Crypto Wallet Market Expected to Grow USD 686.05 Million; Driven by people’s inclination towards digital currency – Technavio

NEW YORK, November 14, 2022 /PRNewswire/ — The “Crypto Wallet Market by Service and Geography – Forecast and Analysis 2022-2026report has been added to Technavio’s offering. The report forecasts the market size to increase by $686.05 million, accelerating at a CAGR of 24.19% during the forecast period. The report offers a comprehensive analysis of the drivers, trends, and challenges impacting the market size. Discover the market potential and make informed business decisions based on qualitative and quantitative evidence highlighted exclusively in this market research. Download a free sample report

Global Crypto Portfolio Market: Market Dynamics

• Driver: The market is driven by people’s inclination towards digital currency. Despite doubts about the future of unregulated digital assets, cryptocurrency usage increased in India. Since 2020, investments in cryptocurrencies, in particular Bitcoinincreased at an astonishing rate in India. Millions of ordinary investors have registered on several national markets cryptocurrency exchanges to invest in cryptocurrencies, a class of investments known for its legendary volatility and potential for large profits. By August 2021at least 1.5 crores The Indians had cryptocurrency investments, indicating a significant increase in the number of households using cryptocurrencies in a country where families are known to invest more regularly in gold and other safe assets. This trend towards digital currencies is expected to continue over the forecast period, which is expected to boost the growth of the targeted market.

• Orientation: The increasing availability of crypto wallets is the big market trend. It has become very clear over the past few years that those who continue to invest in digital currencies have a lot of potential and opportunities for rewards. For most people, keeping and investing in cryptocurrency in a crypto wallet is also a respectable option. According to a recent study, 82 cryptocurrency the wallets were accessible in February 2021. In March 2022over 81 million people have used Blockchain.com wallets, making it easy to buy Bitcoin. Hence the availability of many crypto wallets is expected to contribute to the growth of the global market crypto portfolio market over the forecast period.

• Challenge: Abuses and security attacks that limit the adoption of cryptocurrencies will challenge the growth of the market. Various regulators are concerned about the increasing misuse of digital currencies by criminals for illegal operations, as it is an unregulated, decentralized and uncontrolled exchange platform. Criminals use digital currency to carry out many illegal operations, including tax evasion, money laundering, and terrorist financing. Additionally, growing security issues and cyberattacks have led to the loss of invested currencies, limiting the adoption of cryptocurrencies. All these factors will reduce the growth potential of the market.

Gain insight into the impact of drivers, trends, and challenges on world growth crypto portfolio market. Download a free sample report

Global Crypto Wallet market: key segments

By product, the market is analyzed on software and hardware segments. Market growth will be significant in software crypto portfolio segment. The growth of the software segment can be attributed to its ease of use, as software wallets operate online. It functions as a browser plugin, allowing users to easily interact with things like decentralized applications and decentralized finance (DeFi) protocols. In addition, software wallets are connected to public and private keys, which facilitate transactions and serve as a guarantee of security. As a result, users are increasingly using software wallets, which is driving the growth of the segment.

Companies covered

• ARCHOS SA

• Binance Services Holdings Ltd.

• BitGo Inc.

• BitLox Ltd.

• Bit Pay Inc.

• Bittrex Global GmbH

• Breadwinner SA

• Coinkite Inc.

• CoolBitX Ltd.

• ELLIPAL Ltd.

• Exodus Movement Inc.

• Gemini Trust Co. LLC

• iFinex Inc.

• SAS General Ledger

• OPOLO Sarl

• SecuX Technology Inc.

• ShapeShift SA

• Gap Crypto HER

• Sofitto S.A.

• Trezor Company sro

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What our reports offer:

• Market share assessments for regional and country segments

• Strategic recommendations for new entrants

• Covers market data for 2021, 2022, through 2026

• Market Trends (Drivers, Opportunities, Threats, Challenges, Investment Opportunities and Recommendations)

• Strategic recommendations in key business segments based on market estimates

• Competitive landscaping mapping key common trends

• Company profiling with detailed strategies, financials and recent developments

• Supply chain trends mapping the latest technological advancements

Crypto Wallet Market 2022-2026: Key Highlights

• Market CAGR over the forecast period 2022-2026

• Detailed information on the factors that will help crypto portfolio market growth over the next five years

• Estimate of crypto portfolio market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of crypto portfolio market

• Market Competitive Landscape Analysis and Detailed Vendor Information

• Full details of the factors that will test the growth of the crypto portfolio market sellers

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• The ASIC miner market should grow by $125.57 million with a CAGR of 6.74% during the forecast period 2021 to 2026. The profitability of cryptocurrency mining companies are notably driving the growth of the market. However, the volatility in the value of cryptocurrencies will test the growth of the market.

Contents:

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier Landscape

10 Vendor Analysis

11 Appendix

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