Crypto Wallet Market to grow by USD 686.05 Mn; Driven by people's inclination toward digital currency - Technavio

NEW YORK, Nov. 14, 2022 /PRNewswire/ -- The "Crypto Wallet Market by Service and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 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 size of the market. Discover market potential and make informed business decisions based on qualitative and quantitative evidences highlighted exclusively in this market study. Download a Free Sample Report

Global Crypto Wallet Market: Market Dynamics

• Driver: The market is driven by people's inclination toward digital currency. Despite doubts about the unregulated digital asset future, cryptocurrency usage has increased in India. Since 2020, investments in cryptocurrencies, particularly Bitcoin, have risen at an astounding rate in India. Millions of ordinary investors have registered on several domestic cryptocurrency exchanges to invest in cryptocurrencies, a class of investments recognized for its legendary volatility and potential for large profits. By August 2021, at least 1.5 crore Indians had made 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 inclination toward digital currencies is expected to continue during the forecast period, which is expected to drive the growth of the market in focus.
• Trend: The increasing availability of crypto wallets is the major trend in the market. It has become abundantly clear over the last few years that those who continue to invest in digital currencies have a lot of potential and areas for possible 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 wallets were accessible in February 2021. In March 2022, over 81 million people used Blockchain.com wallets, which made it easy to purchase Bitcoin. Hence, the availability of numerous crypto wallets is expected to contribute to the growth of the global crypto wallet market during the forecast period.
• Challenge: The misuse and security attacks that confine the adoption of cryptocurrencies will challenge the growth of the market. Various regulators are concerned about the growing misuse of digital currencies by criminals for unlawful operations as they are an unregulated, decentralized, and uncontrolled exchange platform. Criminals use digital currency to carry out numerous illegal operations, including tax evasion, money laundering, and terrorism financing. Additionally, rising security issues and cyberattacks resulted in the loss of the invested currencies, limiting the adoption of cryptocurrencies. All these factors will reduce the growth potential in the market.