Growth opportunities in the global cryptocurrency market look promising over the next six years. This is mainly due to the increasing adoption of cryptocurrency for payments and various other options at the global level, along with the rising research & development activities and continuous technological advancements for the development of cryptocurrency.
Global Cryptocurrency Industry Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major factors that are responsible for the growth of the global cryptocurrency market include the accelerating adoption of cryptocurrency for payments and other options around the world. Numerous R&D activities, along with the continuous technological advancements for the development of cryptocurrency, which include the introduction of blockchain technology, is leading to the enhancement in cryptocurrency. Furthermore, differences in the monetary regulations, the rising number of cross-border payments followed by the increasing penetration of the internet are further surging the growth of the cryptocurrency market size.
There has been an increase in the application of cryptocurrency as it offers various benefits such as facilitates international trade, improves adaptability, more confidential transactions, decreases transaction fees, along instant payments. This will further contribute to the growth of the market during the forecast period. The outbreak of the COVID-19 pandemic has positively impacted market growth. Moreover, the rising focus on utilizing digital currencies, crypto assets, and other blockchain technologies is another factor that is driving the market growth. On the other hand, the growing concerns regarding privacy, security & control, along with the lack of technical understanding related to the cryptocurrency, are the two major factors that are hampering the market growth.
Type Segment Drivers
On the basis of the type, the bitcoin is anticipated to witness a faster CAGR over the forecast period. This is mainly attributed to the increasing adoption of bitcoin in various economies due to its improved versatility. There are numerous benefits related to the usage of bitcoin, such as user’s autonomy, peer-to-peer focus, discretion, and decreases banking fees and low transaction fees for international payments. All these factors are further increasing the demand of the market.
Application Segment Drivers
On the basis of application, payment is projected to grow at a higher CAGR during the forecast period. The rising number of payments via cryptocurrency as if offers numerous benefits such as improved protection from fraud, secured transactions, and improved speed of international transfers.
Global Cryptocurrency Market’s leading Manufacturers:
- Xilinx
- BitMain Technologies Holding Company
- Quantstamp, Inc.
- Advanced Micro Devices, Inc.
- Intel Corporation
- Bitfury Group Limited
- Ripple
- BitGo
- Coinbase
- Ethereum Foundation
Global Cryptocurrency Market Segmentation:
Segmentation by Offering:
- Hardware
- Gpu
- Asic
- FPGA
- Wallet
- Software
- Coin Wallet
- Mining Platform
- Exchange
Segmentation by Process:
- Transaction
- Wallet
- Exchange
- Mining
- Pool Mining
- Solo Mining
- Cloud Mining
Segmentation by Type:
- Etgereum (ETH)
- Bitcoin
- Ripple (XRP)
- Bitcoin Cash
- Litecoin (LTC)
- Dashcoin
- Others
Segmentation by Application:
- Remittance
- Trading
- Payment
- Ecommerce & Retail
- Peer-To-Peer Payment,
- Travel & Tourism
- Media & Entertainment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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