Crypto Wallets Market to be dominated by North America region through 2027
The rise in adoption of
digital currencies and growing security in online transactions are expected to
drive the demand for the global crypto wallets market in the forecast period,
2023-2027.
According to TechSci Research report, “Crypto Wallets Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, the global crypto wallets market is anticipated to witness
prominent growth in the forecast period, 2023-2027. Crypto wallets or hardware
wallets store the user's private key in a secure encrypted hardware device.
Crypto wallets store confidential keys and keep the crypto safe and available.
A private key is a confidential information that allows the outgoing
transactions on the blockchain network. They are also the transactions of
cryptocurrencies, including the send, receive, and delivery of Ethereum,
Bitcoin, and many more. Factors such as a rise in the significant investments from
the key players to proliferate the use of crypto wallets in commercial and
private sectors and growth in demand for next-generation payment generation
across the globe primarily drive the global crypto wallets market growth in the
coming years. Companies indulging in the crypto wallets industry are
experiencing massive demand worldwide. The flexibility in using crypto wallets
increases the number of people using multiple cryptocurrencies.
However, the high cost
of crypto wallets and stringent government regulations against cryptocurrency
may restrain the global crypto wallets market growth in the next five years.
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data Figures spread through 110 Pages and an in-depth TOC on "Crypto Wallets Market"
The global crypto
wallets market is segmented type, end use, application, regional distribution,
and competitive landscape.
Based on the type, the
market is divided into hot wallet & cold wallet. The hot wallet is expected
to hold the largest market share over the next five years, 2023-2027. They are
easy to use and to make a transaction, there is no need to transition between
online and offline modes. Hot wallets are linked with public and private keys
to ease transactions, enhancing the security of transactions. Several of the
consumers are using the combination of hot and cold wallets as each of the
wallets can be used for a specific purpose and thereby creates a balance
between ease of use and security while using and trading cryptocurrency. The
majority of the exchanges store maximum funds of their customers offline in a
matrix of cold wallets and keep the required sum for withdrawal purposes in hot
wallets. Therefore, the growing popularity of cryptocurrencies and the
emergence of several crypto wallet apps and platforms are expected to boost the
global crypto wallet market growth in the coming years.
Based on the end use,
the market is divided into trading, e-commerce, retail, peer-to-peer payment,
and remittance. The trading segment is expected to capture the highest market
share in the next five years. The rise in awareness about the monetary benefits
of trading, such as the generation of additional income, is attracting
consumers to invest in it. With the help of trading, consumers are able to
raise their living standards and provide their families with affordable goods
and services. Also, the increase in the presence of crypto solutions such as
Coinrule, Cryptohopper, Pionex, Bitsgap, and others are driving the market
demand.
Based on the
application, the market is divided into commercial & individual. The
individual segment is expected to account for a significant market share in the
coming years. They are investing substantial amounts to generate an additional
source of income to improve their current living standards. Market players are
launching platforms with a user-friendly interface allowing them to invest in
cryptocurrencies easily. The ease in regulations to use digital currencies and
growth in consumer awareness are expected to boost the segment growth in the
coming years.
Major market players
operating in the global crypto wallets market is:
- ARCHOS
- CoolBitX Technology
- BitLox
- ELLIPAL Limited
- OPOLO SARL
- Ledger SAS
- ShapeShift
- Satoshi Labs SRO
- Shift Cryto AG
- Sugi
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“The North American region dominates the
market and is expected to maintain a dominant market share over the next five
years, 2023-2027. North America has one of the largest crypto wallets
worldwide. The presence of numerous market players and the technological
innovations in the cryptocurrency industry favor the market growth in the
region. The United States is one of the most developed countries worldwide and
is considered ahead of other economies in terms of technology and development.
Also, the surge in acceptance of digital cash by consumers and retailers and
the increased popularity of bitcoin mining are expected to propel the global
crypto wallets market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Crypto Wallets Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented
By Type (Hot Wallet & Cold Wallet), By End Use (Trading, E-Commerce,
Retail, Peer-To-Peer Payment, Remittance), By Application (Commercial &
Individual), and By Region”, has evaluated the future growth potential of global crypto
wallets and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global crypto wallets market.
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