SkyQuest projects that the crypto wallet market will attain a USD 61.87 billion value by 2030, with a CAGR of 24.8% over the forecast period (2023-2030). Several key factors are propelling the crypto wallet market. One of the primary drivers is the growing preference for digital currency as an alternative to traditional fiat currencies. As more individuals and businesses embrace cryptocurrencies, the demand for crypto wallets to securely store digital assets continues to rise.
Westford, USA, June 27, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing use of Bitcoin and merchants’ growing acceptance of crypto payments are critical differentiators in the competitive digital payment landscape. Crypto wallets are gaining widespread recognition and familiarity among customers as more businesses adopt cryptocurrencies as payment. Integrating crypto wallets into various industries is expected to bring significant changes, as they offer advantages over traditional payment methods.
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Browse in-depth TOC on “Crypto Wallet Market”
- Pages – 275
- Tables – 93
- Figures – 76
Crypto wallets come in different formats, including hardware and smartphone wallets, serving as secure storage for crypto assets. These wallets rely on private keys to access and manage cryptocurrencies stored on the blockchain. Private keys serve as evidence of ownership, making their protection crucial. In this context, the demand for enhanced security solutions provided by crypto wallets is projected to drive market growth in the future.
Prominent Players in Crypto Wallet Market
- 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
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Software Wallets Segment is Expected to Grow the Market Due to Rising Adoption of Crypto Wallets
Software wallets have emerged as the leading segment regarding revenue share in the crypto wallet market. A remarkable surge of nearly 190% was observed in adopting crypto wallets worldwide. Software wallets and digital applications enabling users to store and manage their cryptocurrencies securely were pivotal in driving this growth.
The market in North America emerged as the leading region in the crypto wallet market, capturing a significant revenue share of over 29%. This dominance can be attributed to several factors, including the presence of key players in the market. Companies such as Coinbase Global, Inc., BitGo, and BitPay have established themselves as significant players in the region, driving the growth of the crypto wallet market.
Hot Wallets Segment is Expected to Dominate the Market Due to the Rising Usage of Smartphones
The hot wallets segment emerged as the dominant player in the crypto wallet market, capturing a significant revenue share of over 55%. Hot wallets are cryptocurrency wallets that remain connected to the internet, providing users with convenient accessibility.
Regional markets in Europe are experiencing rapid growth in the global crypto wallet industry, driven by increased government support and initiatives. A prominent example is the European Union’s plan to develop a digital wallet in 2021. This digital wallet aims to facilitate seamless payments across all member states, reducing friction and enhancing financial interoperability within the EU.
A comprehensive analysis of the major players in the crypto wallet market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Crypto Wallet Market
- In February 2022, ConsenSys, a prominent blockchain technology company, made headlines by acquiring MyCrypto, an Ethereum wallet. The strategic move involved plans to merge MyCrypto with MetaMask, ConsenSys’ widely used cryptocurrency wallet. This acquisition aims to enhance MetaMask’s platform support and integrations, offering users a more comprehensive and robust experience managing their Ethereum-based assets. ConsenSys aims to provide users with an improved and streamlined interface for accessing and interacting with the Ethereum ecosystem by combining the strengths and capabilities of both wallets.
- In January 2022, Opera, the web browser known for its innovative features, released a beta version of its Web3 “Crypto Browser” This release introduced a built-in crypto wallet, granting users convenient access to store and manage their digital currencies. Additionally, the browser provides easy accessibility to cryptocurrency and non-fungible token (NFT) exchanges, allowing users to trade their assets seamlessly.
Key Questions Answered in Crypto Wallet Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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