A study shows that the crypto hardware wallet market has the potential to grow by 27% annually and reach $1328.7 million in six years.
Analysts at Brandessence point to rapid growth in the market for cryptocurrency hardware wallets such as Ledger, Trezor, or CoolWallet. According to their data, the industry was estimated at $250.7 million in 2021 and is expected to grow more than fivefold by 2028.
The compound annual growth rate (CAGR) will be 26.9%. The main factors driving the industry’s rise will include crypto adoption by traditional financial institutions and an increased focus on NFC technology in crypto wallets.
Earlier, a study by Research And Markets showed similar figures regarding the potential of the crypto hardware wallet industry, and hardware wallet manufacturers reported increased revenues.
The growth dynamics of the sector may boost after FTX’s liquidity crash, which led users to actively withdraw funds from CEXs, fearing for their assets. Amid a general downturn in the crypto market in the wake of these events, Josef Tětek, Brand Ambassador at Trezor, told Cointelegraph that the company saw a fourfold increase in revenue from sales. He also mentioned that the firm recorded a significant spike in traffic on its website during the past week.
Recall that Trezor is preparing to expand the functionality of its crypto wallets by adding BTC transaction mixing.
