Crypto Wallet Market | Size, Share, and Forecast [2021-2031]
The Crypto Wallet market is expected to register a CAGR of 25.3% in 2023–2031. Hardware wallets and integration with DeFi are likely to remain key crypto wallet market trends.
Crypto Wallet Market Analysis
Crypto wallets keep your private keys or passwords that let you access your cryptocurrencies, secure and accessible, allowing you to transfer and receive cryptocurrencies such as Bitcoin and Ethereum. They exist in a variety of formats, including hardware wallets like the Ledger (which resembles a USB stick) and mobile apps like Coinbase Wallet, which make using cryptocurrency as simple as shopping online with a credit card.
Crypto Wallet Market Overview
A major driver is the growing acceptance and use of cryptocurrencies. As public knowledge and comprehension of digital currencies grows, more people are adopting the use of crypto wallets for transactions. Second, the global adoption of cryptocurrencies is driving demand for crypto wallets' main features, such as convenience and security. This, in turn, is driving more users to the digital wallet sector as customers look for secure and convenient payment solutions.
REGIONAL FRAMEWORK
Crypto Wallet Market Drivers and Opportunities
The Widespread Adoption of Cryptocurrencies to Favor Market
Cryptocurrency use has been slowly expanding in recent years as more and more individuals see digital assets as a viable means of payment. There is a growing acceptance of cryptocurrency as a legitimate form of currency. It demonstrates that more and more people see the value of Bitcoin and are eager to invest in it. For instance, according to Gitnux 2021 report, in 2021, 15.91% of the world's population holds cryptocurrency. This increases the demand for crypto wallets to store and manage these increasing cryptocurrencies.
User Experience Enhancement – An Opportunity in Crypto Wallet
The success and popularity of Bitcoin wallets are heavily influenced by their user experience (UX). As the cryptocurrency environment grows, the significance of offering a seamless and intuitive user interface (UI) becomes more apparent. Let's look at why UX enhancement is so important in the area of cryptocurrency. One of the most important features of using cryptocurrency wallets is security. Users must be assured that their digital assets are secure from theft or hackers. A straightforward user interface with clear security features not only assists users in understanding the safety measures in place but also encourages them to take the required precautions. Improved UX in cryptocurrency wallets means that users can simply manage security settings and maintain control over their funds.
Crypto Wallet Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Crypto Wallet market analysis are wallet type, operating system, and application.
- Based on the wallet type, the crypto wallet market is divided into hot wallets and cold wallets. The hot wallets segment held the largest share of the market in 2023.
- Based on the operating system, the Crypto Wallet market is divided into Android and iOS. The Android segment held the largest share of the market in 2023.
- By application, the market is segmented into peer-to-peer payments, trading, remittance, and others. The peer-to-peer payments segment held the largest share of the market in 2023.
Crypto Wallet Market Share Analysis by Geography
The geographic scope of the Crypto Wallet Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Crypto Wallet market. Increasing acceptance of cryptocurrencies among businesses in North America countries is driving the demand for Crypto Wallet in the region. The Crypto Wallet market is undergoing substantial development in North America, which can be attributed to increasing investments in crypto tech and the rise of DeFi and NFTs.
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MARKET PLAYERS
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Crypto Wallet Market Drivers and Opportunities
The Widespread Adoption of Cryptocurrencies to Favor Market
Cryptocurrency use has been slowly expanding in recent years as more and more individuals see digital assets as a viable means of payment. There is a growing acceptance of cryptocurrency as a legitimate form of currency. It demonstrates that more and more people see the value of Bitcoin and are eager to invest in it. For instance, according to Gitnux 2021 report, in 2021, 15.91% of the world's population holds cryptocurrency. This increases the demand for crypto wallets to store and manage these increasing cryptocurrencies.
User Experience Enhancement – An Opportunity in Crypto Wallet
The success and popularity of Bitcoin wallets are heavily influenced by their user experience (UX). As the cryptocurrency environment grows, the significance of offering a seamless and intuitive user interface (UI) becomes more apparent. Let's look at why UX enhancement is so important in the area of cryptocurrency. One of the most important features of using cryptocurrency wallets is security. Users must be assured that their digital assets are secure from theft or hackers. A straightforward user interface with clear security features not only assists users in understanding the safety measures in place but also encourages them to take the required precautions. Improved UX in cryptocurrency wallets means that users can simply manage security settings and maintain control over their funds.
Crypto Wallet Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Crypto Wallet market analysis are wallet type, operating system, and application.
- Based on the wallet type, the crypto wallet market is divided into hot wallets and cold wallets. The hot wallets segment held the largest share of the market in 2023.
- Based on the operating system, the Crypto Wallet market is divided into Android and iOS. The Android segment held the largest share of the market in 2023.
- By application, the market is segmented into peer-to-peer payments, trading, remittance, and others. The peer-to-peer payments segment held the largest share of the market in 2023.
Crypto Wallet Market Share Analysis by Geography
The geographic scope of the Crypto Wallet Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Crypto Wallet market. Increasing acceptance of cryptocurrencies among businesses in North America countries is driving the demand for Crypto Wallet in the region. The Crypto Wallet market is undergoing substantial development in North America, which can be attributed to increasing investments in crypto tech and the rise of DeFi and NFTs.
MARKET PLAYERS
Crypto Wallet Market Report Scope
Crypto Wallet Market News and Recent Developments
The Crypto Wallet market is evaluated by gathering qualitative and quantitative data post post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Crypto Wallet and strategies:
- Binance has created a Web3 wallet that allows users to engage with the DeFi ecosystem. The new solution, which interacted with 30 blockchain networks, was unveiled during the Binance Blockchain Week conference in Istanbul. Binance's Web3 wallet competed against MetaMask and Trust Wallet, the latter of which Binance bought in 2018. (Source: Binance, Press Release, 2023)
Crypto Wallet Market Report Coverage and Deliverables
The “Crypto Wallet Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The global Crypto Wallet market is expected to grow at a CAGR of 25.3% during the forecast period 2023 - 2031.
The growth of cryptocurrencies and rising awareness are the major factors that propel the global Crypto Wallet market growth.
Hardware wallets and integration with DeFi are anticipated to bring new Crypto Wallet market trends in the coming years.
The key players holding majority shares in the global Crypto Wallet market are Coinbase Global, Inc., BitGo, Binance, and BitPay.
In terms of revenue, the Android segment held the major market share in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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