Near Field Communication to Dominate India Hardware Wallet Market through FY2027 – TechSci Research

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, 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.

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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