REPORT HIGHLIGHT
Crypto wallets market size was valued at USD 8,506.1 Million in 2022, expanding at a CAGR of 20.9% from 2023 to 2030.
Crypto wallets also known as cryptocurrency wallets are any form of program, service, or physical medium that is used to keep public or private keys that aid transactions with cryptocurrencies. Additionally, asymmetric cryptography referred to as private or private keys uses key sets, each consisting of public and private keys. The generation of these keys is based on mathematical calculations termed one-way functions. Moreover, they differ from typical wallets that store the currency itself or cryptos in this case.
Crypto Wallets Market - Market Dynamics:
- Huge demand for cryptocurrencies and improved safety system is propelling the market growth
- The high demand for cryptocurrencies is the primary factor propelling the growth of the crypto wallet market across the world owing to their outstanding technologies and features. Additionally, the awareness and usage regarding the advantages of using cryptocurrencies worldwide skyrocketing thus, generating vast opportunities for a crypto wallet. As crypto wallets enable one to receive and send various cryptocurrencies, as a result, the factors are driving the crypto wallet market globally. However, the high price of crypto wallets is likely to restrain market growth across the world. Moreover, the increasing demand for enhanced and better security systems is fueling the crypto wallet market. In line with this, several people at commercial and individual levels are investing heavily in cryptocurrencies and various transactions occur employing this technology. The technology is used in many transactions and the service providers are under severe stress to fulfill consumer demand to stay ahead in the competitive global market scenario. The demands are not just focused on improved customer experience for advanced security systems to protect the cryptos but also safeguards against losses due to cyberattacks. This in turn, the improved safety system is boosting the crypto wallet market.
Crypto Wallets Market - Key Insights:
- As per the analysis shared by our research analyst, the global crypto wallets market is estimated to grow annually at a CAGR of around 20.9% over the forecast period (2023-2030)
- The crypto wallets industry is projected to grow at a significant rate due to the rising demand for cryptocurrencies
- Based on wallet type segmentation, hot wallets was predicted to show maximum market share in the year 2022
- Small and local market players are leveraging into the crypto wallet market for staying in the market competition
- Rising development in technological advancements such as Coinbase, eToro, Huobi, and Binance is offering opportunities for the growth of the market
Crypto Wallets Market- Segmentation Analysis:
- The global crypto wallets market is segmented on the basis of wallet type, application, operating system, end-user, and region.
- The market is divided into two categories based on wallet type: cold wallets and hot wallets. The hot wallets segment is likely to possess the highest market growth. Hot wallets are more user-friendly and connected to the internet. Moreover, the wallets consist of several crypto wallets, such as mobile, web-based, and desktop wallets. These wallets are easy to use, downloadable on desktops and smartphones. The hot wallets provide efficiency and accessibility which is driving the segment growth.
- The market is divided into three categories based on application: remittance, peer-to-peer payments, trading, and others. The trading segment is accounted to witness huge growth. Crypto wallets are majorly used for cryptocurrency trading. Additionally, they can be sold, bought, through crypto exchanges, and can be stored in crypto wallets. Crypto wallets offer a secure method of keeping personal cryptocurrency keys, which are crucial in crypto trading.
- The market is divided into two categories based on the operating system: iOS, Android, and others. The android segment is attributed to the rising growth in the market. Android wallets are commonly open-source wallets that users can easily download and access. The rising smartphone penetration is resulting in increasing use of cryptocurrency which is projected to drive the segment's growth.
- The market is divided into two categories based on end-user: commercial, individual, and others. The individual segment is likely to maintain its dominance during the forecast period. Cryptocurrencies are used by end users for individual use as a robust store of value in the long term. Individuals' rising use of cryptocurrencies for peer-to-peer payments, remittance, and trading is fueling the demand for crypto wallets, thus contributing to the segment's growth.
Crypto Wallets Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Crypto Wallets Market- Competitive Landscape:
Market players are leveraging advances and enhancing their offerings including Non-Fungible Tokens (NFTs) in the blockchain technology. The innovation of technology boosts the various key players are likely to drive the growth of the crypto wallet market. Market players are implementing several strategies to gain a competitive edge including mergers & acquisitions, geographical expansions, product launches, and partnerships. For instance, in January 2022, Opera launched Web3 "Crypto Browser" into beta with features like a built-in crypto wallet, support for decentralized apps (dApps), and easy access to cryptocurrency/NFT exchanges. Additionally, to "simplify the Web3 user experience that is often bewildering for mainstream users," is the stated aim.
Recent Developments:
For instance, in January 2022, EarlyBird launched EarlyBird Crypto. Alongside traditional assets, parents will now be able to add Ethereum and Bitcoin to the portfolio they manage for their child, all through a digital experience - a first for the wealth management industry and a means to offer the next generation of investor's access to these rapidly-growing digital currencies.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CRYPTO WALLETS MARKET KEY PLAYERS
- Coin base Global, Inc.
- Satoshi Labs s.r.o.(Trezor)
- CoolBitX Technology Ltd.
- Ledger SAS
- BitLox
- Block Fi Inc.
- Exodus Movement, Inc.
- OPOLO SARL
- Zen Go Ltd
- Crypto.com
- Blockchain.com, Inc.
- ELLIPAL Limited
GLOBALCRYPTO WALLETS MARKET, BY WALLET TYPE
GLOBAL CRYPTO WALLETS MARKET, BY APPLICATION
- Remittance
- Peer-to-Peer Payments
- Trading
- Others
GLOBAL CRYPTO WALLETS MARKET, BY OPERATING SYSTEM
GLOBAL CRYPTO WALLETS MARKET, BY END-USER
- Commercial
- Individual
- Others
GLOBAL CRYPTO WALLETS MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA