BANGALORE, India, Sept. 7, 2021 /PRNewswire/ -- Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & Ecommerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Business Finance Category.
The global cryptocurrency market size was valued at USD 1.49 billion in 2020 and is projected to reach USD 4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
Major factors driving the growth of the Cryptocurrency Market are:
The cryptocurrency market is growing due to an increase in the desire for operational efficiency and transparency in financial payment systems, as well as an increase in demand for remittances in developing nations, and data security.
During the projected period, a surge in demand for cryptocurrencies among banks and financial institutions is expected to present attractive opportunities for market expansion.
TRENDS INFLUENCING THE GROWTH OF CRYPTOCURRENCY MARKET
The rise in need for transparency in the Payment System is expected to drive the growth of the cryptocurrency market. Because of better data transparency and independence across payments in banks, financial services, insurance, and other business sectors, the cryptocurrency market is likely to grow rapidly in the future years. The usage of cryptocurrency in the banking industry has a number of advantages, including the ability to send and receive payments in a transparent manner and the secure storage of customer information for future use.
Furthermore, novel blockchain distributed technology protocols are projected to eliminate the requirement for certain organizational solutions and allow several stakeholders to share payment in a transparent manner across the business. Such methods increase supply chain transparency, which aids in the prevention of environmental crimes and other crimes. This increases the likelihood of cryptocurrency acceptance in the future.
Untapped Potential on Emerging Economies is expected to further propel the cryptocurrency market growth. Developing economies provide substantial chances for cryptocurrency to expand its operations by making finance and financial services more accessible. Bitcoin, the most well-known of these cryptocurrencies, has already enabled many individuals and businesses to grow and prosper as a source of revenue. The economy is gradually adapting to these needs, and cryptocurrencies have a lot of potential to meet them. Changing demographics, rising consumerism, and a willingness to embrace new technologies like IoT, Blockchain, and others create the attractive potential for cryptocurrency in emerging countries.
Cryptocurrencies are being embraced by an increasing number of businesses across a wide range of industries, from big tech to airlines, allowing customers to use them as an official mode of payment for their goods and services. This in turn is expected to further fuel the cryptocurrency market.
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CRYPTOCURRENCY MARKET SHARE ANALYSIS:
Based on region, the Asia-Pacific region would exhibit the highest CAGR of 14.5% during 2021 - 2030. Asia-Pacific dominated the cryptocurrency market in 2020, and it is projected to continue to do so during the projection period. Because of the growing number of Bitcoin exchanges in Asia, the cryptocurrency business is becoming more mature and competitive. Chinese banks are hiring blockchain expertise as the government pushes for the deployment of the technology that underpins bitcoin to improve financial sector transparency and combat fraud. The bitcoin market in the region is growing as a result of these causes.
Based on the Process, the transaction segment will grow at the highest CAGR of 14.6% during 2021 - 2030.
Based on type, Because bitcoin is the most widely acknowledged digital currency in the world and works without requiring approval from any external source of authority, it is predicted to gain a considerable share during the forecast period. The ripple (XRP) segment, on the other hand, is predicted to develop the fastest over the forecast period, as it can be used for a variety of functions like accounting, investment, smart contract implementation, and decentralized programming.
Based on the End User, Retail & E-commerce segment will dominate the market by the end of 2030.
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CRYPTOCURRENCY MARKET KEY SEGMENTATION
Cryptocurrency Market By Offering
Full Custom ASIC
Cryptocurrency Market By Process
Cryptocurrency Market By Type
Binance Coin (BNB)
Cryptocurrency Market By End User
Retail and E-commerce
Cryptocurrency Market By Region
Cryptocurrency Market By Company
Advanced Micro Devices Inc.
BitFury Group Limited
BTL Group Ltd.
Xapo Holdings Limited
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SIMILAR REPORTS :
- The global Cryptocurrency Hardware Wallet market size is projected to reach USD 58290 million by 2027, from USD 699.6 million in 2020, at a CAGR of 88.1% during 2021-2027.
- Global Cryptocurrency Mining Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Cryptocurrency Mining, Product-Type: Large Miners, Small Miners, Application: Self-mining, Cloud Mining, Remote Hosting Services.
- Global Bitcoin & Cryptocurrency Wallets Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Bitcoin & Cryptocurrency Wallets, Application: Personal Use, Large Enterprises, SMEs, Others.
- Global Cryptocurrency Services Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Cryptocurrency Services, Product-Type: Exchange Service, Broking Service, ICOs and Financial Services, Application: Individual, Professionals.
- Global Cryptocurrency ATMs Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Cryptocurrency ATMs, Product-Type: One-way, Two-way, Application: Bitcoin, Litecoin, Dash, Ethereum, Dogecoin, Other.
- Cryptocurrency and Blockchain market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Cryptocurrency and Blockchain market will be able to gain the upper hand as they use the report as a powerful resource.
- Cryptocurrency payment Apps market allows businesses to accept transactions of cryptocurrencies as payment from customers in exchange for goods or services. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.
- Bitcoin (₿) is the world's first cryptocurrency, a form of electronic cash.It is the first decentralized digital currency: the system was designed to work without a central bank or single administrator.Bitcoins are sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries. This report analyzes the worldwide markets for Bitcoin in US$ by following Product Segments.: Exploring, Payment and E-commerce
- A Cryptocurrency Exchange, also called Digital Currency Exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees. The industry's leading producers are Binance and Coinbase, which accounted for 12.66% and 7.27% of revenue in 2019.
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