Fairfield Market Research
Crypto Wallet Market

Crypto Wallet Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit


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This study intends to unfurl the multiple facets of global crypto wallet market. The insights offered in the report aid in market growth examination during the forecast period.

Rising Inclination Toward Digital Currency to Drive Crypto Wallet Market Growth

Since past few years, digital currency has gained high traction on the back of its functional benefits. Digital currencies offer affordable and quicker bank transfers and are a preferred choice for transactions in the retail sector. In addition, growing e-commerce retail, surging international remittances, and rising monetary transactions continue to increase the reliance digital currency, in turn paving new avenues for the crypto wallet market. Furthermore, the acceptance of cryptocurrencies is also expected to drive the crypto wallet market ahead. Growing adoption of cryptocurrency and increasing crypto payments have triggered the demand for hot and cold crypto wallets. Additionally, use of cryptocurrency by financial institutions for exchange and trading has also provided new opportunities for the crypto wallet market. Albeit an initial ban on cryptocurrencies, their market has been growing at a higher rate, however without being regulated by authorities. This factor continues to drive the growth of the crypto wallet market on the global front.

Rising Availability Remains the Strongest Booster to Crypto Wallet Market

On the back of rising popularity of cryptocurrency, companies have been offering new crypto wallets for users. Increasing availability remains a key factor in driving the revenue for the crypto wallet market. New crypto wallets such as Electrum Bitcoin Wallet, Coinbase Wallet, Mycelium Bitcoin Wallet, MetaMask Wallet, and Exodus Wallet offer safe transactions for users. Backed by rising popularity of blockchain technology, users can use a crypto wallet to safely gather, transfer and track their holdings. That said, availability and introduction of new cryptocurrency wallets remains instrumental in bolstering the growth of the crypto wallet market.

Hot Wallets to Significantly Contribute Toward Value Share of Crypto Wallet Market

The demand and use of hot crypto wallets has been on an upswing since recent past and is expected to maintain status quo in the forthcoming years. Hot crypto wallets are user friendly as they are linked to internet. They can also be downloaded on cell phones, desktop workstations and other devices. Backed by their convenience and easy to use functionality, hot crypto wallets are a preferred choice of users to receive and send cryptocurrency. Furthermore, since they are accessible through cell phones, the growing smartphone industry and penetration of internet and related technology is influencing the demand for hot crypto wallets. In addition, they are free and have recovery backup options and are an apt choice in trading as compared to cold crypto wallets that are suited for long term storage. These factors have propelled their demand, thus largely contributing towards the value growth of the crypto wallet market.

North America Reigns Supreme in Global Crypto Wallet Market on the Back of Notable Cryptocurrency Expansion

From a geographical standpoint, developed economies in North America region are expected to hold a prominent revenue share in the crypto wallet market. Various aspects govern the adoption of crypto wallets in the region. Factors such as growth in the cryptocurrency and individual inclination towards digital currency coupled with rising cases of hacking of cryptocurrencies have fuelled the demand for crypto wallets. In addition, Bitcoin mining in the region has also triggered the demand for crypto wallets in North America. Being an early adopter of technology, individuals in the region are more inclined towards technologically new and advanced products thus favouring the proliferation of cryptocurrency. This factor continues to bolster the expansion of the crypto wallet market in the region.

In addition, presence of key players such as Bit Go, Bit Pay and Coinbase Global Inc., is also influencing the crypto wallet market growth. Moreover, companies such as PayPal are also allowing cryptocurrency transactions. For instance, in 2022, PayPal announced that qualified PayPal account holders in the United States can receive, send, or transfer cryptocurrency using PayPal platform. This initiative enables all customers of PayPal to carry out interactions with the broad crypto ecosystem alongside offering flexibility to move crypto assets. These factors play a vital role in propelling the growth of the crypto wallet market in North America.

Crypto Wallet Market: Competitive Scenario

Key players in the crypto wallet market have been involved in new product launches, collaborations, and partnerships to strengthen their position in the global crypto wallet market. For instance, in April 2020, Oobit, and Coinbase entered a partnership to offer crypto wallet, escrow and custodial services to Oobit’s Oobit Hunter users. Same year in May, Gemini Trust Company LLC and Samsung Electronics collaborated to power Samsung Blockchain Wallet alongside offering crypto to users based in Canada and United States. In June 2021, an amount of US$ 380 million was raised by Ledger SAS for its crypto wallet. In May 2022, financial services company Robin Hood introduced new and independent Web 3.0 crypto wallet which covers the transaction costs of clients on blockchain network without crypto asset management and control. This introduction allowed users to hold keys and experience new opportunities in the open financial system.

A few of the major players in the crypto wallet market include Gemini Trust Company LLC, BitLox, BitMex, BitPay, ZenGo Ltd., Coinkite Inc., Coinbase Global Inc., Exodus Movement Inc., Sofitto NV, and Bittrex Global GmbH.

The Global Crypto Wallet Market is Segmented as Below:

By Type

  • Hot Wallet
    • Desktop Wallet
    • Web Wallet
    • Mobile Wallet
  • Cold Wallet
    • Hardware Wallets
    • Paper Wallets

By Application

  • E-commerce and Retail
  • Peer-to-Peer Payments
  • Trading
  • Remittance

By End Use

  • Individual
  • Commercial

By Operating System

  • Android
  • iOS
  • Others

By Industry

  • Retail Industry
  • BFSI
  • Automotive
  • Telecommunication
  • Media and Entertainment
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Crypto Wallet Market

  • Crypto Wallet Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

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