Global Cryptocurrency Market Expected to Exceed USD 3 Billion by 2031
The global cryptocurrency market is anticipated to increase to USD 3.4 billion by 2031, from USD 1.6 billion in 2021, growing at a CAGR of 7.1% from 2021 to 2031. Cryptocurrency is an internet-based medium of financial trading that uses cryptographical functions to carry out transactions. It is a peer-to-peer payment system that allows anyone, anywhere to send and receive money. Financial traders are the most common users of cryptocurrency due to the numerous benefits it provides, including more straightforward internal trade, transparency of personal or financial information, complete control and secure transactions, and many more.
Browse ThinkWise Intelligence's exclusive report, spread through 237 Pages on: Global Cryptocurrency Market, By Type (Bitcoin, Dashcoin, Ethereum, Litecoin, Ripple (XRP), Others), By Process (Mining, Transaction), By Component (Hardware, Software), By End User (Trading, Remittance, Peer-To-Peer Payment, E-Commerce, Retail, Others): Competitive Landscape & Growth Potential Analysis, 2021 - 2031
THE HARDWARE SUB-SEGMENT OF THE CRYPTOCURRENCY MARKET IS THE DOMINANT IN THE GLOBAL MARKET
The cryptocurrency market has been divided into two sub-segments based on the component: hardware and software. Among these components, the hardware sub-segment held the largest market share in 2020 and is projected to continue holding its lead position in the forecast period. This segment's growth is attributed to growing developments by leading players, such as Skycoin, related to cryptocurrency hardware. For instance, in October 2019, Skycoin, an open-source, hardware-based peer-to-peer internet that supports the incentive structure of the blockchain, developed a Hardware Development Kit (HDK) for 'Skywallet,' a cryptocurrency wallet.
MINING SUB-SEGMENT TO OFFER REWARDING OPPORTUNITIES FOR THE MARKET GROWTH
The global cryptocurrency market is divided into two sub-segments based on the process: mining and transaction. Among these, the mining sub-segment grabbed a dominant share of the market in 2020 and is likely to unlock rewarding growth opportunities in the forecast period. This sub-segment's growth is mainly due to various advantages of mining, such as allowing a user to cast a vote on the changes in the blockchain network.
ASIA-PACIFIC CRYPTOCURRENCY MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
During the projected period, the Asia-Pacific market is expected to be dominant in the global cryptocurrency market. This region's growth can be attributed to the rapidly growing digital currencies and technological advancements related to cryptocurrency in the Asia-Pacific region.
Bitfury Group Limited, Xilinx, Coinbase, Ethereum Foundation, BitMain Technologies Holding Company, Advanced Micro Devices, Inc., BitGo, Intel Corporation, Ripple, and Quantstamp, Inc. are the leading players of the global cryptocurrency market.