Dublin, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The "India Hardware Wallet Market, By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End-User, By Region, Competition Forecast & Opportunities, FY2027" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
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 major players operating in the India hardware wallet market are
- Unocoin
- WazirX
- Coinbase
- Exodus
- Guarda
- Ledger
- Trezor
- Sugi
- KeepKey LLC
- BitBox Limited
Report Scope:
Years considered for this report:
- Historical Years: FY2017-FY2020
- Base Year: FY2021
- Estimated Year: FY2022E
- Forecast Period: FY2023F-FY2027F
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
- Real Estate
- Others
India Hardware Wallet Market, By Region
- North
- South
- East
- West
For more information about this report visit https://www.researchandmarkets.com/r/wdk6k6
