Global Crypto Wallet Market

Global Crypto Wallet Market Size, Share, Growth Analysis, By Type(Software Wallets {Web (Or Crypto Exchange) Wallets, Mobile Wallets), By Downstream Fields(Hot Wallets, Cold Wallets), By End-User(Trading, E-Commerce) - Industry Forecast 2022-2028


Report ID: SQSG45I2016 | Region: Global | Published Date: November, 2022 | Pages: 157

Global Crypto Wallet Market Insights

The Global Crypto Wallet Market was valued at USD 252 million in 2021, and it is expected to reach a value of USD 686 million by 2028, at a CAGR of more than 24.20% over the forecast period (2022- 2028).

Crypto wallet aid in the storage of confidential keys, keeping crypto secure and accessible. In short, is nothing more than a safe place to keep your proof of ownership. They also allow you to send, receive, and spend cryptocurrencies such as Bitcoin, Ethereum, and many others. Crypto wallet ranges from simple apps to complex security solutions. A cryptocurrency wallet is a physical medium, device, programme, or facility where private and/or public keys for cryptocurrency transactions are stored. Whereas Satoshi Nakamoto created the first cryptocurrency wallet in 2009 when he published the bitcoin protocol.

The Covid-19 has had a positive impact on the growth of the global market by increasing the rate of change in financial services. As Tether, Bitcoin, Ethereum, and other cryptocurrencies have gained popularity. In the final days of 2020, the digital asset surpassed USD 28,000 to set a new high. However, the Covid-19 pandemic has a minor negative impact on the market because the level of consistency has significantly decreased.

Market snapshot

Global Market Size

USD 252 million

Largest Segment

Software Wallets

Fastest Growth

Software Wallets

Growth Rate

more than 24.20% CAGR

Global Crypto Wallet Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Crypto Wallet Market Size By Type, 2021-2028 ($ Bn)
Global Crypto Wallet Market Size By Type, 2021-2028 (%)

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Global Crypto Wallet Market Segmental Analysis

The Global Crypto Wallet Market is segmented based on the Type, Downstream Fields, End-User and region. Based on the Type, the market is segmented into Software Wallets, Hardware Wallets and Paper Wallets. The Software Wallets further segmented into Web (Or Crypto Exchange) Wallets, Mobile Wallets, and Desktop Wallets. Based on the Downstream Fields, the market is bifurcated into Hot Wallets, Cold Wallets. Based on the End user, the market is segmented into Trading, E-Commerce and Retail, Peer-To-Peer Payment, Remittance. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Type

In 2021, the Software wallets led the market in terms of revenue share. Between 2018 to 2020, there is a nearly 190% increase in crypto wattles globally. Followed by Software wallets, Hardware wallets account for the second major revenue share in 2021. In order to keep user private keys on a safe, encrypted hardware device, hardware wallets are specialized cryptocurrency wallets. In order to protect sensitive data, hardware wallets are designed to let users store private keys in a secure location on a microcontroller. The hardware wallet gadget connects to electronic apps using Bluetooth and near-field communication technologies. Due to the increase in demand for trading in cryptocurrencies and digital currencies, this gadget is widely used on a business basis. Additionally, the wallet programs are built with an improved theft-free and hacker-proof module to make devices impervious to any potential threats.

Global Crypto Wallet Market By Type , 2021(%)

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Global Crypto Wallet Market Regional Insights

In 2021, the North America region led the global crypto wallet market due to the large number of market players and their recent advancements in this area. Another reason driving the growth of the crypto wallet industry in North America is the rising demand for crypto-wallets. The United States is regarded as being at the forefront of technological advancements and is one of the developed nations. The number of users nearly tripled to 2.8 million in 2020. The number of users tripled once more in 2021, reaching approximately 9 million. Due to these figures, Coinbase has solidified its position as the biggest and busiest bitcoin exchange in the US. Due to increased government support in this region, Europe is the region with the fastest-growing market share for cryptocurrency wallets globally. The European Union planned to launch a digital wallet, enabling its people to make payments across all member states with minimal friction. Additionally, it is enabling the storage of digital ID data.

Global Crypto Wallet Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Global Crypto Wallet Market Dynamics

Driver

Increasing Public Knowledge of Cryptocurrencies

  • One of the main factors propelling the growth of the crypto wallet market is the enormous demand for cryptocurrencies around the globe. Due to their exceptional qualities and technologies, cryptocurrencies are rapidly expanding in popularity across the globe. The prevalence of developed nations like the United States, Europe, Japan, and many others suggest that people are inclined to use digital currency. Because of this, public knowledge of cryptocurrencies is greatly increasing.

Worldwide Adoption of Cryptocurrencies

  • More than 300 million people utilise cryptocurrencies worldwide, with roughly 28 million coming from the United States and more than 38 million from Europe. Worldwide adoption of cryptocurrencies and understanding of their advantages is surging, creating enormous prospects for a crypto wallet. Since it enables the sending and receiving of different coins. As a result, this element is dynamically escalating the global market.Restraint

High Price of Crypto Wallet

  • The market for crypto wallet would be hampered by their high cost. A wallet can cost anywhere between $0 and $200 or more. If a wallet to complete an exchange, then it will most likely be charged a flat fee of a few dollars or a percentage of the total transaction value.

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Global Crypto Wallet Market Competitive Landscape

There are several large and medium-sized companies competing in the market. To stay afloat in the global Crypto Wallet market, the market's major players are constantly implementing various growth strategies. Some of the growth strategies used by these key players to thrive in the competitive global Crypto Wallet market include product launches, innovations, mergers and acquisitions, collaborations and partnerships. For Instance, In Feb 2022, ConsenSys acquires MyCrypto, an Ethereum wallet, with plans to merge it with MetaMask. The acquisition will eventually expand MetaMask's platform support and integrations.

Top Player's Company Profiles

Recent Developments

  • In February 2022, ConsenSys acquires MyCrypto, an Ethereum wallet, with plans to merge it with MetaMask. The acquisition will eventually expand Meta Mask’s platform support and integrations.
  • In Jan 2022, EarlyBird Introduced an Industry-First Crypto Wallet for Families, providing a New Way to Build Wealth for the Next Generation Using Digital Assets.
  • In Jan 2022, Opera has released a beta version of its Web3 "Crypto Browser," which includes a built-in crypto wallet, easy access to cryptocurrency/NFT exchanges, support for decentralised apps, and other features.
  • In December 2021, WhatsApp has launched a new pilot programme in the United States that allows a "limited number" of people to send and receive money from a chat using cryptocurrency. Novi, Meta's digital wallet that was introduced as a pilot, manages the feature.

Global Crypto Wallet Key Market Trends

  • Technological advancements and innovations in the crypto world are another factor driving massive revenue for the global crypto wallet market. Because of their numerous benefits, a variety of crypto wallet are available, including eToro, Coinbase, Binance, Huobi, and many more.
  • With the release of Trezor Suite, using hardware wallets became even more accessible and intuitive, and there was a surge in interest in Trezor devices and the associated ecosystem. A growing number of bitcoin/cryptocurrency users understand the importance of keeping their coins away from exchanges.

Global Crypto Wallet Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Market Analysis, in 2021, the North America region led the global market. The massive demand for cryptocurrencies around the world is one of the main factors driving the growth of the market. Cryptocurrencies are rapidly gaining popularity around the world due to their exceptional qualities and technologies. People in developed countries such as the United States, Europe, Japan, and others are more likely to use digital currency. As a result, public awareness of cryptocurrencies is growing rapidly.

Report Metric Details
Market size value in 2021 USD 252 million
Market size value in 2028 USD 686 million
Growth Rate more than 24.20%
Base year 2021
Forecast period 2022- 2028
Forecast Unit (Value) USD Million
Segments covered
  • Type
    • Software Wallets {Web (Or Crypto Exchange) Wallets, Mobile Wallets, Desktop Wallets}, Hardware Wallets, Paper Wallets
  • Downstream Fields
    • Hot Wallets, Cold Wallets
  • End-User
    • Trading, E-Commerce, Retail, Peer-To-Peer Payment, Remittance
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

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  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Crypto Wallet Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Crypto Wallet Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Crypto Wallet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Crypto Wallet Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Crypto Wallet Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Crypto Wallet Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

The Global Crypto Wallet Market was valued at USD 252 million in 2021, and it is expected to reach a value of USD 686 million by 2028, at a CAGR of more than 24.20% over the forecast period (2022- 2028).

There are several large and medium-sized companies competing in the market. To stay afloat in the global Crypto Wallet market, the market's major players are constantly implementing various growth strategies. Some of the growth strategies used by these key players to thrive in the competitive global Crypto Wallet market include product launches, innovations, mergers and acquisitions, collaborations and partnerships. For Instance, In Feb 2022, ConsenSys acquires MyCrypto, an Ethereum wallet, with plans to merge it with MetaMask. The acquisition will eventually expand MetaMask's platform support and integrations.'Coinbase Gemini (US)','BitGo (US)','Binance (Cayman Islands)','BitMex (Seychelles)','Bitfinex (Taiwan)','BRD (Romania)','Trezor (France)','BitPay (US)','Ledger (France)','Bittrex (US)','Exodus (US)'

One of the main factors propelling the growth of the crypto wallet market is the enormous demand for cryptocurrencies around the globe. Due to their exceptional qualities and technologies, cryptocurrencies are rapidly expanding in popularity across the globe. The prevalence of developed nations like the United States, Europe, Japan, and many others suggest that people are inclined to use digital currency. Because of this, public knowledge of cryptocurrencies is greatly increasing.

Technological advancements and innovations in the crypto world are another factor driving massive revenue for the global crypto wallet market. Because of their numerous benefits, a variety of crypto wallet are available, including eToro, Coinbase, Binance, Huobi, and many more.

In 2021, the North America region led the global crypto wallet market due to the large number of market players and their recent advancements in this area. Another reason driving the growth of the crypto wallet industry in North America is the rising demand for crypto-wallets. The United States is regarded as being at the forefront of technological advancements and is one of the developed nations. The number of users nearly tripled to 2.8 million in 2020. The number of users tripled once more in 2021, reaching approximately 9 million. Due to these figures, Coinbase has solidified its position as the biggest and busiest bitcoin exchange in the US. Due to increased government support in this region, Europe is the region with the fastest-growing market share for cryptocurrency wallets globally. The European Union planned to launch a digital wallet, enabling its people to make payments across all member states with minimal friction. Additionally, it is enabling the storage of digital ID data.

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Global Crypto Wallet Market

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