During the projected period of 2021-2031, the crypto wallets market is expected to increase at a CAGR of 29.5 percent. Crypto wallets, also known as hardware wallets, hold the user’s private keys on a secure encrypted hardware device. A private key is a piece of information that is kept secret and is used to allow outgoing transactions on the blockchain network.
The hardware wallet, which runs on open-source software, allows users to verify the device’s full functionality. It connects to electronic applications using Bluetooth and near-field communication technologies. Due to the increased demand for cryptocurrencies for trade, the devices are mostly employed at the commercial level.
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What is Driving Demand for Crypto Wallets?
The crypto wallet industry is anticipated to showcase the prominent growth during the forecast period, attributed to the growing demand for the high transparency of distributed ledger technology in the commercial sector. Also, these wallets are designed with an improved hacked and theft-free module to make it invulnerable from any kind of the potential threats.
Thus, enhanced security provided by such devices, in comparison to paper wallet, software, and web wallets, is projected to be the supporting factor positively influencing the market growth in coming years.
Additionally, the market growth is anticipated to be driven by advancement in the technology across the cryptocurrency market. Likewise, a speedy surge in the investments in cryptocurrency-based devices is estimated to drive the crypto wallets market growth in near future.
Hot Wallet is Anticipated to Hold the Largest Share of the Crypto Wallets Market by Type
On the basis of type, the market for crypto wallets is segmented into hot wallets and cold wallets. Out of which hot wallets is predicted to hold the largest share of the global market.
The growth of the segment can be attributed to its ease of use, as they are online, to make a cryptocurrency transaction, there is no need to transition between offline and online.
They are also linked with public and private keys which helps to facilitate transactions and act as a security measure. Therefore, hot wallets are increasingly used among the customers which is propelling the market growth.
North America Crypto Wallets Demand Outlook
North America is one of the largest markets for crypto wallets across the globe. The growth in the region is majorly attributed to the growing demand of the cryptocurrency among the major population during the pandemic. Expansion of the cryptocurrency market has resulted in the numerous new users to gain the knowledge about it and started exploring the same.
This propelled the regional market growth. Likewise, North America is the most rapidly changing and competitive market in the world. And also adopts new technologies at a faster pace in comparison to the other countries globally.
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Asia Pacific Demand Outlook for Crypto Wallets
Asia Pacific has the fastest-growing market for crypto wallets, attributed to the increase in the adoption of cryptocurrency and the rise in the digital and cashless economy trend in the countries like Japan, India, and South Korea.?
These countries are among the ones where most of the adoption of crypto wallets is occurring. Also, increase in the number of cyberattacks in cryptocurrency market have resulted in adoption of crypto wallets further fueling the growth of the regional crypto wallets market.
Who are the Key Manufacturers and Suppliers of Crypto Wallets?
Some of the leading manufacturers of Crypto wallets market are
- ARCHOS
- CoolBitX Technology Ltd.
- BitLox
- ELLIPAL Limited
- OPOLO SARL
- Ledger SAS
- ShapeShift
- Satoshi Labs SRO
Key Segments
By Type:
- Hot Wallet
- Cold Wallet
By Distribution Channel:
- Online
- Offline
By End-User:
- Commercial
- Individual
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