The market is projected to grow from USD 910.3 million in 2021 to USD 1,902.5 million in 2028 at a CAGR of 11.1% during the 2021-2028 period.
The global cryptocurrency market size is likely to reach USD 1,902.5 million by 2028, exhibiting a CAGR of 11.1% during the forecast period. Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. It offers low ownership costs, quicker and safer transactions internationally through a decentralized record storing platform called ‘distributed ledger’. Fortune Business Insights™ has presented this information in an upcoming report titled, “Cryptocurrency Market, 2021-2028”. The market size stood at USD 910.3 million in 2021.
The digital currency exchange methods are evolving swiftly. The market is gaining extreme traction due to several factors. For instance, the amalgamation of blockchain technology in digital currency ensures efficient and decentralized transactions. Moreover, major firms are investing in blockchain systems and collaborating with other firms to provide quality services to their users. For instance, Qtum Chain Foundation (Singapore) collaborated with Amazon Web Services (AWS) China to deploy blockchain systems for the AWS cloud.
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Key Players in the Global Cryptocurrency Market are:
- BitGo Inc. (U.S.)
- Binance, com (Malta)
- Bitfury Group Limited (The Netherlands)
- Coinbase (U.S.)
- com (U.S.)
- Intel Corporation (U.S.)
- Ripple Labs Inc. (U.S.)
- Xilinx (U.S.)
- Bitmain Technologies Ltd. (Saint Bitts LLC) (China)
COVID-19 Impact-
Coronavirus has plummeted the growth of the financial market across the globe, including the cryptocurrency market. The level of stability in the digital currency landscape has considerably diminished. The market is attracting investments despite the uncertainty prevailing in the digital currency industry. Digital currencies like Ethereum, Bitcoin, etc., have witnessed inflation in prices despite the pandemic. Firms across several nations have paused their mining operations due to the pandemic. Some countries like Russia have delayed the deployment of cryptocurrency laws due to the pandemic.
Segmentation-
Based on components, the market bifurcates into software and hardware. Based on type, the market is classified into Ether, Ether Classic, Bitcoin, Ripple, Litecoin, etc. On the basis of its end-user, the market segments into e-commerce and retail, remittance, trading, and peer-to-peer payment. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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Report Coverage-
The report follows a robust methodology that involves data triangulation based on top-down and bottom-up approaches. The information presented in the report is derived from the most credible sources and through interviews with reputed stakeholders at regional, country, and global levels. The report highlights the various market dynamics like restraints, drivers, trends, and opportunities. It provides a comprehensive analysis of the factors stimulating the market growth and encompasses Porters’ Five Forces Analysis and PESTLE Analysis for an unerring prediction of the market. The report also highlights the effects of COVID-19 on the market.
Drivers and Restraints-
Being the most famous and highly adopted digital currency across the world, Bitcoin is expected to boost the global market due to its wide acceptance. Moreover, digital currency poses no threat amidst a financial crisis. Their value is universally balanced, which is driving its demand in economically unstable structural regions. Furthermore, some banks have also started supporting cryptocurrency payments in some countries, which is expected to significantly boost the market growth. For instance, the People’s Bank of China and the Eastern Caribbean Central Bank adopted a digital currency as an exchange medium.
The launch of new cryptocurrencies is also expected to augment market growth. For instance, the launch of Dogecoin gained immense popularity and is constantly growing ever since its launch.
However, the misuse of digital currency for illegal uses like money laundering, tax evasion, etc., are expected to restrain the market growth.
Regional Insights-
Asia Pacific to Showcase the Highest Growth Rate
North America is anticipated to dominate the global cryptocurrency market share due to several reasons. Wide acceptance of digital currencies like bitcoin, key players present in the region, and the well-aware population regarding the use of cryptocurrency in the region are expected to drive the market growth.
Asia Pacific is anticipated to observe the highest growth rate in the forthcoming years. Partnerships, technological developments, and strategic collaborations are expected to swell the demand for cryptocurrency in the region. For instance, by complying with regulatory norms of the Japanese market, TaoTao Inc. and Z Corporation Inc. announced their collaboration in January 2020 with a financial service agency to expand their services.
With countries like UAE and Dubai as the top blockchain developers in the region and growing acceptance of digital currency in the area, the Middle East and Africa is expected to witness considerable growth in the forthcoming years.
Competitive Landscape-
Acquisitions and New Product Launches to Intensify Market Growth
The global market consists of several key players operating at regional and global levels. These giants focus on enhancing their platforms by acquisitions, partnerships, and expanding their digital infrastructures. For instance, Binance.com introduced the ‘binance cloud’ to offer digital asset exchange with security and liquidity in February 2019.
Industry Developments-
- April 2020: com announced a partnership with the Bit Mining company to expand its services across Japan.
- November 2019:com acquired WazirX. The acquisition has enabled the adoption and production of new financial technologies to simplify access to cryptocurrency.
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To view the original version on The Express Wire visit Cryptocurrency Market Opportunities, Future and Business Analysis by Forecast 2028
