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 2023-2030
Report Id: SNS/ICT/1245 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Cryptocurrency Market was valued at USD 2.03 billion in 2022, and is predicted to increase at a CAGR of 7.14 % from 2023 to 2030, to reach USD 3.53 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.
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:
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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.
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Because distributed ledger technology is still in its early stages, it creates a number of challenges for national and international authorities and politicians.
OPPORTUNITIES:
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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).
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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:
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To profit from cryptocurrencies, end users must overcome specific problems relating to security, privacy, and control.
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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:
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Hardware
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Software
By Process:
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Mining
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Transaction
By Type:
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Bitcoin
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Ethereum
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Bitcoin Cash
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Ripple
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Litecoin
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Dash
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Others
By End User:
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Trading
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Retail and E-commerce
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Banking
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Others
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:
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North America
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The USA
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Canada
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Mexico
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Europe
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Germany
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The UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
| Market Size in 2022 | US$ 2.03 Bn |
| Market Size by 2030 | US$ 3.53 Bn |
| CAGR | CAGR of 7.14% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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