Cryptocurrency Market

Cryptocurrency Market worth $1.5 billion by 2025

The report "Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography - Global Forecast to 2025" The cryptocurrency market is projected to reach USD 1.5 billion by 2025, at a CAGR of 6.8% during the forecast period. The cryptocurrency market is witnessing significant growth owing to the advantages of compliance-free peer-to-peer transaction, cross-border remittance transfer, and increase in use cases, as well as due to a few macro drivers such as fluctuation in monetary regulation in different countries. At present, the lack of regulations and the uncertainty regarding the same are among the major restraining factors for the adoption of cryptocurrency.

Browse 69 market data Tables and 46 Figures spread through 165 Pages and in-depth TOC on "Cryptocurrency Market - Global Forecast to 2025"
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Hardware segment is expected to hold larger share of global cryptocurrency market, by offering, during forecast period

The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs a high computing power to validate the transactions. In earlier days, people mined using CPUs. However, miners now demand more hash power along with lesser time and electricity bill. To generate a hash code, the miner needs highly effective and efficient hardware. ASICs are gradually being preferred by miners because of their ability mine at an extraordinary speed while consuming much less power than FPGA or GPU mining rigs.  

Mining to hold larger share of cryptocurrency market during forecast period

Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. The growing number of cryptocurrency users and the development of new Altcoins drives the growth of the market for mining. In the mining process, there is a greater requirement for hardware compared with the transaction process. Major hardware vendors, such as NVIDIA, AMD, and Xilinx have started offering mining hardware. Moreover, many start-ups such as Bitfury, Bitmine, Canaan Creative, and Ebang Communication provide application-specific hardware solutions for cryptocurrency mining.

Peer-to-peer payment to grow at highest CAGR during forecast period

Of all the types of payment application, the peer-to-peer expected to grow at the highest CAGR of 14.3% in the cryptocurrency market. Peer-to-peer cryptocurrency allows online payments directly from one party to another without involving a financial institution or a government-regulated channel. The peer-to-peer payment through cryptocurrency ensures that there is no double spending in the network. Growing adoption of cryptocurrency, especially for payments related to small contracts, salaries, and donations is expected to drive the growth of cryptocurrency market for peer-to-peer payment.

APAC to hold largest market share of cryptocurrency market during forecast period

APAC is expected to hold the largest share and dominate the cryptocurrency market from 2019 to 2025. This is attributed to the low cost of electricity in China and early adoption of cryptocurrency in Japan. Low cost of electricity, ideal weather conditions, and presence of big mining companies has made China the largest market among all APAC countries. In addition, the level of awareness and knowledge of cryptocurrency is highest in Japan. The government regulations in Japan are also favorable for cryptocurrency transactions.

Key players in the cryptocurrency market include Bitmain Technologies Ltd. (Bitmain, China), NVIDIA Corporation (NVIDIA, US), Xilinx, Inc. (Xilinx, US), Intel Corporation (Intel, US), Advanced Micro Devices, Inc. (AMD, US), Ripple Labs Inc. (Ripple, US), Ethereum Foundation (Ethereum, Switzerland), Bitfury Group Limited (Bitfury Group, The Netherland), Coinbase UK, Ltd. (Coinbase,US), BitGo Inc. (BitGo, US), Binance Holdings Ltd (Binance, China) are a few major players in the cryptocurrency market.

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Report Code
SE 5634
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7/12/2019
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