Crypto Wallet Market to grow by USD 686.05 Mn; Driven by people’s inclination toward digital currency

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NEW YORK, Nov. 14, 2022 /PRNewswire/ — The “Crypto Wallet Market by Service and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The report expects the market size to grow by USD 686.05 million, accelerating at a CAGR of 24.19% during the forecast period. The report offers a comprehensive analysis of the drivers, trends, and challenges impacting the size of the market. Discover market potential and make informed business decisions based on qualitative and quantitative evidences highlighted exclusively in this market study. Download a Free Sample Report

Technavio has announced its latest market research report titled Global Crypto Wallet Market 2022-2026

Global Crypto Wallet Market: Market Dynamics

Driver: The market is driven by people’s inclination toward digital currency. Despite doubts about the unregulated digital asset future, cryptocurrency usage has increased in India. Since 2020, investments in cryptocurrencies, particularly Bitcoin, have risen at an astounding rate in India. Millions of ordinary investors have registered on several domestic cryptocurrency exchanges to invest in cryptocurrencies, a class of investments recognized for its legendary volatility and potential for large profits. By August 2021, at least 1.5 crore Indians had made cryptocurrency investments, indicating a significant increase in the number of households using cryptocurrencies in a country where families are known to invest more regularly in gold and other safe assets. This inclination toward digital currencies is expected to continue during the forecast period, which is expected to drive the growth of the market in focus.

Trend: The increasing availability of crypto wallets is the major trend in the market. It has become abundantly clear over the last few years that those who continue to invest in digital currencies have a lot of potential and areas for possible rewards. For most people, keeping and investing in cryptocurrency in a crypto wallet is also a respectable option. According to a recent study, 82 cryptocurrency wallets were accessible in February 2021. In March 2022, over 81 million people used Blockchain.com wallets, which made it easy to purchase Bitcoin. Hence, the availability of numerous crypto wallets is expected to contribute to the growth of the global crypto wallet market during the forecast period.

Challenge: The misuse and security attacks that confine the adoption of cryptocurrencies will challenge the growth of the market. Various regulators are concerned about the growing misuse of digital currencies by criminals for unlawful operations as they are an unregulated, decentralized, and uncontrolled exchange platform. Criminals use digital currency to carry out numerous illegal operations, including tax evasion, money laundering, and terrorism financing. Additionally, rising security issues and cyberattacks resulted in the loss of the invested currencies, limiting the adoption of cryptocurrencies. All these factors will reduce the growth potential in the market.

Get highlights into the impact of drivers, trends, and challenges on the growth of the global crypto wallet market. Download a Free Sample Report

Global Crypto Wallet Market: Key Segments

By product, the market is analyzed across software-based and hardware-based segments. The market growth will be significant in the software-based crypto wallet segment. The software-based segment growth can be attributed to how simple it is to use, as software-based wallets operate online. It functions as a browser plugin, making it simple for users to interact with things like decentralized applications and decentralized finance (DeFi) protocols. Additionally, software-based wallets are connected with public and private keys, which aid in transactions and serve as a security safeguard. As a result, users are increasingly using software-based wallets, which is driving the growth of the segment.

Companies Covered

ARCHOS SA

Binance Services Holdings Ltd.

BitGo Inc.

BitLox Ltd.

BitPay Inc.

Bittrex Global GmbH

Breadwinner AG

Coinkite Inc.

CoolBitX Ltd.

ELLIPAL Ltd.

Exodus Movement Inc.

Gemini Trust Co. LLC

iFinex Inc.

Ledger SAS

OPOLO Sarl

SecuX Technology Inc.

ShapeShift AG

Shift Crypto AG

Softto NV

Trezor Company sro

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What our reports offer:

Market share assessments for the regional and country-level segments

Strategic recommendations for new entrants

Covers market data for 2021, 2022, till 2026

Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)

Strategic recommendations in key business segments based on the market estimates

Competitive landscaping mapping the key common trends

Company profiling with detailed strategies, financials, and recent developments

Supply chain trends mapping the latest technological advancements

Crypto Wallet Market 2022-2026: Key Highlights

CAGR of the market during the forecast period 2022-2026

Detailed information on factors that will assist in crypto wallet market growth during the next five years

Estimation of the crypto wallet market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the crypto wallet market

Analysis of the market’s competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of the crypto wallet market vendors

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The ASIC Miner Market is projected to grow by USD 125.57 million with a CAGR of 6.74% during the forecast period 2021 to 2026. The profitability of cryptocurrency mining ventures is notably driving the market’s growth. However, volatility in the value of cryptocurrencies will challenge the growth of the market.

Crypto Wallet Market Scope

Report Coverage

Details

Page number

120

Base year

2021

forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 24.19%

Market growth 2022-2026

USD 686.05 million

Market structure

fragmented

YoY growth (%)

16.23

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 41%

Key consumer countries

US, China, UK, Germany, and Switzerland

competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ARCHOS SA, Binance Services Holdings Ltd., BitGo Inc., BitLox Ltd., BitPay Inc., Bittrex Global GmbH, Breadwinner AG, Coinkite Inc., CoolBitX Ltd., ELLIPAL Ltd., Exodus Movement Inc., Gemini Trust Co. LLC , iFinex Inc., Ledger SAS, OPOLO Sarl, SecuX Technology Inc., ShapeShift AG, Shift Crypto AG, Sofitto NV, and Trezor Company sro

Market Dynamics

Parent market analysis, Market growth drivers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get customized segments.

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Force Analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

Global Crypto Wallet Market 2022-2026

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