Cryptocurrency Market size, share & Forecast
Cryptocurrency Market
The Cryptocurrency Market is expected to reach USD 2,376 million by the end of 2027, expanding at a CAGR of 7.4% over the forecast period (2020-2027.
The factors driving the growth of Cryptocurrency Market includes increasing use of cryptocurrency for payments, rise in the number of crypto users around the world, growing popularity of digital assets such as Bitcoin and Litecoin and advancements in the Blockchain technology. According to the report published by Bloomberg, the Global Blockchain Technology Market is estimated to reach USD 1,431.54 billion by the end of 2030, expanding at a CAGR of 85.9% over the forecast period (2022-2030), which will accelerate the Cryptocurrency Market size in the approaching years. Moreover, the increasing internet penetration rates, growing acceptance for using cryptocurrency as a digital currency across the globe and rise in the volumes of cashless transactions, are some of the additional factors supplementing the Cryptocurrency Market share. In addition, the increasing investments by leading players on research and development, lack of transparency in the current monetary systems, Government’s initiatives to develop blockchain payment gateways and rapid urbanization, are further contributing towards the market growth.
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However, the growth of Cryptocurrency Market is hindered due to rising concerns related to privacy and security of crypto assets.
The major players operating in the market are Intel Corporation, Bitfury Group Limited, Ripple, Xilinx, BitMain Technologies Holding Company, Quantstamp, Inc., BitGo, Coinbase, Advanced Micro Devices, Inc., and Ethereum Foundation, among others.
Based on Type, the Bitcoin segment is predicted to grow at a significant CAGR during the forecast period
As per the Cryptocurrency Market Research, Bitcoins do not require any banking fee, charges low transaction fees for international payments and are not regulated by Government or central banks, are some of the features responsible for segment’s growth.
Based on Application, the Payment segment is projected to grow at a remarkable CAGR over the forecast period
As per the Cryptocurrency Market Analysis, Cryptocurrency payments provides enhanced protection from frauds and are increasingly used in the e-commerce and retail sector, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
According to the Cryptocurrency Market Trends, increase in the bitcoin transactions in China, India and Japan, rising awareness about the benefits of using cryptocurrency, growing demand for fast peer-to-peer payment options, and high population growth rates, are some of the important factors supplementing the market growth in Asia-Pacific.
Key Developments
In 2020, Ripple entered into partnership with Azimo, to launch On-Demand Liquidity service as a part of its remittance facilities in the Philippines and are planning to expand the use of its On-Demand Liquidity service.
Market Segmentation
Segmentation by Offering
HardwareGpu
Asic
FPGA
Wallet
SoftwareCoin Wallet
Mining Platform
Exchange
Segmentation by Process
TransactionWallet
Exchange
MiningPool Mining
Solo Mining
Cloud Mining
Segmentation by Type
Etgereum (ETH)
Bitcoin
Ripple (XRP)
Bitcoin Cash
Litecoin (LTC)
Dashcoin
Others
Segmentation by Application
Remittance
Trading
PaymentEcommerce & Retail
Peer-To-Peer Payment
Travel & Tourism
Media & Entertainment
Others
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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