Cryptocurrency Industry to Receive Impetus with Rising Trend for Crypto Wallets - Grand View Research, Inc.
SAN FRANCISCO, April 26, 2023 /PRNewswire/ -- The global cryptocurrency industry size garnered USD 40.09 billion in 2021 and will depict a CAGR of 26.8% from 2022 to 2030, according to the "Cryptocurrency Industry Data Book, 2022 – 2030," published by Grand View Research. The growth of cryptocurrencies from digital novelties to billion-dollar business (and potentially trillion-dollar market) is mainly attributed to the penetration of distributed ledger across gaming, healthcare, trading, e-commerce, retail and government sectors. The rising prominence of digital currencies for transparency, safety and decentralization has encouraged businesses to bank on digital assets.
Entrepreneurs and investors are gearing up to use cryptocurrencies and explore their upsides, including but not limited to: easy fund transfer, removal of a third party, bolstering control over the firm's capital and removing single points of failure. Soaring demand for blockchain across industry verticals for instant traceability, speed, efficiency and automation will augur growth and innovation. These trends have fueled the demand for cryptocurrency exchange platforms and crypto wallets across advanced and emerging economies.
The foray of Ethereum into games and financial apps, along with the growth in the decentralized finance space, has spurred the footprint of cryptocurrency exchange platforms. Industry leaders expect the soaring footprint of non-fungible tokens (NFTs) to solidify the position of key players in the market. NFTs have become sought-after in the gaming industry to represent characters, including tradeable items and consumables. The cryptocurrency exchange platform market size stood at USD 30.18 billion in 2021 and is slated to witness a 27.8% CAGR during the forecast period. The growth is mainly due to buoyant demand for cryptocurrencies across commercial spaces for better transparency vis-à-vis cash.
Order your copy of the Free Sample of "Cryptocurrency Industry Data Book - Cryptocurrency Mining Hardware & Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 - 2030" Data Book, published by Grand View Research
Stakeholders are exploring opportunities in crypto wallets for unparalleled safety and security. The expanding penetration of hardware wallets and software wallets will usher in innovation across industry platforms. Hot wallets (or software wallets) have received an impetus with heightened demand for android and iOS devices. The applications of mobile apps and online wallets have furthered the footfall of hot wallets, boding well for market growth. The crypto wallet market size was pegged at USD 6.97 billion in 2021 and will observe an impressive CAGR of 24.4% over the assessment period. The growing need to manage cryptocurrency amidst surging trading of digital asset will boost the market share.
Some dynamics that are slated to encourage stakeholders to inject funds into the ecosystem are elucidated below:
- Cryptocurrency payment apps have amassed huge traction following the legalization of digital assets across various countries. In 2021, El Salvador became the first country to adopt bitcoin as a legal tender.
- Crypto ATMs are slated to be the mega-trend on the back of surging installation of bitcoin ATMs and easier trading options.
- Europe could be a happy hunting ground for cryptocurrency service providers owing to soaring popularity of the digital currency across industry vertical. Currently, it is not illegal to use Bitcoin in the EU.
North America is slated to witness investment abound with the legalization of cryptocurrencies and the rising purchase of digital assets in the U.S. and Canada. The White House cited data mentioning that 16% of adult Americans have purchased digital assets and exhorted that these currencies provide opportunities to underscore the U.S. leadership in the global financial system. Moreover, the Office of Science and Technology Policy (OSTP) is expected to join forces with the NSF to initiate research on next-gen cryptography, privacy protection, cybersecurity and measures to reduce the digital assets' environmental impact. Favorable government policies and the surging footprint of cryptocurrencies across gaming, financial, healthcare and automotive sectors could spark innovation and growth. Leading players may seek crypto to keep abreast of the trend and expand footfall in the untapped regions.
The competitive landscape alludes to the growth trajectory emphasizing organic and inorganic strategies, including technological advancements, innovation, research & development activities, product offerings, collaboration and mergers & acquisitions. To illustrate, in March 2023, Bybit announced the rollout of Mastercard-powered Bitcoin card in the EU and the U.K. Meanwhile, in February, VISA reportedly contemplated launching Bitcoin and crypto cards in the U.K. and 40 Asia Pacific countries.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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