Crypto Wallets Market Overview
Crypto wallets market is expected to grow at a CAGR of 29.5% during the forecast period of 2021-2031. Crypto wallets also known as the hardware wallets are the wallet that stores the user's private keys in a secure encrypted hardware device. A private key is a confidential information which is used to permit outgoing transactions on the blockchain network.
The hardware wallet functioning on an open-sourced software permits user to validate the complete function of the device. It uses technologies such as Bluetooth and near-field communication to connect with electronic applications. The devices are majorly used at the commercial level due to the growing demand of the cryptocurrencies for trading.
What is Driving Demand for Crypto Wallets?
The crypto wallet industry is anticipated to showcase the prominent growth during the forecast period, attributed to the growing demand for the high transparency of distributed ledger technology in the commercial sector. Also, these wallets are designed with an improved hacked and theft-free module to make it invulnerable from any kind of the potential threats.
Thus, enhanced security provided by such devices, in comparison to paper wallet, software, and web wallets, is projected to be the supporting factor positively influencing the market growth in coming years.
Additionally, the market growth is anticipated to be driven by advancement in the technology across the cryptocurrency market. Likewise, a speedy surge in the investments in cryptocurrency-based devices is estimated to drive the crypto wallets market growth in near future.
Hot Wallet is Anticipated to Hold the Largest Share of the Crypto Wallets Market by Type
On the basis of type, the market for crypto wallets is segmented into hot wallets and cold wallets. Out of which hot wallets is predicted to hold the largest share of the global market.
The growth of the segment can be attributed to its ease of use, as they are online, to make a cryptocurrency transaction, there is no need to transition between offline and online.
They are also linked with public and private keys which helps to facilitate transactions and act as a security measure. Therefore, hot wallets are increasingly used among the customers which is propelling the market growth.
North America Crypto Wallets Demand Outlook
North America is one of the largest markets for crypto wallets across the globe. The growth in the region is majorly attributed to the growing demand of the cryptocurrency among the major population during the pandemic. Expansion of the cryptocurrency market has resulted in the numerous new users to gain the knowledge about it and started exploring the same.
This propelled the regional market growth. Likewise, North America is the most rapidly changing and competitive market in the world. And also adopts new technologies at a faster pace in comparison to the other countries globally.
Asia Pacific Demand Outlook for Crypto Wallets
Asia Pacific has the fastest-growing market for crypto wallets, attributed to the increase in the adoption of cryptocurrency and the rise in the digital and cashless economy trend in the countries like Japan, India, and South Korea.?
These countries are among the ones where most of the adoption of crypto wallets is occurring. Also, increase in the number of cyberattacks in cryptocurrency market have resulted in adoption of crypto wallets further fueling the growth of the regional crypto wallets market.
Who are the Key Manufacturers and Suppliers of Crypto Wallets?
Some of the leading manufacturers of Crypto wallets market are
- CoolBitX Technology Ltd.
- ELLIPAL Limited
- OPOLO SARL
- Ledger SAS
- Satoshi Labs SRO
- Shift Cryto AG
- Sugi (zSofitto NV) among others.
The key players operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market. Also, product launches and development is one of the key strategy adopted by the company. For instance, on April 2021, ShapeShift completely integrated with THORChain, permitting direct trading of native Bitcoin, Litecoin, and Ethereum. The mobile users of ShapeShift can make cross-chain swaps without using a custodian, intermediary, counterparty of any kind. This capability will further be extended to ShapeShift’s web-based platform in the coming period.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Crypto Wallets Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Note: Although care has been taken to maintain the highest levels of accuracy in FMI’s reports, recent market/vendor-specific changes may time to reflect in the analysis.
- Hot Wallet
- Cold Wallet
By Distribution Channel:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- North Africa
- Rest of Middle East & Africa
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