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.
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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 offerings.
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“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.
According to TechSci Research “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.
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Growing demand for digital services in the public and private sector is driving the growth of Vietnam Cybersecurity Market.
According to TechSci Research report, “Vietnam Cybersecurity Market, By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others), By Solution Type (Firewall, Antivirus & Anti Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security & Others), By Deployment Mode (Cloud & On premise), By End-User Industry (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology & Others), By Region, By Top 10 Provinces, Competition, Forecast & Opportunities, 2016-2026”, the Vietnam Cybersecurity Market is forecast to grow at a rate of 16.52% to reach USD350.48 million by 2026. Growth in the market can be attributed to the leaning of the Vietnamese government towards investigating, detecting and prosecuting cybercrimes in the last few years. Vietnam has been ranked 25th out of 182 countries in Global Cyber Security Index (GCI) 2020 by the International Telecommunication Union – the United Nation’s ICT-specialized agency. Cybersecurity Market has been primarily influenced by the massive potential of cloud services in Vietnam. The National Assembly of Vietnam has adopted the Law on Cybersecurity (“LCS”) that aims to protect national security and ensure social order and safety in cyberspace. This law will act as a catalyst for adoption of cybersecurity by various enterprises. According to the National Cyber Security Centre (NCSC) of the Vietnam Authority of Information Security, in 2020, more than 90% of the cybersecurity products and services were made in Vietnam.
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The Vietnam Cybersecurity Market is segmented by security type, by solution type, by deployment mode, by end-user industry and by region. In terms of security type, the market can be segregated into Network Security, Application Security, Cloud Security, Endpoint Security, Content Security and Others. Out of these, the network security segment registered a dominant market share in 2020. The network security is dominating the Vietnam Cybersecurity Market as it is one of the most important aspects to consider when working over the internet or the cloud. Moreover, robust network security systems help businesses reduce the risk of falling victim to data theft. Implementing network security solutions allows computers, users, and programs to perform their permitted critical functions within a secure environment.
Based on solution type, the market is segmented into Firewall, Antivirus & Anti Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security, Others. Out of these, firewall solutions dominated the Vietnam Cybersecurity Market in 2020 as these solutions provide protection against outside cyber attackers by shielding the device or network from malicious or unnecessary network traffic.
Based on deployment mode, the Vietnam Cybersecurity Market is bifurcated into Cloud & On-premise. Cloud dominated the market as the cloud computing technology is being widely adopted by the country. According to the Ministry of Information and Communications, in recent years the cloud computing market has been growing at 30 percent on average, and in 2020 the growth rate reached 40 percent due to the COVID-19 pandemic.
In terms of end-user industry, the market is segmented into BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology, Others. The BFSI industry dominated the Vietnam Cybersecurity Market in 2020. Digital transformation of banking sector has changed the consumer buying behavior with preference for online shopping. The banking firms are investing aggressively into cybersecurity in quest to protect the customers’ personal information, passwords, and financial information from cybercriminals.
Viettel Cyber Security Company, FPT Corporation, CMC Cybersecurity, IBM Vietnam Company Ltd., HPT Vietnam Corporation, Microsoft Vietnam Limited Liability Company, Amazon Web Services Vietnam Company Limited, SAP Vietnam Co. Ltd., Vietnam Posts and Telecommunications Group, Salesforce.com, Inc., Cisco Systems, Inc., CrowdStrike Holdings, Inc., FireEye, Inc., McAfee LLC, Accenture, Inc. etc. are among the leading players operating in the Vietnam Cybersecurity Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Vietnam Cybersecurity Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support the competitive Vietnam Cybersecurity Market.
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“The digital transformation of the country including e-Government, e-business, and an e-society will drive the growth of the Vietnam cybersecurity market. Moreover, the passing of the “Law on Cybersecurity” in 2018, has encouraged Vietnamese firms that use advanced technologies and solutions to invest in cybersecurity which has led to the development of ecosystem of 'Make in Vietnam' cybersecurity products. This growing awareness of the consumers towards cyberattacks and regulatory measures being taken by the government to protect the cyberspace is expected to act as a catalyst for the Vietnam Cybersecurity Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Cybersecurity Market, By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others), By Solution Type (Firewall, Antivirus & Anti Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security & Others), By Deployment Mode (Cloud & On premise), By End-User Industry (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology & Others), By Region, By Top 10 Provinces, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of cybersecurity in Vietnam Cybersecurity Market and provides statistics and information on market structure, size, share and future growth. The report is intended 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 present in Vietnam Cybersecurity Market.”
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With
growing adoption of cloud computing services across the world, requirement for
security measures for cloud computing are also increasing. Further, growth in
enterprise mobility and bring your device(BYOD) concept is fueling the
requirement for cloud security. The IT infrastructure landscape in
organizations is shifting from CAPEX to OPEX based investment scenario.
Organizations are shifting from their traditional IT infrastructure to agile,
secure and cost-efficient cloud infrastructure due to which cybersecurity
vendors needs to develop advanced cloud security solutions for manage demand
and supply gap – the opportunity identified in TechSci report.