Global Cryptocurrency

Global Cryptocurrency Market Research Report: Forecast (2022-27)

By Component ((Hardware, FPGA, ASIC, GPU, CPU), Software (Mining Platform, Exchange, Wallet, Blockchain)), By Application (Trading, E-commerce & Retail, Peer-to-Peer (P2P) Payments, Remittance) By Typ Read more

  • FinTech
  • May 2022
  • 180
  • FT44003

Market Definition

Cryptocurrency, a virtual currency secured using cryptography to track transactions & prevent fraudulent acts, works through decentralized networks based on Blockchain technology. It eliminates the chances of identity theft using authenticated security passwords linked with users' digital wallets and thus ensures superior safety. Presently, cryptocurrency is increasingly becoming popular & preferred over traditional currencies in several countries worldwide since it allows instant payments with nil transaction charges.

Market Insights

The Global Cryptocurrency Market is projected to grow at a CAGR of more than 50% during the forecast period, i.e., 2022-27. The substantially growing market is driven principally by rapidly increasing market caps & transaction volumes of cryptocurrencies, coupled with a rapid surge in venture capital funding and massive global investments in fintech companies. Besides, the mounting popularity of virtual currencies like Bitcoin, Ethereum, & Litecoin, among others, is also contributing to the growth of the cryptocurrency market globally.

Report Coverage Details
Study Period Historical Data: 2017-20
Base Year: 2021
Forecast Period: 2022-27
CAGR 50%
Regions Covered North America: USA, Canada
Europe: Germany, France, Italy, UK, Russia
Asia-Pacific: China, India, Japan, South Korea, Australia
South America: Brazil
Middle East & Africa: Saudi Arabia, Israel, Turkey
Key Companies Profiled Advanced Micro Devices, Inc. Bitfury Group Limited. Bitmain Technologies Ltd. Coinbase CryptoMove Inc. Intel Corporation Ledger SAS Nvidia Corporation Quantstamp Inc. Ripple Labs, Inc. Xilinx, Inc. Others
Unit Denominations USD Million/Billion

Moreover, the integration of Blockchain technology into these digital currencies to attain decentralized, transparent, fast, & more secure transactions is another prominent aspect augmenting the growth of the global market. With Blockchain, the chances of fraudulent & undesirable transactions due to data manipulation or manual or machine errors are minimal.

As a result, more and more companies are collaborating & investing significantly in cryptocurrency to provide users with highly efficient services. In addition, governments of several countries are legalizing cryptocurrencies for purchasing, selling, or trading. Hence, the aspects cited above, coupled with the increasing prevalence of cyberattacks worldwide, are instigating the need for using cryptocurrencies to monitor any modifications in real-time and, in turn, boost the overall data security, thereby driving the global market.

Impact of Covid-19 on the Global Cryptocurrency Market

The advent of Covid-19 in 2020 severely impacted many businesses worldwide. However, the Global Cryptocurrency Market has grown, and the same trend is likely even in the forthcoming years. Initially, cryptocurrency slumped to quite a small value but afterward witnessed ample growth. The swift rise in the availability of high-speed internet, coupled with digital transformations worldwide, resulted in a steep surge in trading transactions and flourishing market values of cryptocurrencies amidst the global crisis. With all uncertainties surfaced due to the pandemic, Ethereum, Bitcoin, & other digital currencies observed significant traction. Moreover, for the first time, banks started accepting these virtual currencies and, in turn, contributed notably to the expansion of the global market in 2020.

Market Segmentation

Based on Component:

  • Hardware
    • FPGA
    • ASIC
    • GPU
    • Others (Paper Wallet, Web Wallet, etc.)
  • Software
    • Mining Software
    • Exchanges Software
    • Wallet
    • Payment
    • Others (Vaults, Encryption, etc.)

Amongst these components, Hardware, particularly ASIC (Application-Specific Integrated Circuit), is projected to dominate the Global Cryptocurrency Market during 2022-27. It attributes primarily to its better energy-efficiency than GPUs or CPUs and high hash rates, which boosts the earning prospects of the investors.

Unlike others, ASIC miners are computers designed specifically for mining cryptocurrencies. Earlier, they were just for Bitcoins but at present, they have now been developed for Dash & Litecoin. The easy to setup ASIC mining provides much greater mining efficiency than GPUs. Moreover, the significant reduction in the size of ASIC chips is the most notable development in the ASIC mining technology. Hence, these aspects are projected to lead the ASIC technology to dominate the global market through 2027.

Based on Application:

  • Trading
  • E-commerce & Retail
  • Peer-to-Peer (P2P) Payments
  • Remittance

Here, Peer-to-Peer (P2P) Payments have gained notable traction in the previous few years owing to their remarkable transparency & security that provides users with more command over who & how they trade. Currently, they are being integrated with Blockchain technology to help build a loan marketplace where any user can become a borrower or lender and avail of better interest rates, instant lending, reduced fees, and a lot more.

P2P allows users to do direct crypto trading with one another using their preferred payment methods & local currencies while providing better exchange rates & lower fees to help users make the most of their profits. Moreover, with numerous traders on board, these platforms tend to offer better liquidity than conventional exchanges, which makes it easier to look for buyers or sellers for a particular currency at any point in time. Hence, these aspects associated with P2P platforms are generating their mounting demand worldwide for trading cryptocurrencies and, in turn, augmenting the overall market growth.

Based on Type:

  • Bitcoin
  • Ether
  • Litecoin
  • Ripple
  • Dogecoin
  • Others (Moneor, Dash, etc.)

Although several cryptocurrency wallets have surfaced worldwide over the past few years, Bitcoin has been the pioneer and holds the largest share in the Global Cryptocurrency Market. It became the first decentralized digital currency, which, in turn, has led to the emergence of a lot more digital currencies in the market at present. Its well-established global networks, coupled with highly volatile prices & immense return potential, are the prime aspects that would lead Bitcoin to continue its dominance in the Global Cryptocurrency Market through 2027.

On the other hand, Ether is another key contributor to the growth of the global market over the forecast years. It owes to the growing worldwide popularity of Decentralized Finance (DeFi), which has led to a rapid surge in the prices of Ethereum, coupled with numerous ongoing developments in its software that have made transactions faster with reduced fees. Moreover, more and more institutions increasingly adopting Ethereum is another aspect that projects lucrative opportunities for the overall market growth in the coming years.

Regional Landscape

Geographically, the Global Cryptocurrency Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Of all regions globally, Europe dominates the cryptocurrency market at present. The regional market expansion attributes principally to minimal ownership costs, transparency & immutability of the distributed ledger technology, and the mounting end-user requirements for safer & quicker transactions, especially across international borders. Moreover, the extensively available mining pools across Europe and the greater acceptance rate of these virtual currencies in countries like Germany are also driving the regional market.

Several countries across Europe are diving deeper into the cryptocurrency ecosystem. The region's own incredible rise in the industry, China's pullback, and massive investments by decentralized finance platforms have notably contributed to Europe's dominance in the market.

Across the region, by far, the UK is the leading market in terms of value received, followed by France, Germany, the Netherlands, & Switzerland. Moreover, new provisions to facilitate disclosure, transparency, supervision, & authorization of transactions for keeping customers better informed about all risks & charges involved are projected to create remunerative prospects for the regional market over the coming years.

Market Dynamics

Key Driver: Mounting Concerns over Financial Crisis associated with Traditional Banking

A prominent issue with the banking sector is the inflation that troubles a country's economy by sinking its currency's value. However, there isn't any negative impact of the financial crisis on cryptocurrencies since their value is globally proportioned. As a result, it makes them a better option for those nations with unstable economic scenarios. Hence, this aspect is the primary driver for the Global Cryptocurrency Market during 2022-27.

Possible Restraint: Increasing Misuse of Digital Currencies for Illegal Acts

Several regulatory bodies around the globe are worried about the increasing misuse of cryptocurrencies for illegal activities, including money laundering, terrorist financing, & tax evasion carried out by criminals, since these currencies are decentralized & unauthorized. Moreover, the mounting prevalence of cyberattacks worldwide that resulted in massive investment losses in recent years is another aspect restricting the adoption of cryptocurrencies. Hence, these instances, coupled with the growing misuse of virtual currencies, might serve as key growth challenges for the Global Cryptocurrency Market during 2022-27.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Cryptocurrency Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Cryptocurrency Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Cryptocurrency Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Cryptocurrency Market study?

Frequently Asked Questions

A. The Global Cryptocurrency Market is projected to grow at more than 50% CAGR during 2022-27.

A. The financial crisis in the existing banking system is the key aspect projected to drive the Global Cryptocurrency market during 2022-27. However, the rising misuse of cryptocurrencies by criminals for illegal activities might restrain the growth of the global market in the years to come.

A. Ether would emerge as an area of remunerative prospects for the leading players in the Global Cryptocurrency Market over the forecast years.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on Global Cryptocurrency Market
  5. Global Cryptocurrency Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  6. Global Cryptocurrency Market Policies, Regulations, Product Standards
  7. Global Cryptocurrency Market Trends & Insights
  8. Global Cryptocurrency Market Hotspot & Opportunities
  9. Global Cryptocurrency Market Key Strategic Imperatives for Success & Growth
  10. Global Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
        1. Hardware
          1. FPGA
          2. ASIC
          3. GPU
          4. CPU
        2. Software
          1. Mining Platform
          2. Exchange
          3. Wallet
          4. Blockchain
      2. By Application
        1. Trading
        2. E-commerce & Retail
        3. Peer-to-Peer (P2P) Payments
        4. Remittance
      3. By Type
        1. Bitcoin
        2. Ether
        3. Litecoin
        4. Ripple
        5. Dogecoin
        6. Others (Monero, Dash, etc.)
      4. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      5. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Matrix
  11. North America Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Application
      3. By Type
      4. By Country
        1. The US
        2. Canada
        3. Mexico
  12. South America Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Application
      3. By Type
      4. By Country
        1. Brazil
        2. Others
  13. Europe Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Application
      3. By Type
      4. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Others
  14. Middle East & Africa Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Application
      3. By Type
      4. By Country
        1. GCC Countries
        2. South Africa
        3. Others
  15. Asia-Pacific Cryptocurrency Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Application
      3. By Type
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Others
  16. Competition Outlook
    1. Competition Matrix
      1. Product/ Solution Portfolio
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Advanced Micro Devices, Inc.
      2. Bitfury Group Limited.
      3. Bitmain Technologies Ltd.
      4. Coinbase
      5. CryptoMove Inc.
      6. Intel Corporation
      7. Ledger SAS
      8. Nvidia Corporation
      9. Quantstamp Inc.
      10. Ripple Labs, Inc.
      11. Xilinx, Inc.
      12. Others
  17. Disclaimer
Cryptocurrency Market Segmentation