Cryptocurrency Market Overview :
Global Cryptocurrency Market is estimated to reach $6,428.0 Million by 2025; growing at a CAGR of 36.5% from 2017 to 2025.A cryptocurrency is a new digital means of exchange that uses encryption to secure the procedures involved in conducting transactions and generating units. It uses cryptography (the art of writing or solving codes) for security. Cryptocurrencies are a subclass of digital currencies and, as such, have no physical illustration. They could be used for online or in-person transactions with any traders who accept them, which can be usually conducted via mobile payment from a digital wallet. The ‘Bitcoin’ is the prominent example of the cryptocurrency. In terms of whether the transaction is legitimate, every single transaction that is been done through bitcoin is put into what is called as blockchain. The “Blockchain” is the key feature for the bitcoin and an open ledger so anybody can look at it and every single transaction is noted in this open ledger.
The growth of the global cryptocurrency market is mainly driven by factors such as easier transfer funds between two parties in a transaction, less time required to complete the process, highly secure compared to other transactions, and minimal/negligible processing fee for transaction. However, lack of awareness among users and concern with the rate at which a cryptocurrency can be swapped for another currency varying widely are the major challenges involved in the global cryptocurrency market. Moreover, adoption of bitcoin as a cryptocurrency, and introduction of cryptocurrency in order to implement more secure and flexible financial services in cryptocurrency are the aspects that are expected to open up new growth opportunities over the years to come.
The global cryptocurrency market is mainly classified on the basis of component, type, end user, and geography. By component, the market is bifurcated 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 categorized into bitcoin, ripple (XRP), Ethereum, dash coin, Litecoin, and other software’s. Furthermore, end user segment is classified into peer-to-peer payment, e-commerce and retail, remittance, media and entertainment, and other end users.
Based on geography, the global cryptocurrency market is segmented into North America, Europe, Asia-Pacific, Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, Netherlands, and Rest of Europe. Asia-Pacific is segmented into China, Japan, Singapore, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Key players profiled in the global market include Bitcoin Project, Ripple, Ethereum Foundation, The Monero Project, Litecoin Project, Zerocoin, Tether, Factom, Steemit Inc., and Electric Coin Company, among others.
The key takeaways from the report
- The report will provide detailed analysis of the Global Cryptocurrency Market with respect to major segments such as component, type, end user, and geography.
- The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of the Global Cryptocurrency Market has been included in the report
- Profile of the key players in the Global Cryptocurrency Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Cryptocurrency Market
- Other Hardware’s
- Coin Wallet
- Mining Platform
- Ripple (XRP)
- Dash Coin
- Other Types
End User Segments
- Peer-To-Peer Payment
- E-Commerce and Retail
- Media and Entertainment
- Other End Users
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East