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The crypto wallet market size is forecast to increase by USD 474 million and is estimated to grow at a CAGR of 18.55% between 2023 and 2028. Cryptocurrencies, such as Bitcoin and Ethereum, have gained significant attention and inclination from individuals and businesses worldwide. The increasing demand for digital currencies is driven by their decentralized nature, providing greater financial autonomy and security. Cryptocurrencies operate on blockchain technology, ensuring transparency and security in transactions. Their usage extends beyond peer-to-peer transactions, with numerous businesses accepting them as a form of payment. The benefits of using cryptocurrencies include faster and cheaper international transactions, increased privacy, and potential for higher returns on investment. As awareness and adoption continue to grow, cryptocurrencies are poised to disrupt traditional financial systems and transform the global economy.
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Crypto wallets have become an essential component of the rapidly expanding world of cryptocurrencies. These digital wallets provide secure storage options for individual investors and institutional players to manage their virtual currencies, such as Bitcoin, Ethereum, Tether, and others. With the increasing popularity of decentralized finance ecosystems, smart contracts, and Non-Fungible Tokens (NFTs), the demand for reliable crypto wallets has surged. Crypto wallets come in various forms, including paper wallets, software wallets, web wallets, mobile wallets, desktop wallets, and digital wallets. Each type offers unique advantages and caters to different user preferences. For instance, paper wallets provide an offline storage solution, while software wallets offer more control and flexibility. However, themarket faces challenges such as cybersecurity threats, money laundering, and fraud. Hackers continue to target wallets, putting users' confidential keys and funds at risk. Political issues and economic slumps can also impact the market. Despite these challenges, the market for crypto wallets is expected to grow as digital payment options become more mainstream and virtual currencies gain wider acceptance. Private keys and public addresses are essential components of crypto wallets, allowing users to send and receive digital currencies securely. Confidential keys must be kept safe to prevent unauthorized access, making cybersecurity a top priority for wallet providers. Overall, crypto wallets play a crucial role in the future of digital currencies and the decentralized finance ecosystem. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Peoples inclination towards digital currency is notably driving market growth. The blockchain system underpinning cryptocurrencies has given rise to a new generation of digital payment solutions, including crypto vaults and wallets. These wallets facilitate the secure storage and transfer of virtual currencies, offering numerous benefits such as faster, more affordable transactions, increased e-commerce opportunities, and enhanced monetary flows in underbanked regions.
Moreover, cryptocurrencies, like Bitcoin, hold immense potential to revolutionize the global financial landscape. Digital currencies minimize settlement risk in the financial system by eliminating the need for interbank settlements. Thus, such factors are driving the growth of the market during the forecast period.
Increasing availability of crypto wallets is the key trend in the market. Cryptocurrency wallets, also known as crypto vaults, have gained significant popularity as digital payment options in today's economy. With the increasing acceptance of virtual currencies as legitimate financial instruments, the use of cryptocurrency wallets has become essential for individuals and businesses. These wallets operate on blockchain technology, ensuring secure and transparent transactions.
However, with the increasing adoption of cryptocurrencies comes the risk of hacking and political issues. Therefore, it is crucial to choose a reliable and secure crypto wallet. Some popular options include Coinbase Wallet, Electrum Bitcoin Wallet, Mycelium Bitcoin Wallet, Exodus Wallet, and MetaMask Wallet. These wallets enable users to manage their digital currencies efficiently, facilitating transactions for merchant acceptance and remittance applications. Thus, such trends will shape the growth of the market during the forecast period.
Misuse and security attacks confine adoption of cryptocurrencies is the major challenge that affects the growth of the market. The use of cryptocurrencies and their associated wallets, also known as crypto vaults, in the blockchain system has gained significant attention due to their role in digital payment options and virtual currencies.
However, the unregulated nature of these currencies and wallets has raised concerns among regulators due to their potential misuse in illegal activities such as tax evasion, money laundering, and terrorism financing. Hacking and cyberattacks are also major issues, resulting in the loss of invested currencies and limiting adoption. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ARCHOS SA: The company offers crypto wallet such as Archos Safe T mini, and SafeT touch.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The software-based segment is estimated to witness significant growth during the forecast period. Crypto wallets serve as essential tools for individuals and institutional investors to securely store their cryptocurrencies and non-fungible tokens (NFTs) within the Decentralized Finance (DeFi) ecosystem. These digital wallets enable users to access various functions, such as purchasing, swapping, lending, and earning cryptocurrencies.
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The software-based segment was the largest segment and valued at USD 180.90 million in 2018. Notable digital currencies, including Bitcoin and Ethereum, have gained recognition as a valuable asset class, boasting high liquidity and a vast investor base. Software-based crypto wallets function as desktop applications or browser extensions, facilitating sending, receiving, and storing digital currencies. These wallets, also known as hot wallets, hold funds online, making them more susceptible to cyber threats. To enhance security, users can employ additional measures, such as two-factor authentication and private keys. Crypto wallets cater to diverse segments, including the trading, remittance, individual, and commercial sectors. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Crypto wallets have emerged as essential tools for managing and safeguarding various cryptocurrencies, including Bitcoin, Ethereum, Tether, and other digital assets. Individual investors and institutional players alike seek secure storage options to protect their investments in the decentralized finance ecosystem. Cybersecurity is a primary concern, with wallet security ensuring confidential keys and public addresses remain undisclosed. Smart contracts, non-fungible tokens, and decentralized applications are integral components of the crypto wallet landscape. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
Crypto wallets have gained significant popularity as more individuals and institutional players invest in the world of Cryptocurrencies. These digital wallets offer secure storage options for various crypto assets, including Bitcoin, Ethereum, Tether, and others. The market for crypto wallets is expanding as the Decentralized Finance ecosystem grows, with the integration of smart contracts, Non-Fungible Tokens (NFTs), and other innovative features. Cybersecurity is a top priority for crypto wallet providers, ensuring the protection of private keys and public addresses through various measures such as Two-Factor Authentication and Threshold Signature Scheme.
Wallet security is crucial in the face of potential money laundering and fraud threats. The market caters to various segments, including the Trading segment, Remittance segment, Individual segment, and Commercial segment. Hot wallets and cold wallets, such as hardware wallets and offline wallets, offer different levels of security based on user needs. The market landscape depends on the User friendly storage options, Non fungible Tokens, Digital wallet, Smartphone wallets, Economic slump, Remittance application. Wallets come in various forms, including Android, iOS, paper, software, web, mobile, desktop, and digital wallets. Exchanges also offer wallet services, adding to the competition in the market. Crypto wallets support various digital currencies and crypto assets, making them an essential tool for managing and securing investments in the volatile crypto market during a bull run. With the increasing adoption of digital currencies, the future of crypto wallets looks promising.
Market Scope |
|
Report Coverage |
Details |
Page number |
128 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.55% |
Market growth 2024-2028 |
USD 474 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.2 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, UK, China, Germany, and Switzerland |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARCHOS SA, Binance 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 forecast , market report , 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 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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