하드웨어 지갑 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the hardware wallet market size is expected to increase from USD 0.54 billion in 2025 to USD 0.72 billion in 2026 and reach USD 2.25 billion by 2031, growing at a CAGR of 25.6% over 2026-2031.

This report is Segmented by Connectivity (USB, NFC, Bluetooth, and More), Wallet Type (Hot Wallet, and Cold Wallet), End User (Individual/Retail, and Institutional/Enterprise), Distribution Channel (Online, and Offline), and Geography (North America, South America, Europe, Asia-Pacific, and Middle East, Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Hardware Wallet Market Trends and Insights

Intensifying Institutional Adoption of Self-Custody Solutions

Corporate treasuries, family offices, and pension managers accelerated device procurement after the FTX collapse and the USD 1.5 billion Bybit breach, concluding that counterparty risk outweighs the convenience of exchange custody. Gnosis Safe disclosed that assets protected by hardware-backed multi-signature contracts topped USD 100 billion in 2025, confirming that multi-layer governance has become mainstream for decentralized autonomous organizations. United States banks can custody crypto under Interpretive Letters 1170 and 1172, yet many institutions still prefer on-premises cold wallets to maintain total key control. In Europe, MiCA Article 76 obliges providers to segregate client assets, a requirement satisfied most easily with hardware-secured cold storage. The January 2024 approval of spot Bitcoin exchange-traded funds hardened audit expectations, making Evaluation Assurance Level 5 certification the de facto baseline for enterprise purchases.

Surge In Cyber-Breach Publicity Pushing Demand for Offline Keys

Headline hacks remind buyers that internet-connected keys invite adversaries. The Bybit attack attributed to the Lazarus Group triggered a sales spike for fully air-gapped devices, as did the March 2024 compromise of Safe{Wallet}'s content delivery network. Vendors such as ELLIPAL and Keystone reported triple-digit order growth within weeks of each incident. Draft standards on post-quantum key encapsulation finalized by the Internet Engineering Task Force in 2024 gave manufacturers a clear implementation roadmap, further bolstering consumer confidence. Retail users also confront phishing campaigns that ship counterfeit devices, prompting them to verify holographic seals via manufacturer apps before first use. Altogether, publicity around breaches shortens the decision cycle for moving funds off exchanges and into cold storage.

Persistent Consumer UX Complexity

First-time users still find seed-phrase backup, firmware updates, and address verification intimidating. Tangem's screen-less card wallets simplify onboarding but expose buyers to blind-signing risk because transactions are confirmed only on a smartphone. Ledger's Nano Gen5 improves readability through a larger display and Bluetooth pairing, yet users must still scroll full addresses before approving payments. Standards divergence compounds confusion: BIP39 and SLIP39 generate incompatible backups, so households with multiple brands juggle different recovery workflows. OpenZeppelin's ERC-7913 aims to bridge non-EVM keys into Ethereum contracts, but adoption remains limited to advanced users. Until mainstream buyers see workflows as intuitive as mobile banking, adoption will trail the broader crypto ownership curve.

Other drivers and restraints analyzed in the detailed report include:

1. Regulatory Push for Segregated Crypto Custody (MiCA, OCC)
2. Integration Of Secure Element Chips with Post-Quantum Cryptography Support
3. Hardware Supply-Chain Shortages for Secure Elements

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

USB devices owned 45.21% of 2025 revenue, confirming their role as the audit-friendly default for enterprise signers who refuse any radios. Bluetooth wallets, however, are set to expand at a 26.0% CAGR through 2031, shrinking the USB lead as screen-on-device verification mitigates man-in-the-middle concerns. The hardware wallet market size advantage still belongs to wired models among financial institutions, yet retail buyers gravitate to Bluetooth because it pairs seamlessly with smartphones during in-person payments or decentralized-app interactions. Tangem's NFC card bundle and Coinkite's Coldcard Q illustrate a middle path, offering contactless signing that limits interception range. In contrast, QR-code air-gap products from Keystone and ELLIPAL isolate radio entirely, attracting high-net-worth users who trade speed for maximal security. Firmware for all connectivity types will soon integrate hybrid classical-and-lattice key exchange, and over-the-air updates may momentarily blur cold-storage purism, but adoption curves suggest Bluetooth will keep eroding USB share among mobile-first demographics.

USB remains indispensable for multi-signature treasury workflows because it leaves an immutable audit trail that satisfies Sarbanes-Oxley internal-control frameworks. Hardware wallet market share for USB will therefore stay overweight inside custodians, even as consumer-grade portfolios turn wireless. Near-term Bluetooth growth also hinges on the rollout of easier-to-navigate companion apps designed for grandfathered users who skipped prior crypto cycles. Overall, expect a bifurcated path: hardware wallet market Bluetooth shipments lead volume growth, while USB retains value density in the institutional core.

Cold wallets captured 63.19% of 2025 sales thanks to strict segregation clauses under MiCA Article 76 and United States banking advisories. That dominance will persist with a 26.2% CAGR to 2031 because insurance carriers rebate premiums only when keys rest in Evaluation Assurance Level 5 or better secure elements. The hardware wallet market size for hot wallets remains modest, catering chiefly to decentralized-finance traders who need real-time signing. Yet each publicized exploit, such as the Bybit breach, widens the perceived risk premium on online keys. Devices like Ledger's Nano Gen5 try to blend cold-wallet security with hot-wallet convenience by isolating keys in secure elements even during Bluetooth sessions, softening the boundary between categories.

Insurance carriers and compliance auditors continue to treat airgap as table stakes, so corporate treasurers still bulk-buy cold storage even when traders keep small balances in web extensions. Hardware wallet market share for cold storage may inch higher because regulatory language leaves little room for alternative interpretations. Looking forward, the mandatory adoption of post-quantum cryptography will likely trigger refresh cycles concentrated in the cold segment, given its longer retention horizons.

Complete Report Scope:

• By Connectivity
  • USB
  • NFC
  • Bluetooth
  • Others, Connectivity
• By Wallet Type
  • Hot Wallet
  • Cold Wallet
• By End User
  • Individual / Retail
  • Institutional / Enterprise
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Chile
    • Rest of South America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Middle East
    • Saudi Arabia
    • United Arab Emirates
    • Rest of Middle East
  • Africa
    • South Africa
    • Nigeria
    • Rest of Africa

Geography Analysis

North America held 38.95% of global revenue in 2025, energized by early regulatory clarity from the Office of the Comptroller of the Currency and the Securities and Exchange Commission ETF approvals. Institutional asset managers insist on Evaluation Assurance Level 5 devices to pass audits, and decentralized-autonomous-organization treasuries headquartered in the United States represent a large share of assets inside multi-signature contracts. Canada's prescriptive segregation framework, enforced by provincial regulators, brought small but steady retail inflows, while Mexico's use case centers on remittance corridors that favour NFC card wallets for cross-border transfers. Combined, these trends anchor a high-value base that continues to spin off enterprise refresh orders each time post-quantum enhancements arrive.

Europe's MiCA regime, fully live since December 2024, ignited a broad hardware replacement cycle as payment institutions upgraded custody stacks to meet Article 76 mandates. Germany issued 40 crypto-custody licenses that bind holders to cold storage, and France's PSAN registry applies similar offline requirements. The European Banking Authority has suggested Evaluation Assurance Level 6+ as best practice, driving higher average device prices. The United Kingdom is aligning post-Brexit rules with MiCA, while Italy and Spain trail on retail penetration yet show institutional upticks via family-office allocations.

The Middle East will record the fastest regional CAGR at 26.5% through 2031, driven by sovereign funds in the United Arab Emirates and pending custody frameworks in Saudi Arabia. Dubai's VARA licensing explicitly references secure key management, so local custodians place bulk orders for certified devices. Bahrain and Qatar have followed with similar directives, and high-net-worth individuals in the Gulf favour in-person purchases at upscale electronics boutiques. Africa's market remains small but vibrant in South Africa and Nigeria, where hardware wallets solve currency-devaluation and capital-control headwinds.

Asia-Pacific features pockets of rapid adoption in Hong Kong and Singapore, each with full licensing that insists on segregated custody. Japan tightened exchange rules under its amended Payment Services Act, pushing sceptical retail holders toward self-custody. Australia's ongoing regulatory consultations have not slowed hardware sales, as buyers hedge against policy uncertainty. India remains volatile due to taxation ambiguities, but household interest persists despite occasional exchange-shutdown rumours. Mainland China stays chilled by the 2021 trading ban, limiting regional upside.

1. Ledger SAS
2. SatoshiLabs s.r.o.
3. ShapeShift AG
4. Coinkite Inc.
5. CoolBitX Technology Ltd.
6. Shift Crypto AG
7. Penta Security Systems Inc.
8. SecuX Technology Inc.
9. ARCHOS S.A.
10. ELLIPAL Ltd.
11. BitLox Limited
12. SafePal Technology Ltd.
13. Keystone (Cobo Technology Ltd.)
14. OPOLO SARL
15. zSofitto NV (Sugi)
16. KeepKey LLC
17. IoTrust Co., Ltd. (D'CENT)
18. Prokey Technologies Co., Ltd.
19. CryoBit LLC
20. BC VAULT d.o.o.
21. Tangem AG
22. OneKey Technology Co., Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Intensifying Institutional Adoption of Self-Custody Solutions
  • 4.2.2 Surge in Cyber-Breach Publicity Pushing Demand for Offline Keys
  • 4.2.3 Regulatory Push for Segregated Crypto Custody (MiCA, OCC)
  • 4.2.4 Integration of Secure Element Chips with Post-Quantum Cryptography Support
  • 4.2.5 Rising Demand for Multi-Signature Workflows in DAO Treasury Management
  • 4.2.6 Insurance Underwriters Providing Premium Rebates for Certified Hardware Wallets
• 4.3 Market Restraints
  • 4.3.1 Persistent Consumer UX Complexity
  • 4.3.2 Hardware Supply-Chain Shortages for Secure Elements
  • 4.3.3 Lack of Uniform Seed Phrase Recovery Standards Across Wallets
  • 4.3.4 Growing Secondary Grey-Market Reselling Increasing Counterfeit Risk
• 4.4 Industry Value-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitute Products
  • 4.7.5 Intensity of Competitive Rivalry
• 4.8 Hardware Wallet Product Comparison
• 4.9 Impact of Macroeconomic Factors
• 4.10 Case Study Analysis

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Connectivity
  • 5.1.1 USB
  • 5.1.2 NFC
  • 5.1.3 Bluetooth
  • 5.1.4 Others, Connectivity
• 5.2 By Wallet Type
  • 5.2.1 Hot Wallet
  • 5.2.2 Cold Wallet
• 5.3 By End User
  • 5.3.1 Individual / Retail
  • 5.3.2 Institutional / Enterprise
• 5.4 By Distribution Channel
  • 5.4.1 Online
  • 5.4.2 Offline
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Chile
    • 5.5.2.4 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 Germany
    • 5.5.3.2 United Kingdom
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Rest of Europe
  • 5.5.4 Asia-Pacific
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 India
    • 5.5.4.4 Australia
    • 5.5.4.5 Rest of Asia-Pacific
  • 5.5.5 Middle East
    • 5.5.5.1 Saudi Arabia
    • 5.5.5.2 United Arab Emirates
    • 5.5.5.3 Rest of Middle East
  • 5.5.6 Africa
    • 5.5.6.1 South Africa
    • 5.5.6.2 Nigeria
    • 5.5.6.3 Rest of Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Ledger SAS
  • 6.4.2 SatoshiLabs s.r.o.
  • 6.4.3 ShapeShift AG
  • 6.4.4 Coinkite Inc.
  • 6.4.5 CoolBitX Technology Ltd.
  • 6.4.6 Shift Crypto AG
  • 6.4.7 Penta Security Systems Inc.
  • 6.4.8 SecuX Technology Inc.
  • 6.4.9 ARCHOS S.A.
  • 6.4.10 ELLIPAL Ltd.
  • 6.4.11 BitLox Limited
  • 6.4.12 SafePal Technology Ltd.
  • 6.4.13 Keystone (Cobo Technology Ltd.)
  • 6.4.14 OPOLO SARL
  • 6.4.15 zSofitto NV (Sugi)
  • 6.4.16 KeepKey LLC
  • 6.4.17 IoTrust Co., Ltd. (D'CENT)
  • 6.4.18 Prokey Technologies Co., Ltd.
  • 6.4.19 CryoBit LLC
  • 6.4.20 BC VAULT d.o.o.
  • 6.4.21 Tangem AG
  • 6.4.22 OneKey Technology Co., Ltd.

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment