Cryptocurrency market is currently driven by fast, global, and secure transactions processing, low cost of remittance offered by cryptocurrencies, and growth in venture capital investments
Market Research Report Search Engine (MRRSE) has added a new research report in its repository on Cryptocurrency. The report has been titled, “Global Cryptocurrency Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” The report provides insights into the growth trajectory of the market in terms of past, present, and future scenario.
The report also dwells on aspects such as drivers, trends, opportunities, and restraints.
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Cryptocurrency market is currently driven by fast, global, and secure transactions processing, low cost of remittance offered by cryptocurrencies, and growth in venture capital investments.
Cryptocurrencies use cryptography system to control the creation of additional units and to secure the integrity of transactions. In cryptography, only the owner with private key can send the cryptocurrencies, which make the transactions highly secure and authentic.
Further, transactions get confirmed within minutes irrespective of physical location of sender and receiver because of an extensive geographically diversified miner network base.
In traditional banking system, involvement of number of regulator entities and requirement of adhering to numerous compliances, the cost of sending money internationally increases exponentially. According to the statistics provided by World Bank, the average cost of sending remittances across borders through traditional market players such as Money Gram, TransferWise, or Western Union is around 7% to 10%.
In developing countries such as South Africa, remittance charges are even higher, up to 20%. On the other hand, cryptocurrency dis-intermediates involved banks and currency exchanges from the settlement process and further reduce down the settlement costs.
In 2016, the global cryptocurrency market was valued at US$ 574.3 mn and is expected to reach US$ 6,702.1 mn by 2025, expanding at a CAGR of 31.3% during the forecast period from 2017 to 2025.
Bitcoin Poised hold the Highest Share as Various Industrial Verticals Show Keen Interest
The global cryptocurrency market has been segmented on the basis of component, type, and region. On the basis of component, the market is segmented into hardware and software.
The hardware segment is further classified into FPGA, GPU, ASIC, wallet, and others. Software segment is divided into mining platform, blockchain, coin wallet, and exchange.
In 2016, hardware segment accumulated to the highest market share and is expected to continue its dominance over the forecast period. Nonetheless, software segment is projected to witness highest growth in coming years.
By type, the market has been segmented into various cryptocurrencies such as Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin and others. In terms of market share, bitcoin cryptocurrency segment is projected to have highest market share over the forecast period owing to its highest adoption in numerous applications and industry verticals.
Nonetheless, Ethereum is anticipated to witness highest CAGR growth in coming years due to its associated benefits such as smart contract technology, electronic cash and Proof of Stake (PoS).
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Europe Shows Dominance with Strong Presence of Mining Pools
In 2016, Europe held highest revenue share of global cryptocurrency market with Germany contributing the maximum revenue and it is expected that the region will show significant growth over the forecast period. Presence of numerous mining pools and adoption of cryptocurrencies as valid currency by numerous retailers are projected to have strong impact on market growth in European countries.
In North America, highest revenue contributing countries includes the U.S., and Canada. Significant growth in number of Initial Coin Offerings (ICOs) in the region especially in the U.S.
is key factor for expected substantial growth shown by North America. High adoption rate of virtual currencies across the countries namely China, Singapore, and Japan in the region is expected to drive the Asia Pacific cryptocurrency market.
Gulf Cooperation Council (GCC) countries including Saudi Arabia and United Arab Emirates (UAE) and South Africa are the highest revenue generating regions from MEA. South America cryptocurrency market is driven by inflation and payment problems faced by various economies in the region.
Brazil is the highest revenue contributing country to the cryptocurrency market from the region.
The company profiling of key players profiled in the global cryptocurrency market includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The key players profiled in the global cryptocurrency market includes Intel Corporation, Microsoft Corporation, NVIDIA Corporation, BitFury Group Limited, Alphapoint Corporation, Advanced Micro Devices, Inc. Xilinx Inc., BitGo, Ripple and BTL Group Ltd.
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