Global Crypto Wallet Market

Crypto Wallet Market Size, Share, Growth Analysis, By Type(Software Wallets {Web (Or Crypto Exchange) Wallets, Mobile Wallets, Desktop Wallets}, Hardware Wallets), By Downstream Fields(Hot Wallets, Cold Wallets), By End-User(Trading, E-Commerce, Retail, Peer-To-Peer Payment), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2124 | Region: Global | Published Date: February, 2024
Pages: 275 | Tables: 93 | Figures: 76

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.

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Crypto Wallet Market size was valued at USD 6.75 billion in 2019 and is poised to grow from USD 8.42 billion in 2023 to USD 61.87 billion by 2031, growing at a CAGR of 24.8% in the forecast period (2024-2031).

There are several large and medium-sized companies competing in the market. To stay afloat in the 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 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. 'BitGo', 'Binance', 'Coinbase Global, Inc.', 'Ledger SAS', 'Trezor (a subsidiary of SatoshiLabs s.r.o.)', 'Exodus Movement, Inc.', 'ShapeShift AG', 'BitPay, Inc.', 'MyEtherWallet, LLC', 'Electrum Technologies GmbH', 'Blockstream Corporation', 'KeepKey LLC (a subsidiary of ShapeShift AG)', 'CoolBitX Technology Ltd.', 'Digital BitBox Ltd.', 'Trustology Ltd.', 'Samourai Wallet', 'Coinomi Ltd.', 'Atomic Wallet', 'Guarda Wallet', 'Infinito Wallet'

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 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 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

Report ID: SQMIG45I2124

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