Cryptocurrency Market Accrues Double Fold Valuing USD 51 Billion With A CAGR of 14%

Cryptocurrency Market
Cryptocurrency Market, By Type (Bitcoin, Ethereum, Litecoin, Zcash, Dash, Monero, Ripple, Others), By End-User (Individuals, SMEs, Large Enterprises, Others) – Forecast 2023

Exclusive Summary:

According to Market Research Future Analysis, cryptocurrency market has been valued at approximately USD 51 Billion by the end of forecast period with approx. 14% of CAGR during forecast period 2017 to 2023.

North America region is generating highest market share in the cryptocurrency market owing to better network infrastructure, digitization and higher technology implementation. Digitization in North America is mainly due to the invention of advanced technology and economies benefitting from it.  North America region is leading due to presence of major players from the region in the cryptocurrency market.  The investment in cryptocurrency by both small and medium enterprises is increasing rapidly, especially one into BFSI sector. The cryptocurrency is gaining demand as organization seek to have better financial security of their capital, high purchasing power of the people, developed network infrastructure, advanced technology adoption by finance sector and rising security and value of cryptocurrency is key factors driving market growth in the region.

In cryptocurrency market, digitization and mobility is one of significant factor driving the market. Digitization helps organization by providing seamless platform to handle consumers’ information and increases efficiency and accuracy in business operations. Digital technology supports both upstream and downstream customer engagement activities. Cryptocurrency empowers organization to adopt digital currencies into their existing financial systems securely this is one of the significant factor boosting the Cryptocurrency market. By end-user segment, individuals and large enterprises acquires highest market share owing to better analysis of digital currency offered by cryptocurrency companies that is benefitting finance organization and is further fueling the market growth.

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Market Research Future (MRFR) recognizes the following companies as the key players in the cryptocurrency market are-

37Coins (U.S.),

Airbitz (U.S.),

Bips (Denmark),

Bitcoin Suisse (Switzerland),

Bitgo (U.S.),

Bitwala (Germany),

Bitway (U.S.),

Bitgo (U.S.),

Bitinstant (U.S.),

Coincheck (Japan),

Gatecoin (Hong Kong)

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: 

By type segment, cryptocurrency market consists of bitcoin, ethereum, litecoin, zcash, dash, monero, ripple, others. Bitcoin company was the first to invent digital currency. It named the cryptocurrency as bitcoin. In a bitcoin wallet the digital currency known as bitcoin is stored and sent using bitcoin wallet. The users can purchased bitcoin using credit card or a linked bank account through online exchange.

Ethereum company has designed its own cryptocurrency. Ethereum is a software platform based on blockchain technology.  It has its own decentralized platform. The benefits of ethereum decentralized platform includes, strong security level such that the third party cannot make any changes to the existing data. There is no chance of corruption due to the application that is built around a network that consists of certain protocols such as consensus, therefore making censorship impossible.

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Key questions answered in this report

• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

Market Segmentation

The cryptocurrency market has been segmented on the basis of type and end-user. In a bitcoin wallet the digital currency known as bitcoin is stored and sent using bitcoin wallet. The users can purchased bitcoin using credit card or a linked bank account through online exchange.Bitcoins are accepted by large number of e-retailers that in varied consumer goods sector such as electronics, software and gear. The users can buy gift cards, book flight tickets and travel expenses. Airlines accepting bitcoin for ticket expense includes Japan’s Peach Aviation, the Latvian airline AirBaltic and Air Lituanica. Other travel services such as CheapAir.com and BTCTrip also offer lodgings services and flights for bitcoin.

List Of Tables

Table 1     Cryptocurrency Market, By Type

Table 2     Cryptocurrency Market, By End-User

Table 3     Cryptocurrency Market, By Region

Table 4     North America Cryptocurrency Market, By Type

Continued…..

List Of Figures

Figure 1    Research Type

Figure 2    Image Sensormarket: By Type (%)

Figure 3    Image Sensormarket: By End-User (%)

Figure 4    Image Sensormarket: By Region (%)

Continued…..

Table of Content

1    Market Introduction

      1.1    Introduction    

      1.2    Scope Of Study

            1.2.1    Research Objective

            1.2.2    Assumptions

            1.2.3    Limitations

      1.3    Market Structure

2    Research Methodology

      2.1    Research Type

      2.2    Primary Research

      2.3    Secondary Research

      2.4    Forecast Model

            2.4.1    Market Data Collection, Analysis & Forecast

            2.4.2    Market Size Estimation

3    Market Dynamics

Continued…..

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