Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Crypto Wallet Market Size, Share, & Trends Analysis Report by Wallet Type (Hot Wallet, Cold Wallet), by Operating System (android, iOS, Others), by Application, by End Use (Individual, Commercial), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, registering a CAGR of 24.4%
Crypto wallets help users to store their private keys securely and use them while carrying out any transactions in cryptocurrency. Increasing use of cryptocurrency for individual and commercial use, growing demand for enhanced security in crypto transactions, expanding use of smartphones, and internet penetration are the factors expected to drive the growth of crypto wallets during the forecast period.
Crypto wallets allow users to send, store and receive cryptocurrencies such as Bitcoin, Ethereum, and Ripple. Crypto wallets store the private keys for cryptocurrency and keep them safe. Increasing traction about the metaverse and Web 3.0 is expected to drive future demand for cryptocurrencies and crypto wallets. Cryptocurrencies are expected to act as a primary tool for trading, buying, or moving in the metaverse.
The growing internet penetration and smartphone usage are the factors expected to fuel demand for crypto wallets. Internet users worldwide increased from 4,585 million to 4,901 million from 2020 to 2021. The increasing internet usage is contributing to the adoption of cryptocurrencies across the globe. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrency, which is easily accessible, and downloadable software. The increasing smartphone penetration is driving mobile crypto wallet downloads, thereby contributing to the market's growth.
Businesses across the globe realize the importance of cryptocurrencies. Apart from personal use, cryptocurrencies are increasingly used as a store of value and medium of a trade by businesses. Cryptocurrencies are being used as a new avenue to enhance traditional financial activities, such as enabling real-time, fast payment transactions and managing risks and opportunities of engaging in digital investments. The growing adoption of cryptocurrencies for commercial use is driving adoption of the crypto wallets, thereby driving the market's growth.
COVID-19 had a positive impact on the crypto wallet market. In the face of financial extremities and economic meltdowns created due to the pandemic, cryptocurrencies have proved more resilient. During these economic downturns, technologically inclined investors sought cryptocurrencies as a steadier store of value, which created a boom in the cryptocurrency market.
Moreover, the rapid digitization and high-speed internet infrastructure growth fueled by the pandemic created a rich environment for digital currency. All these factors are expected to contribute to the growing crypto wallet market in the future.
Crypto Wallet Market Report Highlights
- The hot wallets segment is expected to witness significant growth during the forecast period. Hot wallets are downloadable crypto wallet software linked to the internet and can be downloaded on mobiles or desktops. The hot wallets are accessible and easy to use, making them a popular type of crypto wallet. The increasing use of smartphones and rising internet penetration are the factors expected to contribute to the growth of the segment
- The android segment is expected to witness significant growth during the forecast period. A private crypto wallet that uses the android operating system is generally a non-custodial, hot software wallet that can be downloaded on android devices. These crypto wallets allow users to trade cryptocurrencies while managing their private keys. Increasing adoption of android smart phones is driving the growth of the android segment
- The remittance segment is expected to register significant growth throughout the forecast period. Cryptocurrency remittance enables immediate fund transfers in real-time at lower processing fees. Cryptocurrency companies are increasingly offering remittance services to cater to the growing demand from cryptocurrency users. Increasing demand for cryptocurrency is expected to fuel the segment's growth
- The individual segment is expected to register significant growth during the forecast period. The global cryptocurrency users increased from 106 million in January 2021 to 295 million in December 2021. Growing demand for the cryptocurrencies used for trading, store of value, remittance, and payments is expected to drive the growth of the individual segment
- The Asia Pacific is anticipated to emerge as the fastest-growing regional market owing to a larger customer base and a significant number of startups investing and innovating in the digital currency landscape. The increasing number of technologically inclined financial investors is also expected to drive the crypto wallet market in the region
Market Dynamics
Market driver analysis
- Increasing financial awareness and use of cryptocurrency
- Acceptance of cryptocurrencies by businesses
Market challenge analysis
- Data privacy and security concerns
Market opportunity analysis
- Technological advances in crypto wallet
Crypto Wallet Market - Porter's Five Forces Analysis
Crypto Wallet Market - PESTEL Analysis
Competitive Landscape
- Coinbase Global, Inc.
- Bitgo
- Binance
- Bitpay
- Satoshilabs S.R.O.(Trezor)
- Ledger Sas
- Blockfi Inc.
- Exodus Movement, Inc.
- Zengo Ltd
- Crypto.Com
- Blockchain.Com, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ei9wdi
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