San Francisco, October 27, 2022 /PR Newswire/ — global cipher wallet market expected to reach size US$48.27 billion According to a new report from Grand View Research, Inc., it will register a CAGR of 24.4% during the forecast period by 2030. Crypto wallets help users safely store their private keys and use them when making transactions in cryptocurrencies. Rising personal and commercial use of cryptocurrencies, increasing demand for enhanced security of crypto transactions, growing smartphone usage, and internet penetration are the factors expected to drive the growth of crypto wallets during the forecast period. .
Key industry insights and findings from the report:
- The hot wallet segment is expected to witness significant growth during the forecast period. Hot wallets are internet-linked downloadable crypto wallet software that can be downloaded to your mobile or desktop. Hot wallets are a popular type of crypto wallet due to their accessibility and ease of use. Increasing smartphone usage and rising internet penetration are factors expected to contribute to the growth of the segment.
- The Android segment is expected to grow significantly during the forecast period. Private crypto wallets that use the Android operating system are generally unmanaged hot software wallets that can be downloaded to your Android device. These crypto wallets allow users to trade cryptocurrencies while managing their private keys. Increasing adoption of Android smartphones is boosting the growth of the Android segment.
- The remittance segment is expected to register significant growth throughout the forecast period. Cryptocurrency transfers enable real-time instant transfers with lower processing fees. Cryptocurrency companies are increasingly offering money transfer services to meet the growing demand from cryptocurrency users. Increasing demand for cryptocurrencies is expected to boost the growth of the segment.
- Individual segments are expected to register significant growth during the forecast period. Global cryptocurrency users have grown from 106 million. January 2021 295 million December 2021Growing demand for cryptocurrencies used for transactions, stores of value, remittances, and payments is expected to drive growth in the individual segments.
- of Asia Pacific With a larger customer base and a sizeable number of startups investing and innovating in the digital currency landscape, it is expected to emerge as the fastest growing regional market. Increasing numbers of tech-minded financial investors are also expected to drive the crypto wallet market in the region.
Read the full 170-page market research report, Crypto Wallet Market Size, Share and Trends by Wallet Type (Hot Wallet, Cold Wallet), Operating System (Android, iOS, Others), Application, End Use (Personal, Commercial), Region and Segment Analysis Report Forecast, 2022-2030published by Grand View Research.
Crypto Wallet Market Growth and Trends
Crypto wallets allow users to send, store, and receive cryptocurrencies such as Bitcoin, Ethereum, and Ripple. Crypto wallets store private keys for cryptocurrencies and keep them safe. The growing traction of Met Aberth and Web 3.0 is expected to drive future demand for cryptocurrencies and cryptocurrency wallets. Cryptocurrencies are expected to serve as the primary tool for trading, purchasing, or moving on the metoaverse.
Internet penetration and increasing smartphone usage are factors expected to boost the demand for cryptocurrency wallets. Internet users worldwide increased from 4.585 billion to 4.901 billion in 2020-2021. The increasing use of the internet has contributed to the adoption of cryptocurrencies around the world. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrencies, easily accessible, downloadable software. Rising smartphone penetration is driving the download of mobile crypto wallets, contributing to the growth of the market.
Companies around the world recognize the importance of cryptocurrencies. Apart from personal use, cryptocurrencies are increasingly being used as a store of value and a medium for transactions by businesses. Cryptocurrencies are being used as new vehicles to enhance traditional financial activities, such as enabling real-time and expedited payment transactions and managing the risks and opportunities involved in digital investments. Increasing adoption of cryptocurrencies for commercial use is driving the adoption of crypto wallets, thereby driving the growth of the market.
COVID-19 has had a positive impact on the crypto wallet market. Cryptocurrencies have proven more resilient in the face of financial extremes and economic meltdowns caused by the pandemic. During these recessions, tech-savvy investors sought cryptocurrencies as a more stable store of value, creating a boom in the cryptocurrency market.
Additionally, the rapid digitization and growth of high-speed internet infrastructure, boosted by the pandemic, has created a fertile environment for digital currencies. All these factors are expected to contribute to the growth of the crypto wallet market in the future.
Crypto Wallet Market Segmentation
Grand View Research has segmented the global crypto wallet market based on wallet type, operating system, application, end user, and region.
Crypto Wallet Market – Type Outlook (Revenue, USD Million, 2017 – 2030)
- hot wallet
- web based wallet
- mobile wallet
- desktop wallet
- cold wallet
- paper wallet
- hardware wallet
Crypto Wallet Market – Operating Systems Outlook (Revenue, USD Million, 2017-2030)
Crypto Wallet Market – Application Outlook (Revenue, USD Million, 2017-2030)
- peer-to-peer payments
- money transfer
Crypto Wallet Market – End User Outlook (Revenue, USD Million, 2017-2030)
- Retail and e-commerce
- media & entertainment
Crypto Wallet Market – Regional Outlook (Revenue, USD Million, 2017-2030)
- North America
- Asia Pacific
- latin america
- middle east & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
List of Key Players in the Crypto Wallet Market
- Coinbase Global Co., Ltd.
- bit go
- bit pay
- Satoshi Laboratory sro
- Ledger SAS
- Blockphi Co., Ltd.
- Exodus Movement Co., Ltd.
- Zen Go Co., Ltd.
- crypto dot com
- Blockchain.com, Inc.
Check out other related studies published by Grand View Research.
- Web 3.0 blockchain market – Global Web 3.0 blockchain market size is expected to reach US$33.53 billion According to a new report by Grand View Research, Inc., it is growing at a CAGR of 44.9% from 2022 to 2030 by 2030. A key feature is the ability of Web 3.0 to allow users to use decentralized blockchain technology to access decentralized applications. Factors driving market growth. Web 3.0 provides awareness based on the user’s search content and gives the user control over the data on her website.
- Cryptocurrency market – Global cryptocurrency market size is expected to reach US$11.71 billion According to a new study conducted by Grand View Research, Inc., it will register a CAGR of 12.2% from 2022 to 2030 by 2030. Market growth is expected to be fueled by better data security, operational transparency, and increasing demand for embedded research into blockchain technology in digital payment systems. Additionally, the legalization of buying, selling, and trading digital currencies in several developed countries such as the United States has fueled the expansion of the industry.
- Cryptocurrency exchange platform market – The market size of the global cryptocurrency exchange platform is US$264.32 billion According to a new study conducted by Grand View Research, Inc., it will grow at a CAGR of 27.8% by 2030 and at a CAGR from 2022 to 2030. Growing awareness of cryptocurrencies and their benefits such as flexibility and security are driving the growth of the industry. The emphasis on secure and decentralized networks with the emergence of blockchain technology also bodes well for the market growth. Several market players are investing in research and development activities to introduce advanced and innovative exchange platforms. for example, July 2022Billium, an exchange based in dubai, announced the launch of a new-age platform for more effective and efficient execution of decentralized transactions. This is integrated with a copy trading feature named “Billium Copy Trading” that allows novice users to follow the trades of the pros.
About Grandview Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and customized research reports and consulting services.registered with California headquartered in San Francisco, the company is made up of over 425 analysts and consultants, adding over 1200 market research reports to its vast database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business landscape and assess upcoming opportunities with the help of an interactive market intelligence platform.
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