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.
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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Major key Players
Bitcoin Suisse (Switzerland),
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.
By region, MRFR analysis shows that North America region accounts for largest market share in cryptocurrency market owing to presence of major digital currency players, growing investment in cryptocurrency by small and large enterprises in the region. Wide adoption of cryptocurrency by BFSI and large enterprises is boosting the market in the region. Asia-Pacific region is expected to be one of the fastest growing market owing to increase investment in cryptocurrency saving schemees by enterprises. In Asia-Pacific region countries such as China, India, South Korea and Japan will be generating high revenue in cryptocurrency market. Increased adoption of cryptocurrency by small and large enterprises for money exchange transactions to enhanced marketing effectiveness and financial security. This would further help organization to overcome the threat of capital and frauds related to investment. Negligible fees for transaction, increase in purchasing power of people, elimination of third party and less chances of security threats are other significant factors aiding the market in the region.
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- Investors and consultants
- System Integrators
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Distributors & Retailers
- Software Providers
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