India hardware wallet market is
expected to grow at a significant CAGR during the forecast period,
FY2023-FY2027. Hardware wallets allow the user to store confidential data by
storing private keys at a secure place of the microcontroller. Hardware wallets
enable the user to authenticate with the system in the case of open-sourced
software. By using the hardware wallet, the private key remains unexposed as
there is no need to enter the password anywhere near the computer system which
provides extra security to the stored digital currency and cryptocurrency. The
growing demand and adoption of cryptocurrency and trading to earn money is
contributing to the surge in the growth of hardware wallets as they are used
for commercial purposes to store crucial information. The surge in the demand
in commercial sector for transparency of distributed ledgers is influencing the
demand for hardware wallet market in India. The applications present in the
hardware wallet are designed to be secure and with an enhanced theft-free
module to provide protection to the device in case of cyber-attacks. The high
level of security provided by the hardware wallet over the software wallet, web
wallets, among others is the major reason for the high demand for hardware
wallets in the forecast period. The rise in disposable income among
middle-class families is increasing the expenditure capacity of consumers to
afford hardware wallets to ensure maximum security for the information stored.
Adoption of the latest technologies to ensure the growth of the cryptocurrency
or digital currency is aiding in accelerating the market demand in the next
India hardware wallet market is
segmented into connection type, distribution channel, end-user, regional
distribution, and company. Based on distribution channel, the market can be
bifurcated into online and offline. The online segment is expected to witness
substantial growth in the forecast period, FY2023-FY2027. The rise in the
number of online frauds and cyber-attacks are the driving factors for the
growth of this segment.
The major players operating in the
India hardware wallet market are Unocoin, WazirX, Coinbase,
Exodus, Guarda, Ledger, Trezor, Sugi, KeepKey LLC, BitBox Limited, and others.
Major companies are developing advanced technologies and launching new products
to stay competitive in the market. Other competitive strategies include mergers
& acquisitions and new product developments.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F–FY2027F
Objective of the
- To analyze the historical growth in the market
size of India hardware wallet market from FY2017 to FY2021.
- To estimate and forecast the market size of India
hardware wallet market from FY2022E to FY2027F and growth rate until FY2027F.
- To classify and forecast India hardware wallet
market based on connection type, distribution channel, end-user, regional
distribution, and company.
- To identify dominant region or segment in the India
hardware wallet market
- To identify drivers and challenges for India hardware
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in India
hardware wallet market.
- To identify and analyze the profile of leading
players operating in India hardware wallet market.
- To identify key sustainable strategies adopted
by market players in India hardware wallet market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of companies across India. Subsequently, TechSci Research
conducted primary research surveys with the identified companies. While
interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the companies which could
not be identified due to the limitations of secondary research. TechSci
Research analyzed the companies, distribution channels and presence of all
major players across India.
TechSci Research calculated the market size of India hardware wallet market using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
for getting an appropriate, overall market size. Various secondary sources such
as company websites, news articles, press releases, company annual reports,
investor presentations and financial reports were also studied by TechSci
Key Target Audience:
- Hardware wallet manufacturing
- Market research and
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums, and
alliances related to hardware wallet market
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as manufacturers, suppliers and partners, end users, etc., besides
allowing them in strategizing investments and capitalizing on market
In this report, India hardware
wallet market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
India Hardware Wallet Market, By Connection
- Near Field Communication
- USB and Bluetooth
- India Hardware Wallet Market, By Distribution
- India Hardware Wallet Market, By End-User:
(Excluding Capital Market)
- India Hardware Wallet Market, By Region:
Company Profiles: Detailed analysis of the major
companies present in India hardware wallet market.
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
India hardware wallet
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]
- Detailed analysis and
profiling of additional market players (up to five).