Crypto Wallet Market Size To Reach $48.27 Billion By 2030

Crypto Wallet Market Growth & Trends

The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, growing at a CAGR of 24.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Crypto wallets help users store their private keys securely and use them while carrying out any transactions in cryptocurrency. The increasing use of cryptocurrency for individual and commercial use, the growing demand for enhanced security in crypto transactions, the expanding use of smartphones, and internet penetration are expected to drive the growth of the market over the forecast period.

The growing internet penetration and smartphone usage are expected to fuel the demand for crypto wallets. Internet users worldwide increased from 4,585 million to 4,901 million from 2020 to 2021. The increasing internet usage is contributing to the adoption of cryptocurrencies across the globe. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrency, which is easily accessible, and downloadable software. The increasing smartphone penetration is driving mobile crypto wallet downloads, thereby contributing to the market’s growth.

The integration of crypto wallets into mainstream financial services is gaining momentum. Traditional banks and financial institutions are recognizing the potential of cryptocurrencies and blockchain technology. Consequently, they are exploring partnerships with crypto wallet providers to offer their customers secure access to digital assets.

The COVID-19 pandemic had a positive impact on the crypto wallet industry. In the face of financial extremities and economic meltdowns created due to the pandemic, cryptocurrencies have proved more resilient. During this economic downturn, technologically inclined investors sought cryptocurrencies as a steadier store of value, which created a boom in the cryptocurrency market. Moreover, the rapid digitization and high-speed internet infrastructure growth fueled by the pandemic created a rich environment for digital currency. All these factors are expected to contribute to the growing market for crypto wallets in the future.

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Crypto Wallet Market Report Highlights

• Based on wallet type, the cold wallets segment is expected to witness significant growth over the forecast period. With the growing concerns over cyber threats and the importance of securing cryptocurrency investments, the demand for cold wallets is expected to surge

• Based on operating system, the Android segment is expected to witness significant growth over the forecast period. The flexibility of the Android ecosystem has made it easier for users to access and manage their cryptocurrency holdings. Android crypto wallet apps are available through various app stores and can be easily downloaded and installed on smartphones and tablets

• Based on application, the remittance segment is expected to register significant growth over the forecast period. Cryptocurrency remittance enables immediate fund transfers in real-time at lower processing fees. Cryptocurrency companies are increasingly offering remittance services to cater to the growing demand from cryptocurrency users. The increasing demand for cryptocurrency is expected to fuel the segment's growth

• Based on end-user, the individual segment is expected to register significant growth over the forecast period. The global cryptocurrency users increased from 106 million in January 2021 to 295 million in December 2021. The increasing demand for cryptocurrencies for trading, store of value, remittance, and payments is expected to drive the growth of the individual segment.

• Based on region, the Asia Pacific is anticipated to emerge as the fastest-growing regional market. The region is witnessing a surge in fintech innovation and blockchain-related startups, leading to the development of user-friendly and secure crypto wallet solutions.

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

  • Web-based Wallets

  • Mobile Wallets

  • Desktop Wallets

• Cold Wallets

  • Paper Wallets

  • 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

  • BFSI

  • Gaming

  • Government

  • Retail & E-Commerce

  • Media & Entertainment

  • Others

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

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • 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.