technology LTD. the segment develops and offers hardware wallets under the CoolWallet brand for the consumer market, as well as complete KYC solutions for virtual asset service providers (VASPs).
Recent Events:
Starting in December 2019, to distribute ARCHOS SAFE-T hardware bitcoin wallets and blockchain-secured solutions across the United States, ARCHOS partnered with Blockchain Foundry Inc., a leading developer of blockchain-based business solutions and consulting services.
Starting in December 2021, to offer consumers a completely new kind of protection, Ledger partnered with Samsung, a major player in the consumer electronics industry, to connect a smartphone bitcoin wallet with Ledger storage devices.
Market dynamics
Drivers
Increasing investments in cryptocurrency-based devices
Technical development to strengthen the security of the hardware wallet
Transparency of distributed ledger technology
The challenges
Lack of customer awareness about cryptocurrency trading
government regulations against cryptocurrencies
Market trends and development
Great opportunities for market expansion between developing economies
Growing attention to safety
Increased use of Near Field Communication (NFC).
Increasing cash payments
The main players
SatoshiLabs Group a.s
ARCHOS SA
Ledger SAS
KeepKey, LLC
NerdWallet USA
ELLIPAL Limited
SecuX Technology Inc.
Yanssie HK Limited (Keystone)
Exodus Movement, Inc.
Coolbitx Technology LTD
Scope of the report:
United States Hardware Wallet Market, by Type
US hardware wallet market, by connection type
Near Field Communication
USB
Bluetooth
US Hardware Wallet Market, by Distribution Channel:
US Hardware Wallet Market, End User:
US hardware wallet market by end-use:
Capital markets
BFSI (excluding Capital Markets)
Real estate
other
US hardware wallet market, by region:
Northeastern
South
westward
Midwest
For more information on this report, visit https://www.researchandmarkets.com/r/sshbri
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market information. We provide you with the latest information on international and regional markets, key industries, top companies, new products and the latest trends.
[ad_2]
news.google.com
