The global market for cryptocurrency wallets is estimated to reach US$3,371.3 million by 2032, up from US$1,398.2 million in 2022. From 2022 to 2032, the market is expected to develop at a healthy Compound Annual Growth Rate (CAGR) of 9.2%. Private keys in crypto wallets can be used to safeguard and secure cryptocurrency.
Crypto wallets assist the sending, receiving, and spending of cryptocurrencies such as Ethereum and Bitcoin and come in a variety of forms, including hardware and mobile wallets. The blockchain maintains crypto assets that can only be accessed using the private keys stored in cryptocurrency wallets. It is critical to protect these private keys since they demonstrate ownership. Crypto wallets’ solid security features are expected to raise demand and drive future market growth.
From 2017 to 2021, the market experienced a CAGR of 6.8%. The crypto wallet market’s future appears bright as cryptocurrency adoption continues to rise globally. The market for crypto wallets is predicted to expand rapidly due to the rising need for secure and dependable methods of storing and managing digital assets. The growing popularity of cryptocurrencies, along with a growing awareness of the significance of protecting private keys, is projected to be a major driver of market expansion.
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.
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.
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