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Crypto Wallet Market Size, Share , Latest Trends, Key Players And Forecast To 2033
Crypto Wallet Market Share
According to The Business Research Company's, The crypto wallet market size has grown exponentially in recent years. It will grow from $10.93 billion in 2023 to $14.39 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%. The growth in the historic period can be attributed to increased interest and growth in cryptocurrency investments, expansion of the cryptocurrency ecosystem, rise in adoption of cryptocurrencies for online transactions, increased demand for user-friendly and accessible crypto wallets, and increased popularity of non-fungible tokens.
The crypto wallet market size is expected to see exponential growth in the next few years. It will grow to $43.66 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to the increasing adoption of cryptocurrencies, the growing acceptance of digital assets, the rising popularity of mobile and web-based wallet applications, and the rising demand for hardware wallets. Major trends in the forecast period include mobile wallet adoption, biometric wallet security, green wallet solutions, gamification of wallets, and technological advancements.
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Market Drivers and Trends:
The increasing number of crypto transactions is expected to propel the growth of the crypto wallet market going forward. Crypto transactions include the purchase, sale, and transfer of cryptocurrencies between users, which are often facilitated by blockchain technology. The number of crypto transactions grows due to adoption of cryptocurrencies as a medium of exchange and investment, expanding acceptance by merchants and businesses, and innovations in blockchain technology improving transaction speed. Crypto wallets offer consumers and organizations a secure, convenient, and effective way to conduct Bitcoin transactions, manage digital assets, and participate in the burgeoning blockchain ecosystem. For instance, in January 2022, according to Chainalysis, a US-based blockchain analysis company, the overall cryptocurrency transaction volume grew to $15.8 trillion in 2021, a 567% increase over the same period in 2020. Therefore, the increasing number of crypto transactions is driving the growth of the crypto wallet market.
Major companies operating in the crypto wallet market are focusing their efforts on introducing solutions that utilize advanced technologies, such as multi-party computation technology, to provide a secure, self-custodial crypto wallet and gain a competitive edge in the market. Multi-party computation improves security and privacy in cryptocurrency wallets by allowing many parties to compute functions over their private inputs without disclosing them. For instance, in November 2023, Binance Holdings Limited, a Malta-based cryptocurrency company, launched Binance Web3 Wallet, a cryptocurrency wallet with self-custody integrated right within the Binance mobile app. It acts as a digital gateway to the Web3, giving users a safe and easy method to transact with decentralized apps, trade tokens between different networks, move money between an exchange and a wallet, get returns on their cryptocurrency, and do a lot more, all inside the confines of a safe wallet. The use of Multi-Party Computation (MPC), an advanced security technique, eliminates the need for users to manage or recall seed phrases while maintaining security and self-custody.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Bittrex Holdings Inc., Digital BitBox Ltd., Coinbase Global Inc., Binance Holdings Limited, Crypto.com, Gemini Trust Company LLC, BitPay Inc., Ledger SAS, Bitfinex, Blockchain.com Inc., Blockstream Corporation, Coinomi Ltd., Trezor Company s.r.o, BitGo Inc., KeepKey LLC, ZenGo Ltd., CoolBitX Technology Ltd., Exodus Movement Inc., Electrum Technologies GmbH, BlockFi Inc., Guarda Wallet, MyEtherWallet LLC, Trustology Ltd., Atomic Wallet
Crypto Wallet Market 2024 Key Insights:
• The crypto wallet market size is expected to see exponential growth in the next few years. It will grow to $43.66 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%.
• Surge In Crypto Transactions Boosting The Crypto Wallet Market Growth
• Increasing Focus On Adoption Of Multi-Party Computation (MPC) Technology In Crypto Wallets
• North America was the largest region in the crypto wallet market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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