According to the latest report by IMARC Group, titled "Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cryptocurrency market size reached US$ 1,782 Billion in 2021. Cryptocurrency is a digital or virtual currencysecured by cryptography that is used as a medium of exchange. It aids in monitoring transactions and preventing counterfeiting, thereby rendering the currency immune to manipulation and government interference. It can be operated through decentralized networks that are based on blockchain technology and be distributed over computer networks that are connected to a virtual environment. Its utilization ensures enhanced safety and of the currency and quicker payments while eliminating the chances of identity theftas it involves the use of public or private keys that are connected directly to the user’s digital wallet.
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.
Global Cryptocurrency Market Trends:
The global market is majorly driven by the rising preference for virtual currencies and convenient financial servicesamong the masses. The utilization of cryptocurrency offers increased adaptability, secured confidentiality and minimal country-to-country transaction fee, which is providing an impetus to the market growth. This is supported by the rapid digitization across numerous industries and the penetration of high-speed internet connectivity on the global level. Moreover, the legalization of purchase, sale or trade of virtual currencies in numerous developed countriesis creating a positive outlook for the market. Along with this, the continual integration of blockchain technology with cryptocurrencies for monitoring the changes being made in real-time during the transactions to reduce the risks of data manipulation andfraudulent or unwanted transactions is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing preference for contactless payments and the introduction of bitcoin cash and lite. On account of the aforementioned factors, the market is expected to grow at a CAGR of 58.4% during 2022-2027.
- On the basis of the type, the market has been divided into bitcoin, ethereum, bitcoin cash, ripple, Litecoin, dashcoin and others.
- Based on the component, the market has been bifurcated into hardware and software.
- On the basis of the process, the market has been classified into mining and transaction.
- Based on the application, the market has been categorized into trading, remittance, payment and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advanced Micro Devices, Inc., AlphaPoint Corporation, Bitfury Holding B.V., Coinbase, Inc., CryptoMove, Inc., Intel Corporation, Microsoft Corporation, Quantstamp, Inc., and Ripple Services Inc.
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