Embracing Digital Currency: Global Crypto Wallets Market Size Is Growing at 24.23% of CAGR, Reaching USD 46.72 Billion by 2030

Los Angeles, CA, June 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Crypto Wallets Market By Channel (Online And Offline), By Type (Cold Wallet And Hot Wallet), By End-User (Individual And Commercial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Crypto Wallets Market size & share in terms of revenue was valued at USD 8.24 billion in 2022 and it is expected to surpass around USD 46.72 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 24.23% during the forecast period 2023 to 2030.”

What are Crypto Wallets? How big is the Crypto Wallets Industry?

A cryptocurrency wallet is a software or an app that stores a user's private key securely and so enables the use of digital currencies.

Report Overview:

The global crypto wallets market size was worth around USD 8.24 billion in 2022 and is predicted to grow to around USD 46.72 billion by 2028 with a compound annual growth rate (CAGR) of roughly 24.23% between 2022 and 2030.

A crypto wallet is a software or a program that allows cryptocurrency transactions with its security depending on the stored private key. It can either be in the form of a physical device or a computer program that is used for sending or receiving cryptos or undertakings. It mainly consists of a public key and a private key. A public key has its origin or is derived from the private key and serves the purpose of the address to which cryptos are sent.

The most critical part of a crypto wallet is the private key since the security of the entire system is dependent on it. It is equivalent to the key of any safety deposit box which should always be in the care of the user. All people who have the access to the private key can ultimately completely control the cryptos and the subsequent transactions. But contrary to the safety deposit box, if a user holds the private key and makes transactions using a wallet not hosted by a third party or an exchange, becomes solely responsible for all of their cryptos.

The functioning of crypto wallets depends on the blockchain which is a public ledger of all the crypto transactions, the amount of cryptos present at a certain address, and the details of who holds the key to the given balance. Since cryptos are not literally stored in the wallet but exist on the blockchain, crypto wallets allow users to interact with the respective balance on that blockchain. Every crypto wallet service provider has its own set of specifications that they offer, however, there are standard parameters that every crypto wallet should have like provisions for receiving or sending funds.

The global crypto wallets market cap witnessed a slight rise due to Covid-19. This rise was attributed to the large number of people who invested in cryptos during the peak of the pandemic. Since people had more time in hand there was a general trend of higher searches on websites for information related to cryptocurrencies and their viability. Encouraged by the steps undertaken by crypto firms in generating awareness the global market witnessed high traffic directed toward cryptos.

Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs - https://www.zionmarketresearch.com/sample/crypto-wallets-market

(A free sample of this report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the Following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
• About 166+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Crypto Wallets Market: Growth Factors

The global crypto wallets market is projected to grow owing to the increasing demand for better and enhanced security systems. Since more people at the individual and at commercial level are now investing in cryptocurrencies and many transactions occur using this technology, the service providers are under extreme pressure of delivering consumer demand in order to stay ahead in the competitive global market scenario. The demands are not just focused on better customer experience for upgraded security systems to keep the cryptos safe along with provisions that make sure that there are no losses owing to cyber-attacks.

Recently crypto service providers are witnessing a rise in the number of digital attacks and many companies have reported being hacked by external sources. For instance, In January 2022, Crypto.com admitted that the crypto exchange had lost over USD 35 million in a cyber-attack consisting of 443.93 bitcoin and 4,836.26 Ethereum. Owing to such unwanted digital activities, if the global market leaders aim to increase their hold and have a larger consumer database, they will have to upgrade security systems which will aid global market growth during the projection period.

The concerns related to wallet access permission may restrict the global market growth whereas the initiatives undertaken by service providers are expected to create growth opportunities. The vulnerabilities associated with crypto wallets may challenge global market growth.

Directly Purchase a copy of the report with TOC @ https://www.zionmarketresearch.com/buynow/su/crypto-wallets-market

Report Scope

Crypto Wallets Market: Segmentation Analysis

The global crypto wallets market is segmented by type, channel, end-user, and region

Based on type, the global market is divided into cold wallet and hot wallet. A cold wallet is not connected to the internet and is sometimes referred to as a hardware wallet. These systems allow for keeping cryptos safe in an offline environment making them safe from online attacks. The more advanced cold wallets are safe from physical damage as well. The cold wallet market is projected to grow at a CAGR of 27.1% by 2028 which is a higher growth rate than the rate at which crypto exchange is expected to grow.

Based on channels, the global market segments are online and offline. The global market is dominated by the offline channel since it is widely preferred amongst users given the security perspective. Many platforms offer these services to keep their cryptos safe from cyber-attacks. For instance, as per Chainanalysis, hackers managed to steal around USD 3.2 billion of cryptocurrency in multiple cyber-attacks.

Based on end-user, the global market segments are individual and commercial. The global market share was dominated by individual segments in 2021 and is projected to garner more revenues in the coming year as well. The most popular form of crypto wallet is Coinbase Wallet. As per the company's official report, more than 103 million verified users are using the Coinbase exchange brand to deal in cryptos.

The global Crypto Wallets market is segmented as follows:

By Channel

• Online
• Offline

By Type

• Cold Wallet
• Hot Wallet

By End-User

• Individual
• Commercial

Browse the full “Global Crypto Wallets Market By Channel (Online and Offline), By Type (Cold Wallet and Hot Wallet), By End-User (Individual and Commercial), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/crypto-wallets-market

Competitive Landscape

Some of the main competitors dominating the global Crypto Wallets market include - 

• ELLIPAL Limited
• CoolBitX Technology Ltd.
• BitLox
• ShapeShift
• Sugi (zSofitto NV)
• OPOLO SARL
• Satoshi Labs SRO
• Ledger SAS
• Shift Crypto AG

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Crypto Wallets market is likely to expand at a CAGR of around 24.23% during the forecast period (2023-2030).                                            
• In terms of revenue, the Crypto Wallets market size was valued at around US$ 8.24 billion in 2022 and is projected to reach US$ 46.72 billion by 2030.
• Based on end-user segmentation, the individual was predicted to show maximum market share in the year 2022.
• Based on type segmentation, the cold wallet was the leading revenue-generating type in 2022.
• On the basis of region, North America was the leading revenue generator in 2022.

Have Any Query? Ask Our Experts: https://www.zionmarketresearch.com/inquiry/crypto-wallets-market

Key questions answered in this report:

• What is the market size and growth rate forecast for Crypto Wallets industry?
• What are the main driving factors propelling the Crypto Wallets Market forward?
• What are the leading companies in the Crypto Wallets Industry?
• What segments does the Crypto Wallets Market cover?
• How can I receive a free copy of the Crypto Wallets Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Request for Customization on this Report as per your requirements - https://www.zionmarketresearch.com/custom/7053

(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)

Regional Analysis:

The global crypto wallets market is projected to generate the highest revenue in North America owing to the greater awareness rate and the presence of key players in the USA. Bitcoin, a world leader and one of the first companies responsible for revolutionizing the cryptocurrency market is located in the US. The factors weigh in as important factors for regional market growth. In fact, many merchants encourage transactions in cryptos which results in more people adopting crypto for trade resulting in higher downloads for crypto wallets.

Asia-Pacific is also projected to grow at a high CAGR owing to increasing trends amongst the general popular attracting them to cryptos and their aspects. Countries like India, Japan, and others are expected to contribute to the revenue in the region. For instance, currently, Japan’s crypto market is valued at over 1 trillion yeh which is around USD 900 billion. In June 2022, the Japanese government passed a new bill to regulate stablecoins in order to protect investors.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In June 2022, Binance announced that Binance Connect, a leading provider of global payment infrastructure, has partnered with Trust Wallet, which is one of the largest self-custodial, multi-chain crypto wallets. The partnership aims to help the growth of the Web3 economy while also offering an easy and secure way for new users to build their crypto portfolios across different blockchains.
• In August 2022, Houston Texans, a Nation Football League (NFL) team became the first organization to transact using crypto wallets. The transaction involved selling single-game suites in exchange for cryptos. The move was a part of a previous collaboration of the team with BitWallet, a Texas-based crypto firm, which is the official provider of crypto wallets for the team.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/crypto-wallets-market

Browse Other Related Research Reports from Zion Market Research:

Online Poker Market By Device Type (Mobile And Desktop), By End-User (Gambling Enthusiasts, Dabblers, And Social Exuberant) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030: https://www.zionmarketresearch.com/report/online-poker-market

U.S. Registered Nurses Market By End-User (Ambulatory Healthcare Services, Hospitals, Nursing Homes, And Others), By Gender (Male And Female), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030: https://www.zionmarketresearch.com/report/us-registered-nurses-market

U.S. Education Market - By Type (Cloud And On-Premise); By Content (Audio-Based Content, Video-Based Content, And Text: https://www.zionmarketresearch.com/report/us-education-market

HVAC Equipment Market By End-Use (Commercial, Residential, And Industrial), By Product (Ventilation, Heating, And Cooling), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030: https://www.zionmarketresearch.com/report/hvac-equipment-market

U.S. Integrated Delivery Network Market By Services Type (Long Term Health And Acute Care / Hospital Service), By Integration Model (Vertical And Horizontal), And By Region - Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030: https://www.zionmarketresearch.com/report/us-integrated-delivery-network-market

Global Cryptocurrency Market - by Offering (Hardware, Software), by Process Type (Transaction, Mining), by End-User (Remittance, Media and Entertainment, Peer-To-Peer Payment, E-Commerce and Retail, Others), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast 2023 – 2030: https://www.zionmarketresearch.com/report/cryptocurrency-market

Global Crypto Trading Platforms Market By Cryptocurrency Type (Ethereum, Bitcoin, Solanda, Cardano, And Others), By End-User (Credit Unions, Fintech Companies, Banks, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028: https://www.zionmarketresearch.com/report/global-crypto-trading-platforms-market

Smart Contracts Market By End-User Industry (Healthcare, Banking & Insurance, Transportation/Logistics, Automotive, Government, Sports & Entertainment), By Technology (Ripple, Namecoin, And Ethereum), By Platform (Sidechains, Ethereum, Bitcoin, And NXT), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030: https://www.zionmarketresearch.com/report/smart-contracts-market

Quantum Cryptography Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast: https://www.zionmarketresearch.com/report/quantum-cryptography-market

Cloud Security Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-security-market

Cloud Services Brokerage and Enablement Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-services-brokerage-enablement-market

Cloud Encryption Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-encryption-market

Cloud Migration Services Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-migration-services-market

Cloud Billing Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-billing-market

Cloud High Performance Computing (HPC) Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts: https://www.zionmarketresearch.com/report/cloud-high-performance-computing

About Zion Market Research:

Zion Market Research is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Zion Market Research are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.

Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Follow Us on LinkedIn: https://www.linkedin.com/company/zion-market-research/

Follow Us on Twitter: https://twitter.com/zion_research

Follow Us on Facebook: https://www.facebook.com/zionmarketresearch

Follow Us on Pinterest: https://www.pinterest.com/zionmarketresearch/

Follow Us on YouTube: https://youtu.be/Y0Yfi7N8zSs

Contact Us:

Rushikesh Dorge

USA: +1 347 690-0211

United Kingdom: +44 2032 894158

Japan: +81 50 5806 9039

India: +91 7768 006 007

Web: https://www.zionmarketresearch.com/

Blog: https://zmrblog.com/

Blog: https://techratoon.com/

Still, Looking for More Information? OR Want Data for Inclusion in Magazine, Case Study, or Media?

Email Directly Here with Detail Information: sales@zionmarketresearch.com