MENA Crypto Wallet Market: Current Analysis and Forecast (2024-2032)
Emphasis on Technology (RFID, DSRC, and Others), Type (Transponder – or Tag-Based Toll Collection Systems, Other Toll Collection Systems), Offering (Hardware, Back Office and Other Services), Application (Highways, Urban Areas); Region
MENA Crypto Wallet Market Size & Forecast
The MENA Crypto Wallet Market was valued at USD 750 Million in 2023 and is expected to grow at a robust CAGR of around 32.5% during the forecast period (2024-2032).
MENA Crypto Wallet Market Analysis
- The MENA (Middle East and North Africa) region is witnessing a burgeoning interest in cryptocurrencies, reflected in the growth of the MENA crypto wallet market. Digital wallets designed for managing cryptocurrencies play a crucial role in this ecosystem, allowing users to securely store, send, and receive digital assets like Bitcoin and Ethereum. These wallets often cater to the unique needs of the MENA region, providing localized support, language options, and integration with regional payment methods. Security is paramount, with features such as two-factor authentication and robust encryption ensuring the safety of users’ funds. Despite regulatory challenges and varying levels of cryptocurrency adoption across different countries within MENA, the market shows promise fueled by increasing awareness, technological literacy, and the potential for cryptocurrencies to facilitate financial transactions and investments in a digitally interconnected world. As the landscape evolves, the MENA crypto wallet market represents a pivotal component of the region’s engagement with blockchain technology and digital finance.
- Due to increasing government support, the MENA Crypto Wallet Market is expected to grow at a strong CAGR of 32.5% during the forecast period. For example, the United Arab Emirates (UAE) has emerged as a frontrunner in adopting and promoting blockchain technology and digital currencies. The UAE government has launched several initiatives under its “Blockchain Strategy 2021” to integrate blockchain across various sectors, including finance, healthcare, and government services. This proactive approach has created a conducive environment for cryptocurrency adoption and related services
The MENA Crypto Wallet Market Segmentation
- The MENA Crypto Wallet Market is segmented into hot wallets and cold wallets based on wallet type. The hot wallets segment held the dominant share of the market in 2023. Hot wallets are connected to the internet, allowing users quick and convenient access to their funds. This accessibility makes them ideal for day-to-day transactions, trading activities, and accessing funds on various devices such as smartphones and computers. Further, many cryptocurrency exchanges and trading platforms predominantly use hot wallets to manage liquidity and facilitate seamless user transactions. This integration reinforces the widespread use of hot wallets among traders and investors in the region. Trust Wallet, acquired by Binance, is a popular mobile wallet supporting many cryptocurrencies. It allows users to access their funds directly from their smartphones, making it suitable for both beginners and experienced traders.
- The MENA Crypto Wallet Market is segmented by operating system into Android, iOS, and others. In 2023, the Android segment held the dominant market share. Android devices are available across various price points, making them accessible to a broad demographic within the MENA region. This affordability encourages users to use crypto wallets on their Android smartphones. Also, many cryptocurrency exchanges and trading platforms provide dedicated Android apps, enhancing users’ convenience in managing their digital assets directly from their smartphones.
- The MENA Crypto Wallet Market is segmented by application into peer-to-peer payments, trading, remittance, and others. Due to increasing digitalization and smartphone penetration, the peer-to-peer payments segment led the market in 2023. Consumers increasingly opt for convenient and secure digital payment solutions, including using crypto wallets for peer-to-peer transactions. Further, regulatory advancements and frameworks supporting digital payments and fintech innovations have facilitated the growth of P2P payments using crypto wallets. More explicit regulations provide confidence to users and service providers, fostering adoption.
Saudi Arabia held a dominant share of the market in 2023
Saudi Arabia held a dominant share of the market in 2023, driven by favorable economic conditions, rising disposable incomes, and a growing young population keen on digital payment solutions. Saudi Arabia’s stable economic environment and efforts towards economic diversification under Vision 2030 have positively impacted the adoption of digital financial solutions, including cryptocurrencies and crypto wallets. This economic stability provides a conducive backdrop for innovation and investment in fintech. Also, Saudi Arabia has a significant youth population that is increasingly tech-savvy and comfortable with digital transactions. This demographic trend aligns with the growing adoption of cryptocurrencies and digital wallets, driven by a preference for innovative financial technologies. Further, initiatives by the Saudi Arabian Monetary Authority (SAMA) to explore blockchain technology and support fintech innovation have created a supportive regulatory environment. This has encouraged developing and adopting crypto wallets as part of broader efforts to modernize the financial sector.
MENA Crypto Wallet Industry Overview
The MENA Crypto Wallet Market is competitive and fragmented, with several regional and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market include Binance, Bitget, Paribu, CoinMENA, Rain Technology Services Ltd, BitOasis, Crypto.com, HTX (Huobi), Bitfinex, and OKX.COM.
MENA Crypto Wallet Market News
- As of May 2022, a survey conducted by KuCoin exchange found that 3 million Saudi Arabians, constituting 14 percent of the adult population aged 18 to 60, either owned crypto assets at that time or had engaged in trading them within the past six months.
MENA Crypto Wallet Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The MENA Crypto Wallet Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the MENA Crypto Wallet Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA Crypto Wallet Market were the three major steps undertaken to create and analyze the adoption of MENA Crypto Wallet in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA Crypto Wallet Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MENA Crypto Wallet Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MENA Crypto Wallet Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as wallet type, operating system, application. Further country-level analyses were conducted to evaluate the overall adoption.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA Crypto Wallet Market. Further, we performed factor analysis using dependent and independent variables such as wallet type, operating system, and application. A thorough study was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and MENA Crypto Wallet Market product launches.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA Crypto Wallet Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA Crypto Wallet Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the MENA Crypto Wallet Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA Crypto Wallet Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the wallet type, operating system, application in the MENA Crypto Wallet Market.
The main objective of the MENA Crypto Wallet Market Study
The current & future market trends of the MENA Crypto Wallet Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the MENA Crypto Wallet Market in terms of value (USD) and the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the wallet type, operating system, and application.
- Define and analysis of the regulatory framework for the MENA Crypto Wallet
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the MENA Crypto Wallet Market for the major countries.
- Company profiles of the MENA Crypto Wallet Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive country level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the MENA Crypto Wallet Market?
Q2: What are the driving factors for the growth of the MENA Crypto Wallet Market?
Q3: Which segment has the largest share of the MENA Crypto Wallet Market by wallet type?
Q4: What are the emerging technologies and trends in the MENA Crypto Wallet Market?
Q5: Which country will dominate the MENA Crypto Wallet Market?
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