Cryptocurrencies are a digital means of exchange and work using blockchain technology which provides means of security. There is an increase in the demand for cryptocurrency among consumers, as it is reducing the time required to transfer payment. Further, it helps remove the need of third parties in business deals, offers improved capital optimization, and provides better security measurement.

The global cryptocurrency market size was valued at $1.49 billion in 2020, and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world.

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Factors such as increase in need for operational efficiency, transparency in financial payment systems and rise in demand for remittances in developing countries are expected to fuel the market growth. In addition, increase in the data security and improved capital optimization are expected to drive the cryptocurrency market growth. However, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations are expected to negatively impact the growth of the cryptocurency market. On the contrary, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunities for the market growth in the coming years.

The bitcoin segment is expected to garner a significant share during the forecast period due to most accepted digital currency across the globe and work without requiring approval from any external source or authority. However, the ripple (XRP) segment is expected to grow at the highest rate during the forecast period, as it can be used for various purposes such as accounting, investing, implementing smart contracts, and decentralized programs.

The cryptocurrency market is segmented on the basis of offering, process, type, end user and region. By offering, it is fragmented into hardware, and software. The hardware segment is further segmented into ASIC, GPU, FPGA, and others. The ASIC is further segregated into full custom ASIC, semi-custom ASIC, and programmable ASIC. Based on process, it is bifurcated into mining and transaction. By type, it is segmented into bitcoin (BTC), ethereum (ETH), tether (USDT), binance coin (BNB), cardano (ADA), ripple (XRP), and others. By end user, it is classified into trading, retail and e-commerce, banking, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Region wise, the cryptocurrency market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in this region includes rise in number of blockchain-based payment and document solutions in banking, financial services and insurance sector in the Asia-Pacific countries such as India, China, Singapore, South Korea, and Japan.

The Hardware Segment to Retain the Lion’s Share

Based on offering, the hardware segment contributed to more than three-fourths of the global cryptocurrency market share in 2020, and is expected to lead the trail by the end of 2030. Increase in need to enhance the efficiency of financial payment tools promotes the demand for hardware component, thereby driving the segment growth. The software segment, on the other hand, would cite the fastest CAGR of 14.2% throughout the forecast period, due to the fact that it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.

The Mining Segment to Dominate By 2030

Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020, and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. The transaction segment, on the other hand, would cite the fastest CAGR of 14.6% during the forecast period. This is because cryptocurrency transactions allow users with more autonomy over their own money than that of fiat currencies and users are able to control their money without dealing with an intermediary authority such as a bank or government.

Asia-Pacific, Followed By Europe and North America, Held the Major Share in 2020

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market. The same segment would also portray the fastest CAGR of 14.5% from 2021 to 2030. This is due to increase in number of Bitcoin exchange across Asia, which brings a certain healthy competition in the industry.

Key Players in the Industry

• BitFury Group Limited
• BTL Group Ltd.
• Intel Corporation
• Ledger SAS
• NVIDIA Corporation
• Coincheck Inc.
• Ripple
• Advanced Micro Devices Inc.
• Xilinx Inc.
• Xapo Holdings Limited

The COVID-19 has affected nearly all reaches of life, including the cryptocurrency industry. Increased business uncertainty and fluctuation of Bitcoin prices which has destabilize the entire Bitcoin ecosystem. Moreover, increasing concerns about banks’ & financial institutions ability to tackle the new market challenges in the form of revenue pressure, low profitability, tighter regulation, increasing competition, and new digital entrants are major challenging factors to the market during the pandemic situation.

Get Extensive Analysis of COVID-19 Impact on Cryptocurrency Market @ https://www.alliedmarketresearch.com/request-for-customization/2075?reqfor=covid

COVID-19 Scenario:

• The outbreak of the pandemic led to distorted business operations for receiving upgraded equipment & new hardware, which gave way to lower mining operations. This factor impacted the global cryptocurrency market negatively, especially during the first phase of the lockdown.
• However, the global situation is being ameliorated, and the market is anticipated to revive soon.

Check Discount @ https://www.alliedmarketresearch.com/get-discount/2075

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022

UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com

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Cryptocurrencies are a digital means of exchange and work using blockchain technology which provides means of security. There is an increase in the demand for cryptocurrency among consumers, as it is reducing the time required to transfer payment. Further, it helps remove the need of third parties in business deals, offers improved capital optimization, and provides better security measurement.

The global cryptocurrency market size was valued at $1.49 billion in 2020, and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world.

Absolutely Free | Get Sample Report (Full Insights in PDF – 354 Pages) @ https://www.alliedmarketresearch.com/request-sample/2075

Factors such as increase in need for operational efficiency, transparency in financial payment systems and rise in demand for remittances in developing countries are expected to fuel the market growth. In addition, increase in the data security and improved capital optimization are expected to drive the cryptocurrency market growth. However, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations are expected to negatively impact the growth of the cryptocurency market. On the contrary, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunities for the market growth in the coming years.

The bitcoin segment is expected to garner a significant share during the forecast period due to most accepted digital currency across the globe and work without requiring approval from any external source or authority. However, the ripple (XRP) segment is expected to grow at the highest rate during the forecast period, as it can be used for various purposes such as accounting, investing, implementing smart contracts, and decentralized programs.

The cryptocurrency market is segmented on the basis of offering, process, type, end user and region. By offering, it is fragmented into hardware, and software. The hardware segment is further segmented into ASIC, GPU, FPGA, and others. The ASIC is further segregated into full custom ASIC, semi-custom ASIC, and programmable ASIC. Based on process, it is bifurcated into mining and transaction. By type, it is segmented into bitcoin (BTC), ethereum (ETH), tether (USDT), binance coin (BNB), cardano (ADA), ripple (XRP), and others. By end user, it is classified into trading, retail and e-commerce, banking, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/2075

Region wise, the cryptocurrency market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in this region includes rise in number of blockchain-based payment and document solutions in banking, financial services and insurance sector in the Asia-Pacific countries such as India, China, Singapore, South Korea, and Japan.

The Hardware Segment to Retain the Lion’s Share

Based on offering, the hardware segment contributed to more than three-fourths of the global cryptocurrency market share in 2020, and is expected to lead the trail by the end of 2030. Increase in need to enhance the efficiency of financial payment tools promotes the demand for hardware component, thereby driving the segment growth. The software segment, on the other hand, would cite the fastest CAGR of 14.2% throughout the forecast period, due to the fact that it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.

The Mining Segment to Dominate By 2030

Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020, and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. The transaction segment, on the other hand, would cite the fastest CAGR of 14.6% during the forecast period. This is because cryptocurrency transactions allow users with more autonomy over their own money than that of fiat currencies and users are able to control their money without dealing with an intermediary authority such as a bank or government.

Asia-Pacific, Followed By Europe and North America, Held the Major Share in 2020

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market. The same segment would also portray the fastest CAGR of 14.5% from 2021 to 2030. This is due to increase in number of Bitcoin exchange across Asia, which brings a certain healthy competition in the industry.

Key Players in the Industry

• BitFury Group Limited
• BTL Group Ltd.
• Intel Corporation
• Ledger SAS
• NVIDIA Corporation
• Coincheck Inc.
• Ripple
• Advanced Micro Devices Inc.
• Xilinx Inc.
• Xapo Holdings Limited

The COVID-19 has affected nearly all reaches of life, including the cryptocurrency industry. Increased business uncertainty and fluctuation of Bitcoin prices which has destabilize the entire Bitcoin ecosystem. Moreover, increasing concerns about banks’ & financial institutions ability to tackle the new market challenges in the form of revenue pressure, low profitability, tighter regulation, increasing competition, and new digital entrants are major challenging factors to the market during the pandemic situation.

Get Extensive Analysis of COVID-19 Impact on Cryptocurrency Market @ https://www.alliedmarketresearch.com/request-for-customization/2075?reqfor=covid

COVID-19 Scenario:

• The outbreak of the pandemic led to distorted business operations for receiving upgraded equipment & new hardware, which gave way to lower mining operations. This factor impacted the global cryptocurrency market negatively, especially during the first phase of the lockdown.
• However, the global situation is being ameliorated, and the market is anticipated to revive soon.

Check Discount @ https://www.alliedmarketresearch.com/get-discount/2075

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022

UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com

Follow us on LinkedIn and Twitter