Cryptocurrency Market

Cryptocurrency Market is estimated to reach USD 2,376 million by the end of 2027, growing at a CAGR of 7.4% over the forecast period (2020-2027) attributed to increasing distrust amongst consumers in the traditional banking sector.

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Factors driving growth of the Cryptocurrency Market includes rising demand for digital assets such as Bitcoin and Litecoin, increasing volumes of remittances in developing countries, growing focus of companies on mitigating risks and improvements in the living standards. As per the data available at The World Bank, the amounts of personal remittances received across India has increased from USD 68.97 billion in 2017 to USD 83.33 billion in 2019, which is expected to push the adoption of crypto currencies in India in the approaching years. In addition, several R&D activities, strategic partnerships, and collaborations between key players, increasing use of cryptocurrency as a medium of exchange for products and services and technological advancements for the development of cryptocurrency, are some of the additional factors supplementing the Cryptocurrency Market size. Moreover, variations in the monetary regulations, increasing number of cross-border payments along with growing penetration of the internet are some other factors propelling the Cryptocurrency Market share. For instance, the transaction value of cross border payments worldwide between Business to Consumers was calculated around USD 1.4 trillion in 2021 and is expected to reach USD 1.6 trillion by the end of 2022, which will accelerate the market growth in the coming years.

Remarkable benefits offered by cryptocurrency such as enhanced adaptability, reduced transaction fees instant payments, secured and private transactions, are further generating tremendous opportunities in the market. The increasing emphasis on using crypto assets, and other blockchain technologies and growing use of cryptocurrency in NFTs are further propelling the market growth. With the growing focus on maintaining social distance, consumers are preferring contactless payments over using physical cash, which is further pushing the demand for cryptocurrencies.

However, growth of the Global Cryptocurrency Market is hindered due to rising concerns related to the privacy, security & control and lack of technical understanding related to the cryptocurrency.

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Type: Segment Analysis

Based on type, Bitcoin segment is estimated to grow at a significant CAGR during the forecast period. As per the Cryptocurrency Market Analysis, increasing adoption of bitcoin across developing countries because it maintains user’s autonomy, peer-to-peer focus, and discretion, eliminates banking fees and incurs low transaction fees on international payments, are some of the important factors pushing growth of the segment.

On the other hand, the Ethereum (ETH) segment is projected to expand at a robust CAGR over the forecast period. Emergence of NFTs and Decentralized Finance (DeFi) projects and increasing application of Ethereum Network for the development of Metaverse, are some of the factors propelling growth of the segment.

Application: Segment Analysis

Based on application, Payment segment is anticipated to expected to grow at a faster CAGR during the forecast period. Rise in the volumes of payment by using cryptocurrency owing its benefits such as enhanced protection from the fraud, secured transactions, high speed of international transfers, and reduced fees, is pushing growth of the segment.

On the other hand, Trading segment is expected to capture the largest market share over the forecast period attributed to increasing demand for crypto solutions used for trading such as Cryptohopper, Bitsgap and Coinrule.

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Regional Analysis

Based on the region, the Asia-Pacific region is expected to expand at a remarkable CAGR during the forecast period. The increasing demand for virtual currency platforms across Japan, China, and Taiwan, rise in the number of deals related to the merger & acquisition, rapid growth in crypto-related fundraising activity and growing demand for fast peer-to-peer payment options among the consumers are some of the important factors augmenting the market growth in the Asia-Pacific region. For instance, in January 2020, Z corporation and TaoTao collaborated with financial service agency to expand its presence in the Japanese market, by following regulatory compliance, which will generate enormous opportunities in the Asia-Pacific region.

As per the Cryptocurrency Market Trends, the North American region is predicted to hold the highest market share over the forecast period. Presence of the leading players such as BitGo, Intel Corporation and Ripple, growing acceptance for digital cash amongst consumers, rising popularity of bitcoin mining, rapid industrialization, and high per capita incomes, are some of the factors augmenting the market growth in the North American region.

Various notable players operating in the market include Xilinx, BitMain Technologies Holding Company, Quantstamp, Inc., Advanced Micro Devices, Inc., Intel Corporation, Bitfury Group Limited, Ripple, BitGo, Coinbase, and Ethereum Foundation, among others.

Key Developments:

• • In 2019, BitMain Technologies Holding Company planned to launch a new start-up for cryptocurrency financial services, to capitalize on the resurgence of bitcoin.
  • In 2020, Ripple entered into a partnership with Azimo, a European digital money transfer service. Through this partnership, Azimo launched the On-Demand Liquidity service as a part of its remittance capabilities in the Philippines, and the company also planned to expand the use of its On-Demand Liquidity service in the market.

The global cryptocurrency market has been segmented on the basis of offering, process, type, application, and region. Based on the offering, the market is segmented into hardware and software. The hardware segment is further categorized into Gpu, Asic, FPGA, and wallet. The software segment is further categorized into coin wallet, mining platform, and exchange. Based on the process, the market is segmented into transaction and mining. The transaction segment is further categorized into wallet and exchange. The mining segment is further categorized into pool mining, solo mining, and cloud mining. Based on the type, the market is segmented into etgereum (ETH), bitcoin, ripple (XRP), bitcoin cash, litecoin (LTC), dashcoin, and others. Based on the application, the market is segmented into remittance, trading, and payment. The payment segment is further categorized into ecommerce & retail, peer-to-peer payment, travel & tourism, media & entertainment, and others.

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Key questions answered in this research report:

• • At what pace is the global cryptocurrency market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global cryptocurrency market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global cryptocurrency market?
  • Which process generated maximum revenues in 2019 and identify the most promising process during the forecast period?
  • What are the various application areas of the cryptocurrency, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Cryptocurrency Market by Offering

• • • Hardware
      • Gpu
      • Asic
      • FPGA
      • Wallet
    • Software
      • Coin Wallet
      • Mining Platform
      • Exchange

Global Cryptocurrency Market by Process

• • • Transaction
      • Wallet
      • Exchange
    • Mining
      • Pool Mining
      • Solo Mining
      • Cloud Mining

Global Cryptocurrency Market by Type

• • • Etgereum (ETH)
    • Bitcoin
    • Ripple (XRP)
    • Bitcoin Cash
    • Litecoin (LTC)
    • Dashcoin
    • Others

Global Cryptocurrency Market by Application

• • • Remittance
    • Trading
    • Payment
      • Ecommerce & Retail
      • Peer-To-Peer Payment
      • Travel & Tourism
      • Media & Entertainment
      • Others

Global Cryptocurrency Market by Region

• • • North America Cryptocurrency Market (Option 1: As a part of the free 25% customization)

• • • • By Offering
      • By Process
      • By Type
      • By Application
      • US Market All-Up
      • Canada Market All-Up

• • • Europe Cryptocurrency Market (Option 2: As a part of the free 25% Customization)

• • • • By Offering
      • By Process
      • By Type
      • By Application
      • UK Market All-Up
      • Germany Market All-Up
      • France Market All-Up
      • Spain Market All-Up
      • Rest of Europe Market All-Up

• • • Asia-Pacific Cryptocurrency Market (Option 3: As a part of the free 25% Customization)

• • • • By Offering
      • By Process
      • By Type
      • By Application
      • China Market All-Up
      • India Market All-Up
      • Japan Market All-Up
      • Rest of APAC Market All-Up

• • • RoW Cryptocurrency Market (Option 4: As a part of the free 25% Customization)

• • • • By Offering
      • By Process
      • By Type
      • By Application
      • Brazil Market All-Up
      • South Market All-Up
      • Saudi Arabia Market All-Up
      • UAE Market All-Up
      • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Cryptocurrency Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Xilinx
  • BitMain Technologies Holding Company
  • Quantstamp, Inc.
  • Advanced Micro Devices, Inc.
  • Intel Corporation
  • Bitfury Group Limited
  • Ripple
  • BitGo
  • Coinbase
  • Ethereum Foundation