Pune, India, May 05, 2022 (GLOBE NEWSWIRE) — The global cryptocurrency market size is likely to reach USD 1902.5 million by 2028, exhibiting a CAGR of 11.1% during the forecast period. In its report titled “Cryptocurrency Market Size, Share and Growth”, Fortune Business Insight mentions that the market stood at USD 826.6 million in 2020.
Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. It offers low ownership costs, quicker and safer transactions internationally through a decentralized record storing platform called ‘distributed ledger’. The digital currency exchange methods are evolving swiftly. The market is gaining extreme traction due to several factors. For instance, the amalgamation of blockchain technology in digital currency ensures efficient and decentralized transactions. Moreover, major firms are investing in blockchain systems and collaborating with other firms to provide quality services to their users. For instance, Qtum Chain Foundation (Singapore) collaborated with Amazon Web Services (AWS) China to deploy blockchain systems for the AWS cloud.
Competitive Landscape
Key Players to Focus on Introduction of New Services to Strengthen the Cryptocurrency Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
March 2021 – Visa Inc. aims to introduce crypto as a direct payment. With this key initiative, the company aims to accept cryptocurrencies as a payment method for the finance industry.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 11.1% |
| 2028 Value Projection | USD 1902.5 Million |
| Base Year | 2020 |
| Cryptocurrency Market Size in 2020 | USD 826.6 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Component, Type, End-Use and Geography |
| Cryptocurrency Market Growth Drivers | Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency |
| North America to Dominate Backed by Presence of Prominent Players | |
| Key Players to Focus on Introduction of New Services to Strengthen the Market Growth |
The demand for crypto has increased due to rising investments in venture capital. Additionally, the increasing popularity of digital assets such as bitcoin and litecoin is likely to accelerate the market in upcoming years. Furthermore, it has been seen that the digital currency is also used in the integration of blockchain technology to get decentralization and control efficient transactions. Thus, advantages such as these are also encouraging people to invest in crypto. For instance, In October 2018, Qtum Chain Foundation made a partnership with Amazon Web Services (AWS) China to use blockchain systems on the AWS cloud. With this collaboration, AWS will be able to help its users in using Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently.
The COVID-19 pandemic adversely affected the world economy. However, the relationship between Bitcoin and the equity market expanded amid pandemic. For example, in March 2020, the price of Bitcoin declined and went below USD 4,000 after a decline in the S&P Index in the U.S. Thus, as the Initial Coin Offering (ICO) market crashed, blockchain companies are emerging as major alternative to raise investment capital.
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What does the Report Provide?
The cryptocurrency market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
Market Segmentation:
By component, the market is bifurcated into hardware, and software. By type, it is divided into bitcoin, ether, litecoin, ripple, ether classic, and others. By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance.
Based on end use, the trading segment held the cryptocurrency market share of 42.8% in 2020, because it focuses on crypto solutions that are used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
Drivers and Restraints
Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency
In recent times, financial disaster is one of the primary issues that occurs in the conventional banking system. This financial instability disrupts the economy by lowering the value of money. For instance, ICICI bank of India, in the year 2008, confronted the Lehman brother crisis, which hugely impacted the nation’s economy. But with using bitcoins, and other cryptocurrency, such situations of economic downfall can be avoided. Therefore, Cryptocurrencies are emerging as alternative options in the regions with unstable economical structure, and this has been a major driving factor for the global market growth.
Increasing Popularity and Adoption of Bitcoin to Augment Cryptocurrency Market Growth
Being the most famous and highly adopted digital currency across the world, Bitcoin is expected to boost the global market due to its wide acceptance. Moreover, digital currency poses no threat amidst a financial crisis. Their value is universally balanced, which is driving its demand in economically unstable structural regions. Furthermore, some banks have also started supporting cryptocurrency payments in some countries, which is expected to significantly boost the market growth. For instance, the People’s Bank of China and the Eastern Caribbean Central Bank adopted a digital currency as an exchange medium.
The launch of new cryptocurrencies is also expected to augment market growth. For instance, the launch of Dogecoin gained immense popularity and is constantly growing ever since its launch.
However, the misuse of digital currency for illegal uses like money laundering, tax evasion, etc., are expected to restrain the market growth.
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Regional Insights
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is because in most parts of the region bitcoins have become a medium of exchange for tax purposes rather than the actual currency. Although these are not legally regulated by the government, still many of the countries in the region are focused on using digital currencies. The region’s market stood at USD 273.0 million in 2020.
Asia Pacific is expected to showcase significant cryptocurrency market share in upcoming years, owing to several technological developments and acceptance of virtual currency for some platforms within Japan and Taiwan. Additionally, the strategic collaborations, partnerships by key players are also fueling the regional market. For instance, in January 2020, Z Corporation, Inc. and TaoTao, Inc. collaborated with the financial service agency to widen the crypto market by confirming regulatory compliance in the Japanese market.
With countries like UAE and Dubai as the top blockchain developers in the region and growing acceptance of digital currency in the area, the Middle East & Africa is expected to witness considerable growth in the forthcoming years.
Major Players Profiled in the Market Report:
- Bitmain Technologies Ltd. (Beijing, China)
- Xilinx, Inc. (California, U.S.)
- Intel Corporation (California, United States)
- Advanced Micro Devices, Inc. (California, U.S.)
- Ripple Labs, Inc. (California,U.S.)
- Bitfury Group Limited. (Amsterdam,U.S.)
- Ledger SAS (Paris, France)
- Nvidia Corporation (California,U.S.)
- BitGo (California,U.S.)
- Xapo (Zürich, Switzerland)
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Major Table of Contents:
- Global Cryptocurrency Market Key Players Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Hardware
- FPGA
- ASIC
- GPU
- Others (Paper Wallet, Web Wallet, Etc.)
- Software
- Mining Software
- Exchanges Software
- Wallet
- Payment
- Others (Vaults, Encryption, Etc.)
- Hardware
- By Type (Value)
- Bitcoin
- Ether
- Litecoin
- Ripple
- Ether Classic
- Others (Dogecoin, Moneor, Dash, Etc.)
- By End-Use (Value)
- Trading
- E-commerce and Retail
- Peer-to-Peer Payment
- Remittance
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Hardware
- FPGA
- ASIC
- GPU
- Others (Paper Wallet, Web Wallet, Etc.)
- Software
- Mining Software
- Exchanges Software
- Wallet
- Payment
- Others (Vaults, Encryption, Etc.)
- Hardware
- By Type (Value)
- Bitcoin
- Ether
- Litecoin
- Ripple
- Ether Classic
- Others (Dogecoin, Moneor, Dash, Etc.)
- By End-Use (Value)
- Trading
- E-commerce and Retail
- Peer-to-Peer Payment
- Remittance
- By Country (Value)
- By Component (Value)
- Global Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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