Near Field Communication to Dominate India Hardware Wallet Market through FY2027
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.
According to TechSci Research report, “India
Hardware Wallet Market By Connection Type (Near
Field Communication, USB and Bluetooth), By Distribution Channel (Online
and Offline), By End-User (Capital Market, BFSI (Excluding Capital Market),
Real Estate and Others), By Region, Competition Forecast & Opportunities,
FY2027”, the India hardware wallet market is expected to witness steady
growth for the next five years. A hardware wallet can be defined as a kind of
cryptocurrency wallet and is made to store private keys in a secure encrypted
hardware device. Hardware devices are not affected by the attack of viruses or
other cyber attacking computer viruses. Hardware wallets allow the storage of
multiple currencies at the same time as they take up very little storage space.
Every transaction is verified with the hardware device which makes it less
prone and vulnerable to cyber fraud. The hardware wallet devices use
technologies such as Bluetooth and USB, near field communication, among others
to make the connection with other electronic devices. There has been a rise in
the adoption of cryptocurrencies by consumers as they are a convenient, fast,
and secure way to pay for goods. Cryptocurrencies can be used directly without
the need for a banking license and eliminate the traditional banking system
which is the major reason considered for the high demand for hardware wallets.
Hardware wallets provide enhanced security by minimizing data threats. The
surge in the adoption of digital technology across various prominent verticals
and the rising demand for online transaction is influencing the growth of the
market.
The COVID-19 outbreak across the world which has been
declared as a pandemic by the World Health Organization has affected several
countries adversely including India. Leading authorities of India imposed lockdown restrictions and released a set of
precautionary measures to contain the spread of novel coronavirus. Due to imposition
of strict regulations and policies by leading authorities, the business had to
suffer huge losses. Manufacturing units were temporarily shut down and the
shortage of workforce at the manufacturing plants was observed as the workers
moved back to their native places. Disruption in the supply chain was observed
which led to the lack of availability of raw materials, skilled workforce, and
project delays.
However, the rise in concerns regarding data security
and privacy of cryptocurrency may hamper the hardware wallet market growth.
Browse XX Figures spread through XX ages and an in-depth TOC on
“India Hardware Wallet
Market”.
https://www.techsciresearch.com/report/india-hardware-wallet-market/7800.html
India hardware wallet market is segmented into
connection type, distribution channel, end-user, regional distribution, and
company. Based on connection type, the market can be bifurcated into near field
communication, USB and Bluetooth. The near field communication segment is
expected to account for a major market share of the hardware wallet market,
FY2023F-FY2027F. The use of near field communication technology provides the
storage facility which allows the flexible usage of cryptocurrency. The use of
this technology enables consumers to use cryptocurrency as the normal mode of
payment by connecting it with mobile applications. The transaction can take
place even in the absence of the internet using near field technology which
depends on the type of payment request. Based on the end-user, the market can
be divided into capital market, BFSI (excluding capital market), real estate,
and others. The capital market segment is expected to hold a major market share
in the next five years owing to the rise in the market investments and huge
revenue generation through them.
Unocoin, WazirX, Coinbase,
Exodus, Guarda, Ledger, Trezor, Sugi, KeepKey LLC, BitBox Limited are the leading
players operating in India hardware wallet market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several hardware wallet manufacturers are coming up
with their technologically advanced offerings.
Download
Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=7800
Customers can also
request for 10% free customization on this report.
“High-end
investments by the major players for invention of new technology is expected to
fuel the growth of the hardware wallet market in India in the next five years.
The development of a non-custodial wallet, and wireless hardware wallet aiming
to simplify the cryptocurrency transactions, coupled with the availability of a
diverse variety of hardware wallets based on the consumer needs and requirements
in the market is bolstering the market growth. The adoption of advanced
technology by the major companies such as blockchain technology to offer higher
security and ease the transactions relating to cryptocurrency is facilitating
the growing demand for e-commerce platforms, which is further expected to
propel the hardware wallet market growth till FY2027F,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India
Hardware Wallet Market By Connection Type (Near Field Communication, USB and
Bluetooth), By Distribution Channel (Online and Offline), By End-User (Capital
Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region,
Competition Forecast & Opportunities, FY2027” has evaluated
the future growth potential of India hardware wallet market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the India hardware wallet market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]