Global Crypto Wallet Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Crypto Wallet Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A crypto wallet is a tool a software program that is sometimes accompanied by a hardware device that allows users to interact with the underlying blockchain network. From a more practical perspective, a cryptocurrency wallet allows users to send, receive, and store digital assets. Crypto wallets have multiple types, with each offering a different level of security, convenience, as well as features. Crypto wallet usually appears in various forms (hardware wallet, software wallet, paper wallet).

Market Overview:


The latest research study on the global Crypto Wallet market finds that the global Crypto Wallet market reached a value of USD 8052.98 million in 2022. It’s expected that the market will achieve USD 40244.7 million by 2028, exhibiting a CAGR of 30.76% during the forecast period.

With the outbreak of Covid-19 outbreak, the Federal Reserve introduced unprecedented relief and monetary easing policies, and many well-known Wall Street investors began to switch to Bitcoin. The downloads of Crypto Wallet applications including Coinbase, Blockchain Wallet, Crypto.com, BRD and Binance also reached a record high in July. Forbes magazine's evaluation package said that this trend means that Bitcoin has come to the early stage of another bull market. According to the research data of Apptopia, an application data website, in July 2020, the net newly installed Crypto Wallet applications ranked in the top ten increased by about 81% year-on-year. The rapidly growing demand for cryptocurrency during the pandemic promoted the growth of crypto wallet market.

At the same time, the number of phishing and website scams using COVID-19 epidemic increased exponentially. These include websites peddling fake COVID-19 cryptocurrency and Crypto Wallet aimed at stealing phishing data. In July 2020, Ledger, a bitcoin hardware wallet manufacturer, revealed that its e-commerce database was hacked in June 2020, leaking 1 million emails and some personal documents. Fortunately, no user funds were affected by the violation. Under the epidemic situation, the increase of hacker's attack behavior urges industry participants to further strengthen the security measures of crypto wallet.

Stiff competition

With major suppliers in the Crypto Wallet industry competing globally, the intensity of competition within the Crypto Wallet industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies enter the business consequently as venturing into a Crypto Wallet business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established Crypto Wallet suppliers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes. The fierce competition is not conducive to the sustainable development of the industry.

Emerging and growing market in APAC

On the basis of regions, the global Crypto Wallet market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Different social factors in these markets determine the degree of development of the Crypto Wallet market to a certain extent. North America is a key region of the market and is projected to dominate the global market during the forecast period followed by Europe. The growth of the market in the region is attributed to several renowned and strong market players. companies are constantly working on the application of Crypto Wallet in private and public organizations. In APAC, the demand for Crypto Wallet is on the rise. With the implementation of advanced technologies, APAC is expected to grow considerably, resulting in better opportunities for crypto wallet providers.

Region Overview:



Geographically, North America held the largest market share 31.22%in 2021.


Company Overview:


Coinbase is one of the major players operating in the Crypto Wallet market, holding a share of 13.06% in 2020.

Coinbase

Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin.

Binance

Binance Holdings Ltd. operates as a cryptocurrency exchange platform. The Company provides currency payment services. Binance Holdings offers services across worldwide.

Segmentation Overview:


Among different product types, Software Wallets segment is anticipated to contribute the largest market share in 2027.

Software

Software wallet refers to the private key management software running on a computer or mobile phone. They are usually not only free but also open-source and easy to use. The biggest disadvantage of software wallet is that it is easy to be stolen by malicious software. Whether you use it on a desktop computer or a mobile phone, you need to ensure the security of the running environment.

Hardware

Hardware wallet is a physical device that stores the private key of cryptocurrency offline in the encryption device. Because its private key is stored offline, the security of hardware wallet is higher. Up to now, there has not been a large-scale loophole in the hardware wallet or the money stolen by hackers. In addition, the hardware wallet can also be compatible with the software wallet, thus allowing users to access the wallet from the network interface, making the transaction look easy. Users only need to insert hardware wallets into networked computers or devices and use passwords to transfer money more safely.

Paper Wallets

A paper wallet contains a public and private key pair for making crypto transactions. It is created with a key generator program and printed on paper as two strings of characters and two QR codes. A paper wallet is a noncustodial cold storage wallet meaning you control the keys yourself, and the wallet is not connected to the internet. Paper wallets often prove to be too difficult to manage, especially for beginners and casual users who lack in-depth knowledge of their mechanics.
Paper wallets become popular in late 2010 and began to wane around 2016. it is no longer suggested to use paper wallets as a secure crypto storage method.

Application Overview:


The market's largest segment by application is the segment Hot Wallets, with a market share of 77.14% in 2021.

Hot Wallets

The difference between the hot wallet and the cold wallet is whether these different encrypted wallet types are connected to the Internet. Hot wallets have been connected to the Internet, enabling them to communicate directly with their respective blockchain in real time. This can accelerate the processing speed and improve the liquidity and efficiency of the market. Hot wallet is very popular among mobile users, which can easily transfer a small amount of cryptocurrency. However, these wallets are hosted, which means that third parties control the private keys of the assets in the wallets. This represents a security hole, which makes assets easily exposed to hackers.

Cold Wallets

As for the industry standard of secure storage of cryptocurrency assets, the cold wallet is represented by offline digital asset wallet, and usually takes the form of hardware equipment or paper wallet. Because the cold wallet is completely offline, it can provide a higher level of security. Users, exchanges and projects all prefer hardware wallets as a long-term storage solution for cryptocurrency assets.

Key Companies in the global Crypto Wallet market covered in Chapter 3:

OPOLO SARL
BitMex
BitPay
Coinbase
ShapeShift
Ledger SAS
Sugi
BitGo
BitLox
CoolBitX Technology
ELLIPAL Limited
Trezor
Exodus
Binance
Bittrex
ARCHOS
Shift Crypto AG

In Chapter 4 and Chapter 14.2, on the basis of types, the Crypto Wallet market from 2018 to 2029 is primarily split into:

Hot Wallets
Cold Wallets

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Crypto Wallet market from 2018 to 2029 covers:

Commercial
Individual

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)