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Cryptocurrency Market

Cryptocurrency Market Size, Share & Segmentation by Offering (Hardware, and Software), Process (Mining and Transaction), by Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), by End User (Trading, Retail & E-commerce, Banking, and Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1245 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The Cryptocurrency Market was valued at USD 1.9 billion in 2021, and is predicted to increase at a CAGR of 7.14 % from 2022 to 2028, to reach USD 3.13 billion.

The term "virtual currency" refers to cryptocurrency. It is a type of money that solely exists in the digital realm and has no central issuing or regulatory body. The transactions are authenticated using blockchain technology. Blockchain is a decentralized system that handles and records transactions across numerous computers. Furthermore, it is a peer-to-peer system that allows users to send and receive payments from anywhere in the globe without relying on banks to authenticate transactions.

Cryptocurrency Market

The global cryptocurrency market is growing due to an increase in the demand for operational efficiency and transparency in financial payment systems, as well as an increase in demand for remittances in developing countries, improved data security, and a larger market cap. Furthermore, the cryptocurrency market's growth is hampered by high implementation costs and a lack of awareness among people in developing countries. Additionally, rising demand for cryptocurrency among banks and financial institutions, as well as untapped potential in emerging economies, are expected to provide lucrative opportunities for market expansion over the forecast period.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Integrity issues arise when transactions are done without the wisdom of stakeholders in a regular transaction system.
  • In the routine transaction system, numerous instances of fraudulent or unwanted money transfers, such as deduction of scheduled charges, are frequently observed.

RESTRAINTS: 

  • The cryptocurrency market is unregulated at the moment. The lack of laws and the ambiguity around them are now among the key issues preventing cryptocurrency adoption. 

  • Because distributed ledger technology is still in its early stages, it creates a number of challenges for national and international authorities and politicians.

OPPORTUNITIES: 

  • Companies working in the cryptocurrency sector may expect considerable growth prospects in emerging economies (such as India, China, and Brazil) as well as mature ones (such as the United States, Germany, and Japan).

  • For example, Brazilian crypto firms signed a code of self-regulation in 2020 with the goal of legitimizing and increasing the acceptance of crypto assets in the country.

CHALLENGES: 

  •  To profit from cryptocurrencies, end users must overcome specific problems relating to security, privacy, and control.

  • In both a hub-and-spoke and a distributed database, if a key is compromised, it may be exploited to access the database.

IMPACT OF COVID-19:

The worldwide economy has been severely impacted by the COVID-19 epidemic. As the virus spread over 188 nations, many businesses were forced to close and thousands of people lost their jobs. The virus mostly harmed small enterprises, but it also had an influence on huge organizations. Apple temporarily closed all of its stores outside of China, while Bloomingdale's shuttered all of its 56 locations. Against the backdrop of COVID-19's ambiguity, Bitcoin, Ethereum, and other digital currencies have gotten a lot of attention. For the first time, banks have begun to purchase cryptocurrency. To facilitate B2B cryptocurrency payments between its clients, banks in the United States are developing their own blockchain-based systems, which include digital currencies. PayPal also stated in October 2020 that its clients would be able to buy, sell, and store Bitcoin and cryptocurrencies using their PayPal accounts, allowing them to purchase items from the 26 million PayPal vendors. PayPal intends to allow bitcoin to be used as a financing source by 2021.

KEY PLAYERS:

The key players in the Market include 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).

MARKET ESTIMATION:

Market, By Offering:

The bitcoin idea is built on decentralizing transactional monitoring. Miners (usually users) verify trades done by other users throughout the transaction monitoring process. To validate the transactions, the system requires a lot of computational power. To secure the transactions, the validation step requires the production of hash codes. The miner requires extremely effective and efficient hardware to create a hash code. To put it another way, miners must produce as many hash codes as possible in order to get fresh blocks and solve them. Miners are rewarded for their efforts. Mining rigs come in a variety of designs and sizes. GPUs, central processing units (CPUs), FPGAs, and ASICs are the many types of processors used in the bitcoin hardware sector.

Market, By Process:

Mining is a crucial step in the production, transmission, and confirmation of cryptocurrency transactions. It assures that the currency is propagated from a payment to a recipient in a stable, secure, and safe manner. Unlike fiat currency, which is controlled and regulated by a centralized body, cryptocurrencies are decentralized and operate on a peer-to-peer basis.

KEY MARKET SEGMENTATION:

By Offering:

  • Hardware

  • Software

By Process:

  • Mining

  • Transaction

By Type:

  • Bitcoin

  • Ethereum

  • Bitcoin Cash

  • Ripple

  • Litecoin

  • Dash

  • Others

By End User:

  • Trading

  • Retail and E-commerce

  • Banking

  • Others

Cryptocurrency Market

REGIONAL ANALYSIS:

Asia-Pacific led the cryptocurrency market in 2021 and is predicted to continue to do so over the forecast period. Because of the growing number of Bitcoin exchanges in Asia, the cryptocurrency business is becoming more mature and competitive. Chinese banks are employing blockchain expertise as the government pushes for the deployment of the technology that underpins bitcoin to improve financial sector transparency and combat fraud.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Cryptocurrency Market Report Scope:
Report Attributes Details
Market Size in 2021  US$ 1.9 Bn
Market Size by 2028  US$ 3.13 Bn
CAGR   CAGR of 7.14% From 2022 to 2028
Base Year  2021
Forecast Period  2022-2028
Historical Data  2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Offering (Hardware, and Software)
• by Process (Mining and Transaction)
• by Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others)
• by End User (Trading, Retail & E-commerce, Banking, and Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple Labs, Ethereum Foundation, Bitfury Group, Coinbase, BitGo, Binance Holdings, Canaan Creative, Bitstamp.
Key Drivers • Integrity issues arise when transactions are done without the wisdom of stakeholders in a regular transaction system.
Market Opportunities • Companies working in the cryptocurrency sector may expect considerable growth prospects in emerging economies (such as India, China, and Brazil) as well as mature ones (such as the United States, Germany, and Japan).

 


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Cryptocurrency Market Segmentation, By Offering

8.1 Hardware

8.2 Software

 

9. Cryptocurrency Market, By Process

9.1 Mining

9.2 Transaction

 

10. Cryptocurrency Market, By Type

10.1 Bitcoin

10.2 Ethereum

10.3 Bitcoin Cash

10.4 Ripple

10.5 Litecoin

10.6 Dash

10.7 Others

 

11. Cryptocurrency Market, By End User

11.1 Trading

11.2 Retail and E-commerce

11.3 Banking

11.4 Others

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 the USA

12.2.2  Canada

12.2.3  Mexico

12.3 Europe

12.3.1  Germany

12.3.2  the UK

12.3.3  France

12.3.4  Italy

12.3.5  Spain

12.3.6  The Netherlands

12.3.7  Rest of Europe

12.4 Asia-Pacific

12.4.1  Japan

12.4.2  South Korea

12.4.3  China

12.4.4  India

12.4.5  Australia

12.4.6  Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1  Israel

12.5.2  UAE

12.5.3  South Africa

12.5.4  Rest

12.6 Latin America

12.6.1  Brazil

12.6.2  Argentina

12.6.3  Rest of Latin America

 

13. Company Profiles

13.1 Bitmain (China)

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 NVIDIA (US)

13.3 Xilinx (US)

13.4 Intel (US)

13.5 Advanced Micro Devices (US)

13.6 Ripple Labs (US)

13.7 Ethereum Foundation (Switzerland)

13.8 Bitfury Group (Netherlands)

13.9 Coinbase (US)

13.10 BitGo (US)

13.11 Binance Holdings (China)

13.12 Canaan Creative (China).

13.13 Bitstamp (Luxemburg)

 

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

 

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.