The rise in the adoption of digital currencies and growing security in online transactions are expected to drive the demand for the global crypto wallets market in the forecast period, 2023-2027. According to the TechSci Research report, “Crypto Wallets Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the Crypto Wallet Market is anticipated to witness prominent growth in the forecast period, 2023-2027.
Important Factors of the Crypto Wallet Market
Crypto wallets or hardware wallets store the user’s private key in a secure encrypted hardware device. Crypto wallets store confidential keys and keep the crypto safe and available. A private key is a confidential information that allows outgoing transactions on the blockchain network. They are also the transactions of cryptocurrencies, including the send, receive, and delivery of Ethereum, Bitcoin, and many more.
Factors such as a rise in the significant investments from the key players to proliferate the use of crypto wallets in commercial and private sectors and growth in demand for next-generation payment generation across the globe primarily drive the global crypto wallets market growth in the coming years. Companies indulging in the crypto wallet industry are experiencing massive demand worldwide. The flexibility in using crypto wallets increases the number of people using multiple cryptocurrencies.
However, the high cost of crypto wallets and stringent government regulations against cryptocurrency may restrain the global crypto wallets market growth in the next five years.
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The global crypto wallets market is segmented by type, end-use, application, regional distribution, and competitive landscape.
Based on the type, the market is divided into hot wallets & cold wallets. The hot wallet is expected to hold the largest market share over the next five years, 2023-2027. They are easy to use and to make a transaction, there is no need to transition between online and offline modes. Hot wallets are linked with public and private keys to ease transactions, enhancing the security of transactions. Several consumers are using the combination of hot and cold wallets as each of the wallets can be used for a specific purpose and thereby creating a balance between ease of use and security while using and trading cryptocurrency. The majority of the exchanges store the maximum funds of their customers offline in a matrix of cold wallets and keep the required sum for withdrawal purposes in hot wallets. Therefore, the growing popularity of cryptocurrencies and the emergence of several crypto wallet apps and platforms are expected to boost the global crypto wallet market growth in the coming years.
Based on the end user, the market is divided into trading, e-commerce, retail, peer-to-peer payment, and remittance. The trading segment is expected to capture the highest market share in the next five years. The rise in awareness about the monetary benefits of trading, such as the generation of additional income, is attracting consumers to invest in it. With the help of trading, consumers are able to raise their living standards and provide their families with affordable goods and services. Also, the increase in the presence of crypto solutions such as Coinrule, Cryptohopper, Pionex, Bitsgap, and others is driving the market demand.
Based on the application, the market is divided into commercial & individual. The individual segment is expected to account for a significant market share in the coming years. They are investing substantial amounts to generate an additional source of income to improve their current living standards. Market players are launching platforms with a user-friendly interface allowing them to invest in cryptocurrencies easily. The ease in regulations to use digital currencies and growth in consumer awareness are expected to boost segment growth in the coming years.
Major market players operating in the global crypto wallets market are:
- ARCHOS
- CoolBitX Technology
- BitLox
- ELLIPAL Limited
- OPOLO SARL
- Ledger SAS
- ShapeShift
- Satoshi Labs SRO
- Shift Cryto AG
- Sugi
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“The North American region dominates the market and is expected to maintain a dominant market share over the next five years, 2023-2027. North America has one of the largest crypto wallets worldwide. The presence of numerous market players and technological innovations in the cryptocurrency industry favor market growth in the region. The United States is one of the most developed countries worldwide and is considered ahead of other economies in terms of technology and development. Also, the surge in acceptance of digital cash by consumers and retailers and the increased popularity of bitcoin mining are expected to propel the global crypto wallets market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Crypto Wallets Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Hot Wallet & Cold Wallet), By End Use (Trading, E-Commerce, Retail, Peer-To-Peer Payment, Remittance), By Application (Commercial & Individual), and By Region”, has evaluated the future growth potential of global crypto wallets and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global crypto wallets market.
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