Crypto Wallet Market to grow by USD 686.05 million from 2021 to 2026 | Growth Driven by People's inclination towards digital currency- Technavio

NEW YORK, Sept. 18, 2023 /PRNewswire/ — The crypto wallet market by product (software-based and hardware-based) and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to the Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the crypto wallet market from 2021 to 2026 is USD 686.05 million, according to Technavio. People’s inclination towards digital currency is a key factor driving market growth. Digital currencies offer a world of possibilities with faster and more affordable bank transfers, a boom in retail e-commerce, an increase in currency transactions in low-income countries, and an increase in international remittances. Furthermore, payment in digital currency will reduce payment risks in the financial system. The need for a reliable, long-term store of value is a popular reason to invest in cryptocurrencies. Most cryptocurrencies, unlike fiat currencies, have a limited supply constrained by mathematical algorithms. Hence, this inclination toward digital currencies is expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The misuse and security attacks that confine the adoption of cryptocurrencies is significant challenge restricting market growth. Many regulators are concerned about criminals increasingly abusing digital currency for illegal activities, as it is an unregulated, decentralized, and uncontrolled exchange platform. Furthermore, criminals use digital currencies to carry out a variety of illegal activities, including tax evasion, money laundering, and terrorist financing. Businesses and governments are concerned that criminals can hide their financial activities from authorities due to the decentralized and anonymous nature of digital money transfers. In addition, the government has the right to restrict cryptocurrency exchanges according to legislation regarding the monitoring of illegal activities. Hence, this inclination toward digital currencies is expected to restrict market growth during the forecast period.

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The crypto wallet market is segmented by product (software-based and hardware-based) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The crypto wallet market share growth by the software-based segment will be significant during the forecast period. The software-based segment growth can be attributed to how simple it is to use, as software-based wallets operate online. Software wallets are essentially desktop apps or browser add-ons that make it easy to send, receive, and store cryptocurrencies. Since funds are held online, software wallets are also known as hot wallets. The growth of the software segment can be attributed to its ease of use as software wallets operate online. Furthermore, it acts like a browser plugin, allowing users to easily interact with things like decentralized applications and decentralized finance (DeFi) protocols. In addition, software wallets relate to public and private keys, which facilitate transactions and serve as a guarantee of security. Hence, this inclination toward digital currencies is expected to drive segment growth during the forecast period.

With a 41% share, North America is currently the largest market for Crypto Wallets due to the presence of new players and growing demand from this region.

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Key Companies in the Crypto Wallet Market:

ARCHOS SA, Binance Services Holdings Ltd., BitGo Inc., BitLox Ltd., BitPay Inc., Bittrex Global GmbH, Breadwinner AG, Coinkite Inc., CoolBitX Ltd., ELLIPAL Ltd., Exodus Movement Inc., Gemini Trust Co. LLC, iFinex Inc., Ledger SAS, OPOLO Sarl, SecuX Technology Inc., ShapeShift AG, Shift Crypto AG, Sofitto NV, and Trezor Company sro

Related Reports

The e-wallet market size is estimated to grow at a CAGR of 26.41% between 2022 and 2027. The market size is forecast to increase by USD 163.43 billion. The growth of the market depends on several factors, including the rising number of online transactions, the rise in the use of wireless networks, and the surge in compliance requirements.

The Global Cryptocurrency Market size is estimated to grow at a CAGR of 15.81% between 2022 and 2027. The market size is forecast to increase by USD 1,815.78 million. This cryptocurrency market report extensively covers market segmentation by Type (bitcoin, Ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). Rising investment in digital assets is one of the key drivers fueling the cryptocurrency market’s growth.

Crypto Wallet Market Scope
Report Coverage	Details
Base year	2021
Historic period	2017-2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 24.19%
Market Growth 2022-2026	USD 686.05 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	16.23
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 41%
Key countries	US, China, UK, Germany, and Switzerland
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ARCHOS SA, Binance Services Holdings Ltd., BitGo Inc., BitLox Ltd., BitPay Inc., Bittrex Global GmbH, Breadwinner AG, Coinkite Inc., CoolBitX Ltd., ELLIPAL Ltd., Exodus Movement Inc., Gemini Trust Co. LLC, iFinex Inc., Ledger SAS, OPOLO Sarl, SecuX Technology Inc., ShapeShift AG, Shift Crypto AG, Sofitto NV, and Trezor Company sro
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by WRITERS

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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