Crypto Wallet Market Size, Share - Industry Forecast 2031 (2024)

Crypto Wallet Market size was valued at USD 6.75 billion in 2019 and is poised to grow from USD 8.42 billion in 2023 to USD 61.87 billion by 2031, growing at a CAGR of 24.8% in the forecast period (2024-2031).

Crypto wallet aid in the storage of confidential keys, keeping crypto secure and accessible. In short, is nothing more than a safe place to keep your proof of ownership. They also allow you to send, receive, and spend cryptocurrencies such as Bitcoin, Ethereum, and many others. Crypto wallet ranges from simple apps to complex security solutions. A cryptocurrency wallet is a physical medium, device, programme, or facility where private and/or public keys for cryptocurrency transactions are stored. Whereas Satoshi Nakamoto created the first cryptocurrency wallet in 2019 when he published the bitcoin protocol.

The Covid-19 has had a positive impact on the growth of the global market by increasing the rate of change in financial services. As Tether, Bitcoin, Ethereum, and other cryptocurrencies have gained popularity. In the final days of 2020, the digital asset surpassed USD 28,000 to set a new high. However, the Covid-19 pandemic has a minor negative impact on the market because the level of consistency has significantly decreased.

US Crypto Wallet Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

The Global Crypto Wallet Market is segmented based on the Type, Downstream Fields, End-User and region. Based on the Type, the market is segmented into Software Wallets, Hardware Wallets and Paper Wallets. The Software Wallets further segmented into Web (Or Crypto Exchange) Wallets, Mobile Wallets, and Desktop Wallets. Based on the Downstream Fields, the market is bifurcated into Hot Wallets, Cold Wallets. Based on the End user, the market is segmented into Trading, E-Commerce and Retail, Peer-To-Peer Payment, Remittance. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Crypto Wallet Market Analysis by Type

In 2021, the Software wallets led the market in terms of revenue share. Between 2018 to 2020, there is a nearly 190% increase in crypto wattles globally. Followed by Software wallets, Hardware wallets account for the second major revenue share in 2021. In order to keep user private keys on a safe, encrypted hardware device, hardware wallets are specialized cryptocurrency wallets. In order to protect sensitive data, hardware wallets are designed to let users store private keys in a secure location on a microcontroller. The hardware wallet gadget connects to electronic apps using Bluetooth and near-field communication technologies. Due to the increase in demand for trading in cryptocurrencies and digital currencies, this gadget is widely used on a business basis. Additionally, the wallet programs are built with an improved theft-free and hacker-proof module to make devices impervious to any potential threats.

Crypto Wallet Market Driver

Increasing Public Knowledge of Cryptocurrencies

• One of the main factors propelling the growth of the crypto wallet market is the enormous demand for cryptocurrencies around the globe. Due to their exceptional qualities and technologies, cryptocurrencies are rapidly expanding in popularity across the globe. The prevalence of developed nations like the United States, Europe, Japan, and many others suggest that people are inclined to use digital currency. Because of this, public knowledge of cryptocurrencies is greatly increasing.

Worldwide Adoption of Cryptocurrencies

• More than 300 million people utilise cryptocurrencies worldwide, with roughly 28 million coming from the United States and more than 38 million from Europe. Worldwide adoption of cryptocurrencies and understanding of their advantages is surging, creating enormous prospects for a crypto wallet. Since it enables the sending and receiving of different coins. As a result, this element is dynamically escalating the global market.Restraint

High Price of Crypto Wallet

• The market for crypto wallet would be hampered by their high cost. A wallet can cost anywhere between $0 and $200 or more. If a wallet to complete an exchange, then it will most likely be charged a flat fee of a few dollars or a percentage of the total transaction value.

There are several large and medium-sized companies competing in the market. To stay afloat in the global Crypto Wallet market, the market's major players are constantly implementing various growth strategies. Some of the growth strategies used by these key players to thrive in the competitive global Crypto Wallet market include product launches, innovations, mergers and acquisitions, collaborations and partnerships. For Instance, In Feb 2022, ConsenSys acquires MyCrypto, an Ethereum wallet, with plans to merge it with MetaMask. The acquisition will eventually expand MetaMask's platform support and integrations.

Crypto Wallet Market Top Player's Company Profiles

• BitGo
• Binance
• Coinbase Global, Inc.
• Ledger SAS
• Trezor (a subsidiary of SatoshiLabs s.r.o.)
• Exodus Movement, Inc.
• ShapeShift AG
• BitPay, Inc.
• MyEtherWallet, LLC
• Electrum Technologies GmbH
• Blockstream Corporation
• KeepKey LLC (a subsidiary of ShapeShift AG)
• CoolBitX Technology Ltd.
• Digital BitBox Ltd.
• Trustology Ltd.
• Samourai Wallet
• Coinomi Ltd.
• Atomic Wallet
• Guarda Wallet
• Infinito Wallet

Crypto Wallet Market Recent Developments

• In February 2022, ConsenSys acquires MyCrypto, an Ethereum wallet, with plans to merge it with MetaMask. The acquisition will eventually expand Meta Mask’s platform support and integrations.
• In Jan 2022, EarlyBird Introduced an Industry-First Crypto Wallet for Families, providing a New Way to Build Wealth for the Next Generation Using Digital Assets.
• In Jan 2022, Opera has released a beta version of its Web3 "Crypto Browser," which includes a built-in crypto wallet, easy access to cryptocurrency/NFT exchanges, support for decentralised apps, and other features.
• In December 2021, WhatsApp has launched a new pilot programme in the United States that allows a "limited number" of people to send and receive money from a chat using cryptocurrency. Novi, Meta's digital wallet that was introduced as a pilot, manages the feature.

• Technological advancements and innovations in the crypto world are another factor driving massive revenue for the global crypto wallet market. Because of their numerous benefits, a variety of crypto wallet are available, including eToro, Coinbase, Binance, Huobi, and many more.
• With the release of Trezor Suite, using hardware wallets became even more accessible and intuitive, and there was a surge in interest in Trezor devices and the associated ecosystem. A growing number of bitcoin/cryptocurrency users understand the importance of keeping their coins away from exchanges.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Market Analysis, in 2021, the North America region led the global market. The massive demand for cryptocurrencies around the world is one of the main factors driving the growth of the market. Cryptocurrencies are rapidly gaining popularity around the world due to their exceptional qualities and technologies. People in developed countries such as the United States, Europe, Japan, and others are more likely to use digital currency. As a result, public awareness of cryptocurrencies is growing rapidly.