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The crypto wallet market share is expected to increase to USD 686.05 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 24.19%. The market is propelled by the growing preference for digital currency, rising global demand for cryptocurrencies, and increased awareness of the benefits of using cryptocurrencies. Crypto wallets are physical mediums that securely store private and public keys required for cryptocurrency transactions. They enable users to store, send, receive, and spend on various cryptocurrencies like Bitcoin and Ethereum. Crypto wallets come in the form of user-friendly apps and advanced security solutions.
This crypto wallet market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers crypto wallet market segmentation by product (software-based and hardware-based) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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Key Crypto Wallet Market Driver
One of the key factors driving growth in the crypto wallet market is people's inclination towards digital currency. Digital currencies offer a world of possibilities with quicker, affordable bank transfers, a boost for e-commerce retail, increased monetary transactions in low-income countries, and a surge in international remittances. Digital currency payments will reduce the settlement risk in the financial system. The need for a dependable, long-term store of value is the common reason for investing in cryptocurrencies. Most cryptocurrencies, unlike fiat money, have a finite supply that is limited by mathematical algorithms. This prevents any political entity or governmental organization from decreasing the value of cryptocurrencies by inflation. Despite doubts about the unregulated digital asset future, cryptocurrency usage has increased in India. This inclination toward digital currencies is expected to continue during the forecast period, which is expected to lead to the growth of the global crypto wallet market.
Key Crypto Wallet Market Trends
The increasing availability of crypto wallets is a crypto wallet market trend that is expected to have a positive impact in the coming years. It has become abundantly clear over the last few years that those who continue to invest in digital currencies have a lot of potential and areas for possible rewards. The finest cryptocurrency wallets give users the ability to transfer, gather, and keep track of their holdings. A few examples of crypto wallets include Coinbase Wallet, Electrum Bitcoin Wallet, Mycelium Bitcoin Wallet, Exodus Wallet, and MetaMask Wallet. Hence, the availability of numerous crypto wallets is expected to contribute to the growth of the global crypto wallet market.
Key Crypto Wallet Market Challenge
The misuse and security attacks that confine the adoption of cryptocurrencies will be a major challenge for the crypto wallet market during the forecast period. Various regulators are concerned about the growing misuse of digital currencies by criminals for unlawful operations as they are an unregulated, decentralized, and uncontrolled exchange platform. Criminals use digital currency to carry out numerous illegal operations, including tax evasion, money laundering, and terrorism financing. Businesses and governments worry that criminals can hide their financial activity from the authorities due to the decentralized and pseudonymous character of digital currency transfers. The government has the right to limit digital currency exchanges to legislation relating to the surveillance of illegal activities, in addition to the power to pursue violent crimes. Thus, misuse of digital currencies and other security issues constitute a significant barrier to the growth of the global crypto wallet market.
This crypto wallet market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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North America dominates the global crypto wallet market with 41% , driven by the presence of innovative market players and increasing demand for crypto wallets in the region. The US, being at the forefront of technological advancements in digital currencies, exhibits a high adoption rate of cryptocurrencies. The popularity and awareness of cryptocurrencies are on the rise, with Bitcoin being widely used in the US. The value of cryptocurrency payments globally is projected to exceed USD 10 billion in 2022, indicating significant growth compared to the previous year. The number of cryptocurrency owners and users in the US is expected to increase substantially, with adults aged 25 to 34 forming the largest ownership group. The COVID-19 pandemic further accelerated the adoption of cryptocurrencies, as people spent more time on digital media and sought alternative financial avenues. The increased internet penetration and growing interest in digital assets are poised to drive the regional market's growth in the forecast period.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 impacted the economy of North America, especially the US, in 2020. Several commercial enterprises, industries, and institutions partially shut down their operations due to the imposition of lockdowns. The lockdowns in North America compelled people to work from home to mitigate the threat of the disease. The traditional financial markets were under a lot of stress due to the pandemic, and a few of the responses that were made drove people toward cryptocurrencies. This had a positive impact on the regional crypto wallet market. The increase in Internet penetration and a growing interest in digital asset creation and purchasing are expected to lead to the growth of the regional market growth during the forecast period.
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The crypto wallet market share growth by the software-based segment will be significant during the forecast period. oftware-based wallets are essentially desktop applications or browser add-ons that facilitate sending, receiving, and storing cryptocurrency. As the money is held online, software-based wallets are also known as hot wallets. The software-based segment growth can be attributed to how simple it is to use, as software-based wallets operate online.
This report provides an accurate prediction of the contribution of all the segments to the growth of the crypto wallet market size and actionable market insights on post COVID-19 impact on each segment.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the crypto wallet market encompasses successful business strategies deployed by the key vendors. The crypto wallet market is fragmented and the vendors are deploying growth strategies such as concentrating on collaborations and acquisitions to increase their market share to compete in the market.
archos.com - The company offers crypto wallet such as Archos Safe T mini, and SafeT touch.
archos.com - The crypto wallet segment focuses on manufacturing tablets, smartphones, portable media players, portable data storage devices as B to C operations.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The crypto wallet market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the crypto wallet market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Cryptocurrency market - The market share is projected to grow by USD 1.47 billion with a CAGR of 15.75% during the forecast period 2021 to 2026.
Wallets market - The market share is expected to increase to USD 8.78 billion from 2021 to 2026, at a CAGR of 8.87%.
Crypto Wallet Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.19% |
Market growth 2022-2026 |
USD 686.05 million |
Market structure |
Fragmented |
YoY growth (%) |
16.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, China, UK, Germany, and Switzerland |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ARCHOS SA, Binance Services Holdings Ltd., BitGo Inc., BitLox Ltd., BitPay Inc., Bittrex Global GmbH, Breadwinner AG, Coinkite Inc., CoolBitX Ltd., ELLIPAL Ltd., Exodus Movement Inc., Gemini Trust Co. LLC, iFinex Inc., Ledger SAS, OPOLO Sarl, SecuX Technology Inc., ShapeShift AG, Shift Crypto AG, Sofitto NV, and Trezor Company sro |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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