Global Cryptocurrency Market to Grow at 10.2% During 2024-2032, Impelled by Increasing Popularity of Virtual Currencies

October 11, 2021 | BFSI

According to the latest report by IMARC Group, titled "Cryptocurrency Market Report by Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dashcoin, and Others), Component (Hardware, Software), Process (Mining, Transaction), Application (Trading, Remittance, Payment, and Others), and Region 2024-2032," the global cryptocurrency market size reached US$ 2,255.2 Billion in 2023. 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.

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 10.2% during 2024-2032.

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Component, Process, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Advanced Micro Devices Inc., Alphapoint Corporation, Bitfury Holding B.V., Coinbase Inc., Cryptomove Inc., Intel Corporation, Microsoft Corporation, Quantstamp Inc. and Ripple Services Inc.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Cryptocurrency Market to Grow at 10.2% During 2024-2032, Impelled by Increasing Popularity of Virtual Currencies

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