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A recent report published by Infinium Global Research on crypto wallet market provides in-depth analysis of segments and sub-segments in the global as well as regional crypto wallet market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional crypto wallet market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global crypto wallet market.
A crypto wallet is a digital tool that stores, sends, and receives cryptocurrencies such as Bitcoin, Ethereum, or other digital assets. It securely manages private keys, allowing users to access their holdings on the blockchain network. These wallets come in various forms, including software, hardware, or paper, each with its unique features and security levels. A crypto wallet essentially consists of two keys such as a public key for receiving funds and a private key for accessing and managing those funds. The public key functions like an account number, enabling others to send cryptocurrencies to your wallet, while the private key serves as a password, providing access and control over your assets. It’s crucial to safeguard the private key since anyone with access to it can control the funds. Crypto wallets facilitate the safe storage and transfer of digital currencies while giving users control and ownership of their assets in the decentralized world of cryptocurrencies.
The rapid growth of the crypto wallet market can be attributed to the quick expansion of the Decentralized Finance (DeFi) ecosystem. DeFi is a new trend in the world of cryptocurrency that aims to mirror traditional finance activities openly, autonomously, and without central authority. It introduces fresh investment opportunities such as yield farming and liquidity mining, where users lock their crypto assets in protocols for specific durations. The rise of DeFi has led to a need for wallets that cater to these activities, making it easier for users to manage their DeFi investments. Additionally, as more individuals become familiar with cryptocurrencies, there is an increasing demand for retailers to accept these digital assets as a valid form of payment. Cryptocurrencies have the potential to simplify and expedite cross-border transactions. Retailers and businesses engaged in international trade may find cryptocurrencies advantageous for reducing currency conversion costs and transaction times. Users need crypto wallets to store, manage, and utilize their cryptocurrency keys and users to access coin assets for making purchases, thereby driving the growth of the crypto wallet market in response to expanding retail adoption of cryptocurrencies. Therefore, the increasing willingness of retailers to accept cryptocurrencies as payment creates a surge in the demand for crypto wallets. However, the complex and technical nature of cryptocurrencies and blockchain technology acts as a restraint to the crypto wallet market. This complexity can discourage new entrants from entering cryptocurrency and using crypto wallets. However, technological innovations, and advancements in the crypto world such as multi-signature security, hardware wallets with enhanced offline capabilities, seamless integration with DeFi platforms, and rising private investment in the crypto wallet create an opportunity for the market to grow.
Geographically, the global crypto wallet market is segmented into North America, Asia Pacific, Europe, and Row. Among these regions. North America accounts for the largest share in the global market for crypto currency wallets due to significant industry players such as Coinbase Global, Inc., BitGo, and BitPay, benefitting from its tech-forward reputation. In June 2022, PayPal Holdings, Inc. expanded its services, enabling eligible U.S.-based PayPal account holders to engage with cryptocurrencies. This move empowers customers to seamlessly transfer, send, and receive crypto assets, driving adoption and enhancing the demand for crypto wallets across the North American market, contributing to its expansion. Moreover, the Asia Pacific region is anticipated to witness rapid growth in the upcoming years. With a growing population of tech-savvy individuals, notably in countries like China, India, and South Korea, the region demonstrates a strong inclination toward cryptocurrencies. These individuals view digital assets as investment opportunities and convenient means for financial transactions. This escalating interest in crypto drives the demand for crypto wallets across the region.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 8.43 Billion |
| Market Size by 2030 | USD 61.7 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 24.69% |
| Largest Market | North America |
| No. of Pages | 300 |
| Market Drivers |
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| Market Segmentation | By Wallet Type, By Operating System, By Application, and By End User |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global crypto wallet market covers segments such as wallet type, operating system, application, and end user. On the basis of wallet type, the sub-markets include hot wallets, and cold wallet. On the basis of operating system, the sub-markets include android, iOS, and others. On the basis of application, the sub-markets include peer-to-peer payments, trading, remittance, and others. On the basis of end user, the sub-markets include retail industry, BFSI, automotive, telecommunication, media and entertainment, and others.
The report provides profiles of the companies in the market such as Coinbase, BitGo, Binance, BitPay, SatoshiLabs, Ledger SAS, BlockFi Inc., Exodus Movement, Inc., ZenGo Ltd, and Crypto.com.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the crypto wallet market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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