The global cryptocurrency market analysis research study of 164 pages explores cryptocurrency market size, share, trends, growth, demand, and industry forecast to 2022. The cryptocurrency market was valued at USD 541.0 million in 2017 and is expected to reach USD 2,902.0 million by 2023, at a CAGR of 32.31% between 2017 and 2023. The growing remittance in developing countries, high cost of remittance across the border, and fluctuating monetary regulations are the major drivers for the growth of the cryptocurrency market.
The growth of the cryptocurrency market is further propelled by the transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost. However, the uncertain regulations and standards pertaining to cryptocurrency restrain the growth of this market.
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“Cryptocurrency mining held the largest market share in 2016”
Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. Whenever a transaction takes place and is validated, miners collect these transactions and include them into the block they are currently solving.
Every block has to be solved before being broadcast and added to the block chain. The solving of a block involves the use of hardware to solve mathematical puzzles that are difficult to crack.
“Market for Ethereum is expected to grow at the highest rate between 2017 and 2023”
The Ethereum block chain focuses on running the programming code of any decentralized application, including Distributed Applications (DApps) and smart contracts, enabling it to be built and run without any downtime, fraud, control, or interference from a third party. The advantages offered by Ethereum over bit coin, such as electronic cash, smart contract technology, and proof-of-stake, are expected to drive the growth of the market for Ethereum.
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“Cryptocurrency market in APAC is expected to grow at the highest rate between 2017 and 2023”
Because of the low cost of electricity, suitable climate (especially in Northern China), presence of big electronics manufacturing units, and availability of venture capital funding, the market in China is expected to grow at the highest rate during the forecast period. Besides, Japan has the highest level of awareness and knowledge of cryptocurrency.
The government regulations in Japan are also favorable for cryptocurrency transactions. All these factors would help drive the growth of the market in APAC at the highest CAGR during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.
- By Company Type: Tier 1—40%, Tier 2—20%, and Tier 3—40%.
- By Designation: C-Level Executives—40%, Directors—40%, and Others (Sales, Marketing, and Product Managers)—20%.
- By Region: North America—40%, Europe—40%, APAC—10%, and RoW—10%.
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The companies covered in the cryptocurrency market are Intel Corporation (US), NVIDIA Corporation (US), Microsoft Corporation (US), Xilinx, Inc. (US), Advanced Micro Devices, Inc. (US), Alpha Point Corporation (US), Amazon.com, Inc. (US), Bit Go, (US), BTL Group Ltd.(Block chain Tech) (Canada), Bit Fury Group(US), Coin base UK, Ltd. (US), 21 Inc. (US), and Ripple Labs Inc. (US).
The cryptocurrency market has been segmented on the basis of offering, process, type, enduser, and region. The market has been segmented on the basis of offering into hardware and software.
On the basis of process, the market has been segmented into mining and transaction. On the basis of type, the market is segmented into Bit coin, Ethereum, Ripple (XRP), Lite coin, Dash coin, and others.
The market has been segmented on the basis of end user into peer-to-peer payment, remittance, e-commerce and retail, media and entertainment, and others.
Reasons to Access the Report:
- The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the cryptocurrency market comprehensively and provides the closest approximations of the size of the overall market and its subsegments for various applications and across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities pertaining to the market.