Rising Adoption By Retailers Drive Crypto Wallet Market To Grow At A CAGR Of 9.2% From 2022 to 2032 : Future Market Insights, Inc.

Published Via 11Press : Newark, Del: The worldwide market for crypto wallets is expected to reach a value of US$ 3,371.3 million by 2032, showing an increase from its previous value of US$ 1,398.2 million in 2022. The market is anticipated to grow at a robust Compound Annual Growth Rate (CAGR) of 9.2% from 2022 to 2032. Cryptocurrency can be safeguarded and secured by storing private keys in crypto wallets.

Crypto wallets also facilitate sending, receiving, and spending of cryptocurrencies like Ethereum and Bitcoin and are available in various types, such as hardware and mobile wallets. The blockchain stores crypto assets, which can only be accessed through the private keys held in crypto wallets. As these private keys demonstrate ownership, it is crucial to safeguard them. The dependable security features offered by crypto wallets are projected to boost their demand and drive future market growth.

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During the historic period of 2017 to 2021, the market witnessed a CAGR of 6.8%. The future of the crypto wallet market looks promising as the adoption of cryptocurrencies continues to increase worldwide. The market for crypto wallets is expected to grow at a significant pace due to the rising demand for secure and reliable ways to store and manage digital assets. The increasing popularity of cryptocurrencies, coupled with the growing awareness of the importance of safeguarding private keys, is expected to be a key driver of market growth.

Hardware wallets, which provide an offline and more secure way of storing private keys, are expected to gain significant traction in the market. The convenience and ease of use of mobile wallets are also expected to contribute to the growth of the crypto wallet market. Furthermore, the integration of new and innovative features, such as multi-currency support, staking, and decentralized exchanges, is expected to attract more users to the crypto wallet ecosystem.

The surge in demand for cryptocurrency and increasing acceptance of crypto payments among end-users like retailers will also aid the expansion of the crypto wallet market. Furthermore, the introduction of inventive safety and privacy features will also contribute to the market growth. However, the market growth may be affected by various factors such as regulatory challenges, security concerns, and the volatility of the cryptocurrency market. The increasing competition in the market, with new players entering the space, is also expected to impact the market dynamics. Overall, the future of the crypto wallet market looks promising, with the potential for significant growth driven by the increasing adoption of cryptocurrencies and the demand for secure and convenient ways to manage digital assets.

Key Takeaways:

Rapidly developing start-ups in Germany will drive the growth of the crypto wallet market; pushing it to a valuation of US$ 98.1 million by 2032.
By 2032, the crypto wallet market in the US will account for 74.8% of the North American market share.
By type, the hot wallet segment will witness high demand due to their simplicity and complete online availability.
Based on the application, the peer-to-peer segment will dominate the global marketplace; growing by 2.0x during the assessment period.

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Competitive Landscape

In a competitive environment, leading market players are concentrating on strategic collaborations and partnerships with other vendors to produce technologically advanced wallets and meet the rising consumer demand. Many other participants also employ mergers and acquisitions tactics with local firms to co-produce new applications that are empowered by innovative features. For example, in June 2021, Ledger SAS raised US$ 380 million for its crypto hardware wallet. Following this, the firm attained a valuation of US$ 1.5 billion.

BitGo, BitMEX, Gemini Trust Company, LLC., Trezor, Ledger SAS, Bittrex Global, Exodus, Binance, ARCHOS, zenGo Ltd, and BitLox, among others, are a few of the key players in the crypto wallet market profiled in the full version of the report.

More Insights Into Crypto Wallet Market

The global crypto wallet market is thoroughly analyzed by FMI, with a detailed study of historical data spanning from 2017 to 2021 and forecast statistics for 2022 to 2032. The report provides a comprehensive assessment of market drivers, challenges, trends, and opportunities. To facilitate a better understanding of the market's potential, growth, and scope, it is segmented based on type, application, industry, and region.

According to the latest reports, based on segmentation, the BFSI sector will create strong opportunities for the market. This segment will likely grow by 2.1x during the period of observation. The BSFI sector will continue to use blockchain technology to safely store digital assets. In terms of applications, the peer-to-peer segment will rule the international marketplace owing to its greater suitability than conventional crypto exchange.

Based on the country, the crypto wallet market in Germany will demonstrate substantial growth. The target market in this region will create an incremental opportunity of US$ 98.1 million by 2032. Technological advancements and rapid digitization in the field of crypto wallet along with activities of start-ups will fuel the growth of the market in Germany. Other nations like the US and India will also exhibit notable growth in this market and thereby contribute to the global growth of the crypto wallet market.

Crypto Wallets Market Outlook by Category

By Type:

Desktop
Web
Mobile

Cold

Hardware
Paper

By Application:

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

By Industry:

Retail Industry
BFSI
Automotive
Telecommunication
Media and Entertainment
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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Table of Content

Executive Summary | Crypto Wallets Market

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

Pricing Analysis

4.1. Pricing Analysis, By Type

4.2. Global Average Pricing Analysis Benchmark

COVID-19 Impact Analysis

5.1. Impact of COVID-19 on Market Growth

5.2. Pre-COVID-19 Market Growth (2017 to 2017)

5.3. Expected Recovery Scenario (Short Term/Mid Term/Long Term)

5.4. Key Action Points for Market Vendors

Global Market Demand (in Value in US$ Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032

6.1. Historical Market Value (US$ Million) Analysis, 2017 to 2021

6.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2032

6.2.1. Y-o-Y Growth Trend Analysis

6.2.2. Absolute $ Opportunity Analysis

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About FMI

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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