On October 31, 2023, ResearchAndMarkets.com released a report titled “Crypto Wallet Market Size, Share & Trends Analysis Report By Wallet Type (Hot Wallets, Cold Wallets), By Operating System (Android, iOS), By Application, By End-user, By Region, And Segment Forecasts, 2023 – 2030”. The report estimates that the global crypto wallet market size will reach USD 48.27 billion by 2030, with a CAGR of 24.8% from 2023 to 2030.
Crypto wallets allow users to securely store their private keys and use them for crypto transactions. The increasing use of cryptocurrency for individual and commercial use, the growing demand for improved 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 drive 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.
The COVID-19 pandemic had a positive impact on the crypto wallet industry. In the current economic downturn, technologically inclined investors are seeking cryptocurrencies as a more stable store of value, which has caused a boom in the cryptocurrency market. Additionally, the rapid digitization and high-speed internet infrastructure growth propelled by the pandemic has created a favorable environment for digital currency, which is expected to contribute to the growing market for crypto wallets in the future.
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.
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. Crypto companies are increasingly offering remittance services to cater to the growing demand from cryptocurrency users.
Based on end-user
