NEWARK, Del, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The crypto wallets market is predicted to develop at an impressive 9.3% CAGR from 2023 to 2033, preceding the lower 7.2% CAGR witnessed between 2018 and 2022. This substantial increase reflects the surging demand for crypto wallets, propelling the market value from US$ 1,505.9 million in 2023 to an impressive US$ 3,675.4 million by the end of 2033.
Increased adoption of cryptocurrencies leads to a larger user base that requires secure and convenient methods to store and manage digital assets. This drives the demand for crypto wallets as more individuals and businesses seek to participate in the cryptocurrency market.
Crypto wallets play a pivotal role in the cryptocurrency market, constituting around 25% of total cryptocurrency sales. They serve as a secure means to store private keys, ensuring safe and reliable transactions with popular digital currencies like Ethereum and Bitcoin.
As the value of cryptocurrencies rises, the risk of theft and hacking becomes more significant. Users are willing to invest in wallets that offer robust security measures, such as hardware wallets or multi-factor authentication, to safeguard their assets. This emphasis on security drives the growth of wallets that prioritize user protection.
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These wallets can be categorized into two main types: cold wallets, which include hardware and paper wallets providing offline storage, and hot wallets, encompassing desktop, web, and mobile wallets, offering convenient online transaction access. These diverse wallet options offer users various levels of security and accessibility to meet their individual needs.
As the number of cryptocurrencies and blockchain networks grows, users seek wallets that can handle multiple assets and provide seamless cross-chain capabilities. Wallets that offer interoperability become more attractive to users, resulting in increased demand and market growth.
Key Takeaways from this Market:
- In the United States, the burgeoning interest in cryptocurrencies and the nation's position as a global financial hub have propelled its crypto wallets market to remarkable heights. In 2022, the United States accounted for an impressive 18.4% global market share. As the adoption of digital assets gains momentum and crypto-friendly regulations continue to develop, the country is poised to maintain its significant market presence and foster further growth in the crypto wallet industry.
- India's crypto wallet industry is poised to experience substantial growth, projecting a CAGR of 12.3% by 2033. This surge comes as the country embraces digital currencies and integrates them across diverse industries, fostering increased acceptance nationwide.
- The United Kingdom's cryptocurrency wallets industry is expected to grow steadily, with a projected CAGR of 10.1% by 2033. This growth is driven by the growing acceptance of cryptocurrencies and the escalating demand for secure and user-friendly storage solutions.
- The China crypto wallet industry is set to experience substantial growth, with a projected CAGR of 8.3% through 2033. This surge is fueled by the government's growing adoption of blockchain technology and the increasing interest in digital assets among investors in the country. As these factors converge, the country's crypto wallet market is expected to witness significant expansion in the coming years.
- As Australia navigates the legal environment and gradually integrates cryptocurrencies into its financial ecosystem, the crypto wallets industry is expected to develop at a moderate CAGR of 2.5% by 2033. This growth rate reflects the country's cautious approach toward digital assets while still acknowledging the potential for gradual expansion in the crypto wallet industry.
- Japan's crypto wallets market accounted for a notable 3.8% market share in 2022, and this trend is expected to continue upward. The tech-savvy population of Japan and the increasing integration of cryptocurrencies into traditional financial services are predicted to drive significant growth in the crypto wallet industry.
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Competitive Landscape:
Well-known cryptocurrency exchanges, tech behemoths, financial institutions, and specialty wallet providers are some of the key participants in the crypto wallets market. To provide their users with a full platform, well-known exchanges like Coinbase, Binance, and Kraken have expanded into the wallet service market. While this is going on, tech behemoths like Samsung and HTC have added crypto wallet functionality to their smartphones, broadening the market's appeal.
On the other side, startups emphasize innovation and niche markets, intending to offer distinctive and specialized wallet solutions that cater to certain customer needs. They frequently highlight improved security features, decentralized storage, and user-friendly interfaces to set themselves apart from their competitors.
Top 10 Key Players are:
- Gemini Trust Company LLC.
- BitGo
- Binance
- BitMEX
- Breadwinner AG (BRD)
- Trezor
- BitPay
- Ledger SAS
- Bittrex Global
- Exodus
Recent Developments:
- In June 2023, Ledger, a cryptocurrency custody firm based in Paris, revealed the introduction of Ledger Enterprise Tradelink. This innovative trading system is designed to be secure and compliant with regulations, catering specifically to institutional investors. The primary objective of Ledger's new platform is to minimize third-party risk for users. It achieves this by enabling enterprise-level investors to establish a personalized interconnected network, incorporating custodians and exchanges.
- In June 2022, KuCoin, the cryptocurrency trading platform, ventured into the Web3 domain by introducing its decentralized wallet. With this new feature, KuCoin wallet users gain the ability to engage in a range of activities, such as purchasing, selling, and trading, as well as sending and receiving various cryptocurrencies, among them Bitcoin (BTC), Ether (ETH), Tether (USDT), and other similar tokens.
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Segmentation Analysis:
By Type:
- Hot
- Desktop
- Web
- Mobile
- Cold
- Hardware
- Paper
By Application:
- E-commerce and Retail
- Peer-to-Peer Payments
- Trading
- Remittance
By Industry:
- Retail Industry
- BFSI
- Automotive
- Telecommunication
- Media and Entertainment
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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