Global Crypto Wallet Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029)
SKU ID : Maia-22509324 | Publishing Date : 08-Feb-2023 | No. of pages : 127
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).
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.
With major suppliers in the Crypto Wallet industry competing at 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. 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 the 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.
Geographically, North America held the largest market share – 31.22% in 2021.
Coinbase is one of the major players operating in the Crypto Wallet market, holding a share of 13.06% in 2020.
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 Holdings Ltd. operates as a cryptocurrency exchange platform. The Company provides currency payment services. Binance Holdings offers services across worldwide.
Among different product types, Software Wallets segment is anticipated to contribute the largest market share in 2027.
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 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.
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 the in-depth knowledge of its 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.
The market's largest segment by application is the segment Hot Wallets, with a market share of 77.14% in 2021.
The difference between hot wallet and 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.
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.
The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Crypto Wallet market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives.
For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors.
As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain challenges, among other essential research elements are all covered.
This report provides an overview of the global Crypto Wallet market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Crypto Wallet and its sub-markets in an intuitive way.
Key Companies in the global Crypto Wallet market covered in Chapter 3:
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:
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Crypto Wallet market from 2018 to 2029 covers:
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)
Key Factors Considered
Amid the COVID-19 crisis, the Crypto Wallet market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.
Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.
Challenges & Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
Chapter 1 starts the report with a brief overview of the research scope, as well as the definitions of the target market and the subdivisions.
Chapter 2 integrates and sketches the research findings and conclusions in a clear and explicit way.
Chapter 3 presents the competitive landscape by displaying the sales, revenue, and market shares of the top players. It also profiles the major market participants with their business introductions, sales, price, revenue, gross, growth rates, etc.
Chapter 4 breaks down the market by different product types and shares data correspondingly with the aim of helping the readers know how the market is distributed by type.
Chapter 5 segments the market by downstream industry, with data covers sales, revenue, and growth rate tracing back to 2018.
Chapter 6 is the analysis of the whole market industrial chain, ranging from upstream raw materials to downstream customers, with regional conflicts taken into consideration.
Chapter 7 elaborates on market dynamics. Factors that drive, challenge, or restrain the market are all listed, together with industry news, opportunities, impacts of COVID-19, and SWOT analysis.
Chapter 8 shows the breakdown data at the regional level, which enables the readers to picture the regional competitive pattern of the market and learn about the revenue, sales, and market share of all the major regions.
Chapter 9-13 focus on each and every of the major region, specifically, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Sales, price, revenue, gross, gross margin, among others, will be all be presented.
Chapter 14 forecasts the future trend of the market not only as a whole but also from the perspective of all segments.
Years considered for this report:
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region