Report Description

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 five years.

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 Study:

  • 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 wallet market
  • 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 Research.

Key Target Audience:

  • Hardware wallet manufacturing companies
  • Market research and consulting firms
  • 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 opportunities.

Report Scope:

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 Type:

    • Near Field Communication
    • USB and Bluetooth
  • India Hardware Wallet Market, By Distribution Channel:
    • Online
    • Offline
  • India Hardware Wallet Market, By End-User:
    • Capital Market
    • BFSI (Excluding Capital Market)
    • Real Estate
    • Others
  • India Hardware Wallet Market, By Region:
    • North
    • South
    • East
    • West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India hardware wallet market.

Available Customizations:

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:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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]

Table of content

1.     Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on India Hardware Wallet Market

4.    Executive Summary

5.    India Hardware Wallet Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Connection Type (Near Field Communication, USB and Bluetooth)

5.2.2.     By Distribution Channel (Online and Offline) 

5.2.3.     By End-User (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others)

5.2.4.     By Region

5.2.5.     By Company

5.3.  Product Market Map

6.    India Online Hardware Wallet Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value 

6.2.  Market Share & Forecast

6.2.1.     By Connection Type

6.2.2.     By End-User

6.2.3.     By Region

7.    India Offline Hardware Wallet Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value 

7.2.  Market Share & Forecast

7.2.1.     By Connection Type

7.2.2.     By End-User

7.2.3.     By Region

8.    Market Dynamics

8.1.     Drivers

8.2.     Challenges

9.    Market Trends & Developments

10.  Policy and Regulatory Landscape

11.  Competitive Landscape

11.1.    Competition Outlook

11.2.    Company Profiles

11.2.1.  Unocoin

11.2.2.  WazirX

11.2.3.  Coinbase

11.2.4.  Exodus

11.2.5.  Guarda

11.2.6.  Ledger

11.2.7.  Trezor

11.2.8.  Sugi

11.2.9.  KeepKey LLC

11.2.10. BitBox Limited

12.  Strategic Recommendations

14. About Us & Disclaimer

Figures and Tables

Frequently asked questions






Sakshi Bajaal

Business Consultant
Press Release

Near Field Communication to Dominate India Hardware Wallet Market through FY2027

Sep, 2021

Surge in the digitization process and the growing proliferation of smart devices is expected to drive the demand for India hardware wallet market in the forecast period.