IMARC Group has recently released a new research study titled “Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the cryptocurrency industry?
The global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.
What is cryptocurrency?
Cryptocurrency, also called a crypto coin, represents a digital or virtual currency encrypted by cryptography to monitor transactions and prevent counterfeiting or double-spend. It operates via decentralized networks based on blockchain technology and can be distributed over computer networks connected to a virtual environment. Cryptocurrency ensures enhanced safety and eliminates the risk of identity theft as it involves using authenticated security passwords linked directly to the digital wallet of users. Presently, it is widely preferred over traditional currencies as cryptocurrency facilitates quicker payments with zero transaction charges and offers inflation resistance and transparency.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the cryptocurrency market?
The inflating need for operational efficiency, security, and transparency in financial payment systems is primarily augmenting the cryptocurrency market. Furthermore, the increasing penetration of high-speed internet and the growing installation of trading applications on smartphones that offer seamless access to online payment transactions are acting as significant growth-inducing factors. Apart from this, legalization and approval of the sale, purchase, trade, etc., of cryptocurrencies, including bitcoin, ripple, Ethereum, etc., in numerous countries, and extensive R&D activities are also positively influencing the global market. Moreover, the rising prevalence of fraudulent and undesirable transactions, on account of manual or machine errors and data manipulation, is bolstering the market growth. Besides this, the introduction of blockchain or distributed ledger technology that offers transparency, tracks any modifications in real-time, enhances data security and transaction immutability, etc., is further catalyzing the global market. Additionally, the escalating demand for contactless payments is expected to fuel the cryptocurrency market in the coming years.
Cryptocurrency Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these Cryptocurrency Companies include:
Advanced Micro Devices Inc., Alphapoint Corporation, Bitfury Holding B.V., Coinbase Inc., Cryptomove Inc., Intel Corporation, Microsoft Corporation, Quantstamp Inc. and Ripple Labs Inc.
The report has segmented the market on the basis of region, type, component, process and application.
Breakup by Type:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
Breakup by Component:
- Hardware
- Software
Breakup by Process:
- Mining
- Transaction
Breakup by Application:
- Trading
- Remittance
- Payment
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive LandscapeNote: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
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