Global Crypto Wallets Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
A crypto wallet is a tool-a software program that is sometimes accompanied by a hardware device-that allows users to interact with the underlying blockchain network. From a more practical perspective, a cryptocurrency wallet allows users to send, receive, and store digital assets. Crypto wallets have multiple types, with each offering a different level of security, convenience, as well as features. Crypto wallets are usually available in the form of hot wallets or cold wallets. (Hot wallets are used for online storage, while cold wallets provide offline storage through hardware and external devices).
The latest research study on the global Crypto Wallets market finds that the global Crypto Wallets market reached a value of USD 8013.15 million in 2022. It’s expected that the market will achieve USD 40091.42 million by 2028, exhibiting a CAGR of 30.78% during the forecast period.
Adoption of cryptocurrency across verticals
The growth of cryptocurrency over the last few years has been remarkable across developed countries. The cryptocurrency market is growing at an astounding rate for consumers as well as enterprises. Financial institutions are the frontrunner in adopting cryptocurrencies for trading and exchange. Blockchain has enhanced the popularity of cryptocurrencies owing to greater security and scalability. Its diverse features are attracting organizations to deploy this new technology across their business transactions. Presently, the world largest financial institutions are utilizing cryptocurrency for currency exchange and trading. Several projects are going on across the globe to explore the benefits of cryptocurrency and blockchain, which are disrupting various industries, including BFSI, government, retail and eCommerce, and media and entertainment. Many verticals such as retail and eCommerce, media and entertainment, healthcare, and government are expected to utilize digital assets for various use cases. Nowadays, many large enterprises, banks, and financial institutes are investing heavily to safeguard their digital assets. In a nutshell, the current and future trends in cryptocurrency, digital assets, and blockchain technology would further fuel the adoption of crypto wallets during the forecast period.
Lack of awareness and technical understanding regarding crypto wallets
The major limitation of the adoption of crypto wallets is the lack of awareness about the use cases and the limited technical understanding regarding transaction processes. End users in most verticals do not know about the benefits of crypto wallets and also lack an understanding of how it works. This restricts the investment by companies in crypto wallets as it is decentralized and has an uncertain regulatory status. Moreover, Some hardware wallets can also have complex features, making them difficult for first-timers to understand.
In 2022, the share of the Crypto Wallets market in North America stood at 32.67%.
Coinbase is one of the major players operating in the Crypto Wallets market, holding a share of 17.99% in 2022.
Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin.
Binance Holdings Ltd. operates as a cryptocurrency exchange platform. The Company provides currency payment services. Binance Holdings offers services across worldwide.
By type, Hot Wallets segment accounted for the largest share of market in 2022.
Crypto wallets are divided mainly into two types: hot wallets and cold wallets. A hot wallet is a cryptocurrency wallet that is always connected to the internet and cryptocurrency network. Hot wallets are used to send and receive cryptocurrency, and they allow to see the number of tokens available. Hot wallets are linked with public and private keys that help facilitate transactions and act as security measures. Because hot wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft than cold storage methods.
A cold wallet is a cryptocurrency storage solution that is not connected to the Internet. They are also called Hardware wallets and use a physical medium -typically in the shape of a USB stick. It is considered the most secure type of wallet because it would require hackers to have access to the device and the associated PIN/Password. Because the cold wallet is completely offline, it can provide a higher level of security.
The market's largest segment by application is the segment Individual, with a market share of 67.86% in 2022.
Key Companies in the global Crypto Wallets market covered in Chapter 3:
Shift Crypto AG
In Chapter 4 and Chapter 14.2, on the basis of types, the Crypto Wallets market from 2018 to 2029 is primarily split into:
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Crypto Wallets market from 2018 to 2029 covers:
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)
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