Global Cryptocurrency Market Report, published by Variant Market Research, forecast that the global market is expected to reach $6,428Million by 2025 from $533.7Million in 2017, growing at a CAGR of 36.5% from 2017 to 2025.
"Cryptocurrency Market (By Component: Hardware and Software; By Type: Bitcoin, Ripple (XRP), Ethereum, Dash Coin, Litecoin, and Other Software’s; By End User: Peer-To-Peer Payment, E-Commerce and Retail, Remittance, Media and Entertainment, and Other End Users.; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global Cryptocurrency Market is mainly driven by easier transfer funds between two parties in a transaction.
Growing remittance in developing countries, easier transfer funds between two parties in a transaction, and highly secure compared to other transactions are the factors propelling the growth of the global cryptocurrency market. Additionally, minimal/negligible processing fee for transaction, and less time required to complete the process are also encouraging the market growth. However, uncertain regulatory status, and lack of awareness among users and concern with the rate at which a cryptocurrency are the restraints of the market. Moreover, significant growth opportunities in emerging and developed markets, and adoption of bitcoin as a cryptocurrency would unfold attractive business opportunities during the forecast period.
Component, type, end user, and geography are the segmentations of the global cryptocurrency market. On the basis of component, the market is classified into hardware and software. Moreover, hardware is sub segmented into ASIC, GPU, FPGA, wallet, other hardware’s, and software is sub segmented into blockchain, coin wallet, mining platform, and exchange. Type segment is bifurcated into bitcoin, ripple (XRP), Ethereum, dash coin, Litecoin, and other software’s. Furthermore, end user segment is categorized into peer-to-peer payment, e-commerce and retail, remittance, media and entertainment, and other end users.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. UK, Germany, France, Netherlands, and Rest of Europe are analyzed under the European market. China, Japan, Singapore, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Hardware, by component segment led the market with major share in 2017
Hardware contributed for the majority of the market share in 2017, in the component segment, and is expected to continue itstrend during the forecast period. The reason being, hardware is mostly required for the mining purpose, and it need high computing power to validate transactions. Additionally, the booming venture capital market for cryptocurrency-based start-ups is also fueling the cryptocurrency market for the hardware segment.
Ethereum segment is witnessing the highest CAGR during the forecast period
On the basis of type, Ethereumsegment expected to attain the fastest CAGR during the forecast period 2017 – 2025.The growth of the market for Ethereum is seen owing to benefits of Ethereum such as smart contract technology, electronic cash, and proof of stake.
Asia-Pacific is likely to achieve the fastest CAGRin the global cryptocurrency market
Asia-Pacific is witnessing to attain the fastest CAGR during the forecast period 2017 – 2025. China is the main contributor to the growth of the cryptocurrency market in Asia Pacific. Some of the factor propelling the market growth in china are growing public awareness, low electricity cost, and occurrence of major hardware manufacturers.
Prominent players operating in the market include Bitcoin Project, Ripple, Ethereum Foundation, The Monero Project, Litecoin Project, Zerocoin, Tether, Factom, Steemit Inc., and Electric Coin Company, among others.