The growth of the global cryptocurrency market is driven by a rise in need for transparency in the payment system and an increase in flow of remittances from foreign countries.
Wilmington, Delaware, Nov. 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030″. According to the report published by Allied Market Research, the global cryptocurrency market was valued at $1.49 billion in 2020 and is anticipated to garner $4.94 billion by 2030, witnessing a CAGR of 12.8% from 2021 to 2030.
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Report Coverage & Details:
|Market Size in 2020||$1.49 billion|
|Market Size in 2030||$4.94 billion|
|No. of Pages in Report||354|
|Segments Covered||Offering, Process, Type, End User and Region.|
|Drivers||Rise in Need for Transparency in the Payment System|
|Opportunities||Untapped Potential on Emerging Economies|
|Restraints||Evolving demographics, rise in consumerism and openness toward new technologies such as IoT, Blockchain, and others provide lucrative opportunities for cryptocurrency across developing nations.|
Drivers, Restraints, and Opportunities
The growth of the global cryptocurrency market is driven by a rise in need for transparency in the payment system and an increase in flow of remittances from foreign countries. However, lack of awareness about cryptocurrency among individuals hampers the growth to some extent. Nevertheless, untapped potential on emerging economies is expected to offer new opportunities in the near future.
The Mining Segment to rule the roost By 2030
By process, the mining segment held nearly two-thirds of the global cryptocurrency market share in 2020, and is projected to dominate the market till 2030, as this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. However, the transaction segment is expected to witness the fastest CAGR of 14.6% during the forecast period, as cryptocurrency transactions allow users to control their money without dealing with an intermediary authority such as a bank or government.
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The Hardware Segment to Retain the Lion’s Share
By offering, the hardware segment garnered more than three-fourths of the global cryptocurrency market share in 2020, and is anticipated to rule by the end of 2030, owing to increase in need to enhance the efficiency of financial payment tools. The software segment, however, is registered to witness the fastest CAGR of 14.2% throughout the forecast period, as it facilitates managing the huge volume of data being generated for meaningful insights and better-informed decisions.
Asia-Pacific Held the Dominant Share in 2020
By region, the Asia-Pacific region held the major share in 2020, generating nearly half of the global cryptocurrency market. The same region is expected to show the fastest CAGR of 14.5% from 2021 to 2030. This is due to the increase in the number of Bitcoin exchanges across Asia, which brings a certain healthy competition in the industry.
Key Players in the Industry
- Ledger SAS Ripple
- Advanced Micro Devices Inc.
- Xilinx Inc.
- Xapo Holdings Limited
- BitFury Group Limited
- BTL Group Ltd.
- Intel Corporation
- NVIDIA Corporation
- Coincheck Inc.
Key Benefits For Stakeholders
- This study includes cryptocurrency market analysis, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and cryptocurrency opportunity.
- The cryptocurrency market size is quantitatively analysed from 2020 to 2030 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the cryptocurrency market trends.
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Cryptocurrency Market Key Segments
- Full Custom ASIC
- Semi-custom ASIC
- Programmable ASIC
- Mining Platform
- Coin Wallet
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Cardano (ADA)
- Ripple (XRP)
By End User
- Retail and E-commerce
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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