The augmenting acquisition of cryptocurrency for payments and other options across numerous developed and developing nations is one of the prominent drivers contributing to the growth of the global cryptocurrency. Also, the ongoing technological innovations and various research and development activities for the development of cryptocurrency, which includes the initiation of blockchain technology, are strengthening the market growth. Also, the monetary regulation variations, rising number of cross-border payments coupled with the accelerating penetration of the internet are some other factors responsible for the worldwide growth of the cryptocurrency industry.
As per the cryptocurrency market analysis, the surging adoption of cryptocurrency across various application areas and the remarkable benefits concerned with cryptocurrency usage like confidential transactions, easier international trade, decreases transaction fees, raised adaptability, and instant payments will further boost the market demand. With the widespread coronavirus, the focus on the usage of crypto assets, digital currencies, and other blockchain technologies has increased, which has propelled the market growth. Also, the increasing emphasis on maintaining social distancing has resulted in expanding contactless payments than physical cash. These factors together have accelerated the market demand. However, the growing concerns associated with security, privacy, and control and inadequate technological understanding may curb the cryptocurrency market size.
Based on the type, bitcoin is projected to witness a faster CAGR during the forecast period due to the escalating adoption of bitcoin among several countries because of the improved versatility. The other advantages of bitcoin, including discretion, user’s autonomy, peer-to-peer focus, and elimination of banking fees with very low transaction fees for the international payments, add to the market growth.
On the basis of application, the payment segment is expected to increase at a higher CAGR over the forecast period due to the expanding number of payments by cryptocurrency led by the exceptional advantages including better protection from fraud, secured transactions, enhanced speed of international transfers, and fewer fees.
Based on the regional coverage, the Asia-Pacific region is anticipated to expand at a higher CAGR during the forecast period, attribute to the growing acceptance of cryptocurrency across countries like Japan and China. Moreover, the increasing number of deals relating to the merger & acquisition and crypto-related fundraising activity integrated with the intensifying demand for fast peer-to-peer payment options among the consumers are some other factors fuelling the market growth.
Various notable players operating in the market include Xilinx, BitMain Technologies Holding Company, Quantstamp, Inc., Advanced Micro Devices, Inc., Intel Corporation, Bitfury Group Limited, Ripple, BitGo, Coinbase, and Ethereum Foundation, among others.
The Cryptocurrency Market has been segmented on the basis of offering, process, type, application, and region. Based on the offering, the market is segmented into hardware and software. The hardware segment is further categorized into Gpu, Asic, FPGA, and wallet. The software segment is further categorized into coin wallet, mining platform, and exchange. Based on the process, the market is segmented into transaction and mining. The transaction segment is further categorized into wallet and exchange. The mining segment is further categorized into pool mining, solo mining, and cloud mining. Based on the type, the market is segmented into etgereum (ETH), bitcoin, ripple (XRP), bitcoin cash, litecoin (LTC), dashcoin, and others. Based on the application, the market is segmented into remittance, trading, and payment. The payment segment is further categorized into ecommerce & retail, peer-to-peer payment, travel & tourism, media & entertainment, and others.
Cryptocurrency Market Segmentation:
Cryptocurrency Market by Offering:
- Coin Wallet
- Mining Platform
Cryptocurrency Market by Type:
- Etgereum (ETH)
- Ripple (XRP)
- Bitcoin Cash
- Litecoin (LTC)
Cryptocurrency Market by Process:
- Pool Mining
- Solo Mining
- Cloud Mining
Cryptocurrency Market by Application:
- Ecommerce & Retail
- Peer-To-Peer Payment
- Travel & Tourism
- Media & Entertainment
Cryptocurrency Market by Region:
- North America Cryptocurrency Market (Option 1: As a part of the free 25% customization)
- North America Market by Offering
- North America Market by Type
- North America Market by Process
- North America Market by Application
- United States Cryptocurrency Market
- Canada Cryptocurrency Market
- Europe Cryptocurrency Market (Option 2: As a part of the free 25% customization)
- Europe Market by Offering
- Europe Market by Type
- Europe Market by Process
- Europe Market by Application
- UK Cryptocurrency Market
- Germany Cryptocurrency Market
- France Cryptocurrency Market
- Spain Cryptocurrency Market
- Rest of Europe Cryptocurrency Market
- Asia-Pacific Cryptocurrency Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Offering
- Asia-Pacific Market by Type
- Asia-Pacific Market by Process
- Asia-Pacific Market by Application
- China Cryptocurrency Market
- India Cryptocurrency Market
- Japan Cryptocurrency Market
- Rest of APAC Cryptocurrency Market
- RoW Cryptocurrency Market (Option 4: As a part of the free 25% customization)
- RoW Market by Offering
- RoW Market by Type
- RoW Market by Process
- RoW Market by Application
- Brazil Cryptocurrency Market
- South Africa Cryptocurrency Market
- Saudi Arabia Cryptocurrency Market
- UAE Cryptocurrency Market
- Rest of world (remaining countries of the LAMEA region) Cryptocurrency Market
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