The crypto hardware wallet industry could be growing at a faster pace than cryptocurrency exchanges, data from several studies suggest.

The current bear market has accelerated the development of the cold wallet industry, while many centralized crypto exchanges were scrambling to maintain operations. According to a report by business intelligence firm Vantage Market Research, the revenue of global crypto trading platforms amounted to $330 million in 2021.

Released on July 21, the report suggests that the global crypto exchange market revenue would reach a value of $675 million by 2028 with a compound annual growth rate (CAGR) of 12.7%. That’s at least half the CAGR related to the growth of the hardware wallet industry, other reports suggest.

The global hardware wallet market reportedly reached a value of $252 million in 2021 and is expected to reach a value of $1.1 billion by 202, or exhibit a CAGR of 27.2%.

The concept of hardware or cold wallets has been growing increasingly popular in recent years amid major centralized crypto exchanges limiting access to funds of some users over various types of issues. Hardware wallets became even more popular amid the ongoing crypto winter, which pushed some crypto platforms and exchanges to halt withdrawals.

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