According to Beyond Market Insights, the global cryptocurrency market size was worth USD 4.40 billion in 2021 and is estimated to grow to USD 12.10 billion by 2030, with a CAGR of 11.9 % between 2022 to 2030. Industry Overview, Trend Analysis, Growth, Research and Cryptocurrency market forecast 2023 to 2030
Austin, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Cryptocurrency Market Overview: Cryptocurrency is a form of currency with no central issuing or regulatory organization above it and only exists in digital form. With the use of blockchain technology, the transactions are validated. Its peer-to-peer nature enables users to send and receive money from anywhere globally without relying on banks to verify the transactions. The main driving drivers behind the expansion of the global cryptocurrency industry are the rising demand for remittances in developing nations, operational efficiency and transparency in financial payment systems, and the improvement of data security. Additionally, by utilizing cutting-edge blockchain distributed technology protocols, various parties can transparently move payments across the business, perhaps eliminating the need for organizational solutions. The greater supply chain openness brought about by such technology makes eradicating environmental crimes and other transgressions easier. More people will adopt cryptocurrency as a result. Moreover, due to increased interest in cryptocurrencies among banks and other financial institutions and untapped potential in emerging economies, there may be attractive opportunities for market expansion during the anticipated timeframe.
The global cryptocurrency market has been segmented into the offering, process, type, end user, and region. Based on offering, the market is segmented into hardware (ASIC, GPU, FPGA & others and software (mining platform, exchange & coin wallet). Among these, the hardware segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the process, the Cryptocurrency market is classified into mining and transaction. In 2021, the mining category dominated the global market. Based on type, the market is segmented into bitcoin (BTC), Ethereum (ETH), tether (USDT), Binance coin (BNB), Cardano (ADA), ripple (XRP), and others. The bitcoin (BTC) segment dominated the market in 2021. Based on end users, the market is classified into trading retail and e-commerce, banking, and others. The trading category dominated the Cryptocurrency market in 2021.
Read the full market research report, "Cryptocurrency Market Size, Share, Growth Report by Offering (Hardware & Software, By Process (Mining, Transaction), By Type (Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Cardano (ADA), Ripple (XRP), Others), End User (Trading, Retail and E-commerce, Banking, Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Complete Analysis, Historical Data, and Forecasts 2022 – 2030", published by Beyond Market Insights.
The global cryptocurrency market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Asia Pacific dominated the market in 2021. Due to the increased bitcoin exchanges in this region, the industry has changed and seen some healthy competition. Chinese institutions are hiring blockchain expertise to increase transparency and combat fraud in the country's financial sector. These components are fueling the growth of the regional bitcoin market. The Asia Pacific Cryptocurrency market is also expected to grow significantly due to several technological developments and Japan's and Taiwan's approval of virtual currency for use across various platforms.
Key players in the global cryptocurrency market include Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Antier Solutions, Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc., Xapo Holdings Limited, and Others.
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Cryptocurrency Market Dynamics
Driver: Clarity of distributed ledger technology
Issues connected to lack of clarity appear when trades take place without the proficiency of stakeholders, especially in Asian nations where several instances of fraudulent or unwanted transactions, such as the deduction of scheduled charges, are frequently monitored.
This may be caused by human error, machine error, or data manipulation during the transaction process, and may result in consumers yielding huge amounts of money. Moreover, in most cases, financial institutions do not bear their fault. This lack of clarity in the current monetary system leads to displeasure among the public.
Restraint: Pending regulatory status
The cryptocurrency market is not yet controlled. At present, the lack of limitations and the uncertainty concerning the same are among the main factors restraining the adoption of cryptocurrencies.
While financial regulatory bodies across the world are operating to find common norms for cryptocurrencies, regulatory acceptance remains one of the largest challenges. As the dispersed ledger technology is still in the developing stage, it raises several queries for regulators and policymakers at national and international levels.
Opportunity: Notable growth opportunities in emerging and expanded markets
Emerging economies (such as India, China, and Brazil) and developed countries (such as the US, Germany, and Japan) are anticipated to deliver noteworthy growth opportunities for companies working in the cryptocurrency market.
For instance, in 2020, Brazilian crypto companies signed a code of self-regulation that aims to legitimize and promote the adoption of crypto assets in the nation. The document was signed under the auspices of Abcripto, the country’s organization of cryptocurrency companies.
The objective of the agreement is to specify operational methods and observation standards that all members must adhere to. The nation’s major cryptocurrency enterprises that signed the code include Foxbit, Ripio, Bitcoin Market, and Novadax.
Challenge: Problems regarding security, privacy, and control
Cryptocurrency has the possibility of changing and revolutionizing compliance-free peer-to-peer and remittance trades; however, end users have to overcome certain challenges connected to security, privacy, and control to benefit from cryptocurrency.
As cryptocurrency trades are recorded in the circulated public ledger known as a blockchain, hackers have a big attack surface to acquire access to critical and sensitive data. If this public ledger is used to store confidential contract-related information or payment data, copying the file could potentially make it easier for hackers to access it. If a key is compromised, it can be used to access the database in a hub-and-spoke model as well as in a circulated database.
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June 2021: To enable cryptocurrency purchases by credit unions and 650 banks, NCR Corporation partnered with a digital asset management firm named NYDIG. Consumer demand from NCR banking customers purchasing virtual currency through third-party exchanges prompted the move.
January 2020: Binance.com bought WazirX, a bitcoin exchange with headquarters in Mumbai, India. With this transaction, Binance.com is putting a lot of emphasis on expanding its clientele in India. To make it simpler to trade Binance.com's digital currency with purchases of Tether or USDT, WazirX's peer-to-peer (P2P) engine will be coupled with the Fiat Gateway platform, which Binance.com has licensed.
Global Cryptocurrency Market is segmented as follows:
Cryptocurrency Market by Offering Outlook (Revenue, USD Million, 2017 - 2030)
Cryptocurrency Market by Process Outlook (Revenue, USD Million, 2017 - 2030)
Cryptocurrency Market by Type Outlook (Revenue, USD Million, 2017 - 2030)
Binance Coin (BNB)
Cryptocurrency Market by End User Outlook (Revenue, USD Million, 2017 - 2030)
Retail and E-commerce
Cryptocurrency Market by Region Outlook (Revenue, USD Million, 2017 - 2030)
North America (United States, Canada, and Mexico)
Europe (United Kingdom, France, Germany, Spain, Italy, and the Rest of Europe)
Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Southeast Asia, and the Rest of Southeast Asia)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Egypt, Kuwait, and the Rest of the Middle East & Africa)
Latin America (Brazil, Argentina, and the Rest of Latin America)
Table of Content
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CRYPTOCURRENCY MARKET, BY OFFERING
CHAPTER 5: CRYPTOCURRENCY MARKET, BY PROCESS
CHAPTER 6: CRYPTOCURRENCY MARKET, BY TYPE
CHAPTER 7: CRYPTOCURRENCY MARKET, BY END-USE INDUSTRY
CHAPTER 8: CRYPTOCURRENCY MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
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Cryptocurrency Market Report Scope
Market Size Value in 2022
USD 4.93 billion
Revenue Forecast in 2030
USD 12.10 billion
CAGR of 11.9 % from 2023 to 2030
Base Year for Estimation
2017 - 2022
2023 - 2030
Revenue in USD million and CAGR from 2023 to 2030
Revenue forecast, company ranking, Trends
Offering, Process, Type, End User, and Region
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key Companies Profiled
Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Antier Solutions, Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc., Xapo Holdings Limited, and Others.
FREQUENTLY ASKED QUESTIONS?
QUESTION 1. At what CAGR, the Cryptocurrency Market will grow from 2022 - 2030?
Answer: The Cryptocurrency Market is estimated to extend at a CAGR of 11.9 % from 2022 to 2030.
QUESTION 2. What will be the market worth of the Cryptocurrency Market by the end of 2030?
Answer: The Cryptocurrency Market is swelled to reach $12.10 billion by 2030.
QUESTION 3. Which are the factors that drive Cryptocurrency Market Growth?
Answer: The rise in the need for operational efficiency and transparency in financial payment systems etc. boosts the Cryptocurrency market development.
QUESTION 4. Who are the top players in Cryptocurrency Market?
Answer: The key players profiled in the report include Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., and many more.
QUESTION 5. How can I get company profiles of the top ten players in the Cryptocurrency Market?
Answer: Based on the top-growing giant corporations, we select the top 10 players.
QUESTION 6. What are the segments of the Cryptocurrency Market?
Answer: The Cryptocurrency Market is segmented based on offering, process, type, end user, and region.
QUESTION 7. What are the key growth plans of Cryptocurrency Market Players?
Answer: The key growth plans of Cryptocurrency market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
QUESTION 8. By Region, which segment would increase at the highest CAGR during the forecast years?
Answer: Asia-Pacific region would increase at the highest CAGR of 14 % during the forecast years from 2022 to 2030.
QUESTION 9. By Type, which segment will dominate the Cryptocurrency market by the end of 2030?
Answer: Bitcoin (BTC) segment will dominate the market by the end of 2030.
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