The global cryptocurrency market is expected to grow at a CAGR of close to 7% during the forecast period. High growth in venture capital investment is one of the key factors due to which the market is anticipated to rev up during the forecast years. Moreover, transparency and immutability of the distributed ledger technology are positively impacting the growth of the market during the forecast period.
The global’s cryptocurrency market is segmented based on offering, process, type, end user, company, and region. Based on type, the market can be categorized into bitcoin, Ethereum, bitcoin cash, ripple, dash coin, litecoin, and others. Out of which, the bitcoin-type segment dominated the market in 2021 and is expected to grow at the highest CAGR during the forecast period which can be attributed to Bitcoin’s advantage of being the pioneer in the field; moreover, it is accepted worldwide.
Also, Ethereum witnessed significant growth until 2021 which can be accredited to the advantages offered by Ethereum over Bitcoin, which includes electronic cash, smart contract technology, and proof-of-stake. This is expected to drive the growth of the market for Ethereum.
The major players operating in the cryptocurrency market are Intel Corporation, NVIDIA Corporation, Microsoft Corporation, Xilinx, Inc., Advanced Micro Devices, Inc., AlphaPoint Corporation, Amazon.com, Inc., BitGo, BTL Group Ltd. (Blockchain Tech), BitFury Group, Coinbase UK, Ltd., 21 Inc., Ripple Labs Inc., and others. The launch of various hardware and software by the major market players is further contributing to the growing trend.
The objective of the Study:
- To analyze and estimate the market size of the global cryptocurrency market from 2017 to 2020.
- To estimate and forecast the market size of the global’s cryptocurrency market from 2021 to 2027 and the growth rate until 2027.
- To classify and forecast the global cryptocurrency market based on offering, process, type, end user, company, and regional distribution.
- To identify the dominant region or segment in the global cryptocurrency market.
- To identify drivers and challenges for the global cryptocurrency market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global cryptocurrency market.
- To conduct pricing analysis for the global cryptocurrency market.
- To identify and analyze the profile of leading players operating in the global’s cryptocurrency market.
- To identify key sustainable strategies adopted by market players in the global cryptocurrency market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of cryptocurrency traders across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the traders and presence of all major players across the globe.
TechSci Research calculated the market size of the global cryptocurrency market using a bottom-up approach, wherein data for various end-user segments were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience:
- Cryptocurrency traders
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers
- Organizations, forums and alliances related to cryptocurrency