The global crypto wallet market is projected to reach USD 48.27 billion by 2030, growing at a compound annual growth rate (CAGR) of 24.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Crypto wallets provide users with a secure way to store their private keys and facilitate cryptocurrency transactions. The rise in cryptocurrency usage for both personal and business purposes, increasing demand for enhanced security in crypto transactions, the widespread adoption of smartphones, and higher internet penetration are all expected to drive the market's growth during the forecast period.

The growing access to the internet and widespread use of smartphones are expected to significantly boost demand for crypto wallets. The number of internet users globally increased from 4,585 million to 4,901 million between 2020 and 2021. As internet use expands, cryptocurrencies are becoming more widely adopted around the world. Crypto wallets, which are user-friendly and downloadable, are gaining popularity among individuals who want to store, receive, and send cryptocurrencies. Additionally, the growing number of smartphones is boosting the number of mobile crypto wallet downloads, contributing to the market’s expansion.

The integration of crypto wallets into traditional financial services is gaining momentum. Banks and financial institutions are beginning to recognize the potential of cryptocurrencies and blockchain technology, leading them to explore partnerships with crypto wallet providers in order to offer secure access to digital assets for their customers.

The COVID-19 pandemic had a positive effect on the crypto wallet market. In the face of financial uncertainties and economic disruptions caused by the pandemic, cryptocurrencies demonstrated resilience, leading technologically savvy investors to turn to them as a more stable store of value. Furthermore, the rapid digitization and improvements in high-speed internet infrastructure spurred by the pandemic created an ideal environment for the growth of digital currencies. These factors are expected to continue supporting the expansion of the crypto wallet market.

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Crypto Wallet Market Report Highlights

• By wallet type: The cold wallet segment is expected to experience significant growth during the forecast period. As concerns over cyber threats rise, the demand for cold wallets, which provide a more secure method of storing cryptocurrency investments, is expected to increase.

• By operating system: The Android segment is expected to see substantial growth over the forecast period. The versatility of the Android ecosystem has made it easier for users to access and manage their cryptocurrency holdings. Android-based crypto wallet apps are available across various app stores, making them easy to download and install on smartphones and tablets.

• By application: The remittance segment is expected to register notable growth in the forecast period. Cryptocurrency remittance enables instant, real-time fund transfers with lower processing fees. Cryptocurrency companies are increasingly offering remittance services to meet the rising demand from users. The growth in cryptocurrency adoption is expected to further fuel this segment's expansion.

• By end-user: The individual segment is expected to register substantial growth over the forecast period. The number of global cryptocurrency users grew from 106 million in January 2021 to 295 million in December 2021. The increasing demand for cryptocurrencies for trading, as a store of value, for remittance, and for payments is expected to drive growth in the individual segment.

• By region: The Asia Pacific region is expected to be the fastest-growing market. The region is seeing a surge in fintech innovation and the rise of blockchain-related startups, which are contributing to the development of secure and user-friendly crypto wallet solutions.

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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 Type Outlook (Revenue, USD Million, 2017 - 2030)

• Hot Wallets

o Web-based Wallets

o Mobile Wallets

o Desktop Wallets

• Cold Wallets

o Paper Wallets

o Hardware Wallets

Crypto Wallet Operating System Outlook (Revenue, USD Million, 2017 - 2030)

• Android

• iOS

• Others

Crypto Wallet Application Outlook (Revenue, USD Million, 2017 - 2030)

• Peer-to-Peer Payments

• Trading

• Remittance

• Others

Crypto Wallet End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Individual

• Commercial

o BFSI

o Gaming

o Government

o Retail & E-Commerce

o Media & Entertainment

o Others

Crypto Wallet Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

o Italy

o Spain

• Asia Pacific

o China

o Japan

o India

o South Korea

• Latin America

o Brazil

• Middle East & Africa

o UAE

o Saudi Arabia

o South Africa

List of Key Players in the Crypto Wallet Market

• Coinbase Global, Inc.

• BitGo

• Binance

• BitPay

• SatoshiLabs s.r.o.(Trezor)

• Ledger SAS

• BlockFi Inc.

• Exodus Movement, Inc.

• ZenGo Ltd

• Crypto.com

• Blockchain.com, Inc.

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