WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Cryptocurrency Market finds that the rise in need for transparency in financial payment systems and operational efficiency, increase in remittances demand in emerging nations, improved market cap, and rise in data security are the key factors that are augmenting the growth of the Cryptocurrency Market globally. Moreover, and lack of awareness with high implementation of Cryptocurrency Market in emerging nations hamper the growth of the Cryptocurrency Market.
Furthermore, rise in demand for Cryptocurrency Market among financial institutions, banks, and untapped potential in developing economies are likely to provide lucrative opportunity for the expansion of the market during the forecast period. The total Global Cryptocurrency Market is estimated to reach USD 2,302.5 Million by 2028.
The market stood at a revenue of USD 1,542.9 Million in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.9%.
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Market Dynamics:
In recent years, Cryptocurrency Market especially, Bitcoin has established its value, now bragging 14 million worth Bitcoins in circulation. Investors speculating in the future opportunities of this new technology which is driving most of the market capitalization currently, and this is expected to remain the case until some measure of market acceptance and price stability is achieved. The Cryptocurrency Market will grow at a pace set by the major participants, characterized by expected growth spurts of legitimacy from these participants (credentialising moments). To reach the next phase in its evolution in order to approach stable expansion and mainstream acceptance, each of the five major market participants such as, tech developers, merchants and consumers, financial institutions and regulators, investors —will play a role for the Cryptocurrency Market.
Cryptocurrency Market represents the start of a new phase of markets that are technology-driven and have the potential to rattle traditional strategies of the market, longstanding practices in business organizations and determined regulatory perspectives—all of these to the benefit of customers and broader efficiency on macro level. Cryptocurrencies carry pioneering potential to allow people access to a global payment system—anytime, anywhere —in which participation is barred only by access to technology, rather than by determinants such as having a bank account or a credit history.
Key Insights & Findings from the Report:
- According to our primary respondents' research, the Cryptocurrency Market is predicted to grow at a CAGR of roughly 6.9% during the forecast period.
- The Cryptocurrency Market was estimated to be worth roughly USD 1,542.9 Million in 2021 and is expected to reach USD 2,302.5 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Cryptocurrency Market.
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Segmentation of Cryptocurrency Market -
By Offering -(Revenue- USD Million, 2016-2028)
- Hardware
- Software
By Process -(Revenue- USD Million, 2016-2028)
- Mining
- Transaction
By Type -(Revenue- USD Million, 2016-2028)
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dash
- Others
By Region- (Revenue- USD Million, 2016-2028)
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Cryptocurrency Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific is expected to grow at a fastest CAGR during the forecast period. Developing nations offer significant opportunities for Cryptocurrency Market to grow their business by offering easy access to financial and capital services. Bitcoin, the most trending of the cryptocurrencies, has already allowed many companies and people to flourish and develop, as their source of side income. The economy is shifting slowly in order to adapt to these needs and it have a great potential in gratifying them.
Evolving demographics, increase in consumerism and new technologies openness such as Blockchain, IoT, and others provide advantageous opportunities for Cryptocurrency Market across emerging nations.
List of Prominent Players in the Cryptocurrency Market:
- Bitmain (China)
- NVIDIA (US)
- Xilinx (US)
- Intel (US)
- Advanced Micro Devices (US)
- Ripple Labs (US)
- Ethereum Foundation (Switzerland)
- Bitfury Group (Netherlands)
- Coinbase (US)
- Bit Go (US)
- Binance Holdings (China)
- Canaan Creative (China)
- Bitstamp (Luxemburg)
- Ifinex (Hong Kong)
- Ledger SAS (France)
- Xapo (Hong Kong)
- Alcheminer (US)
Browse market data Tables and Figures spread through 162 Pages and in-depth TOC on "Cryptocurrency Market Size, Share & Trends Analysis Report by Offering (Hardware, Software), by Process (Mining, Transaction), by Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/cryptocurrency-market-137566
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Cryptocurrency Market?
- How will the Cryptocurrency Market change in the upcoming six years?
- Which application and product will take a lion's share of the Cryptocurrency Market?
- What is the Cryptocurrency market drivers and restrictions?
- What will be the CAGR and size of the Cryptocurrency Market throughout the forecast period?
Recent Developments:
March, 2018: NVIDIA announced a series of new technologies and partnerships that expand its potential inference market to 30 million hyperscale servers worldwide, while dramatically lowering the cost of delivering deep learning-powered services.
Feb, 2018: AMD launched EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor that deliver high performance, exceptional integration, and on-chip security.
This market titled "Cryptocurrency Market" will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Offering • Hardware • Software • Process • Mining • Transaction • Type • Bitcoin • Ethereum • Bitcoin Cash • Ripple • Litecoin • Dash • Others • Region • North America • Europe • Asia Pacific • Latin America • Middle East and Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Bitmain (China) • NVIDIA (US) • Xilinx (US) • Intel (US) • Advanced Micro Devices (US) • Ripple Labs (US) • Ethereum Foundation (Switzerland) • Bitfury Group (Netherlands) • Coinbase (US) • BitGo (US) • Binance Holdings (China) • Canaan Creative (China) • Bitstamp (Luxemburg) • Ifinex (Hong Kong) • Ledger SAS (France) • Xapo (Hong Kong) • Alcheminer (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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