Size of the cryptocurrency market
Cryptocurrency market size crossed $900 million in 2020 and is expected to register gains of over 10% CAGR from 2021 to 2027. The cryptocurrency industry is witnessing substantial growth with increasing volumes of cryptocurrency transactions and their market capitalizations. For example, the market cap for Bitcoin was over 609 billion in January 2021 compared to 134 billion in January 2020. Advanced capabilities, including reduced costs associated with transactions as well as peer-to-peer connection, contribute to the adoption of cryptocurrency. Several companies are adopting virtual currencies to limit the impact of currency fluctuations, which promotes market growth.
To understand key trends
Amid the COVID-19 pandemic, the market has observed significant growth across several geographies. The exchange platform has seen a surge in trade transactions and the market caps of these currencies have also flourished. In response, companies operating in the market have also predicted an increase in demand for mining hardware components.
| Report attribute | Details |
|---|---|
| Base year: | 2020 |
| Size Size in 2020: | USD 900 Million (2020) |
| Forecast period: | 2021 to 2027 |
| Forecast period 2021 to 2027 CAGR: | 10% |
| 2027 Value projection: | USD 1.8 Trillion (2027) |
| Historical data for: | 2016 to 2019 |
| Number of pages: | 270 |
| Tables, graphs and figures: | 368 |
| Segments covered | Component, type, end use and region |
| Growth factors: |
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| Pitfalls and Challenges: |
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The growth of the cryptocurrency industry is attributed to increasing investments and the development of financial technologies. Businesses across geography prefer advanced technology infrastructures for financial applications. In response, investments for the development of digital financial infrastructure have also increased. According to a KPMG study, in 2019, total fintech investments in Asia Pacific reached $12.9 billion in the fourth quarter of 2019. These investments, followed by favorable government initiatives, are expected to support the development cryptocurrency, which will further fuel market growth.
Analysis of the cryptocurrency market
To learn more about the key segments of this market
In the UK, the cryptocurrency market from trading software reported revenues of $6.66 million in 2020. The need for increased security and flexibility in cryptocurrency transactions is driving demand trading software. The software platform features robust encryption measures and integration of advanced computing technologies such as AI. It also allows businesses or individuals to automate the buying and selling process with respect to a particular cryptocurrency. The advanced algorithms and mathematical codes incorporated in this platform make it a lucrative option for businesses.
To learn more about the key segments of this market
In Canada, Bitcoin held 30.4% of the cryptocurrency market share in 2020 and is estimated to grow exponentially through 2027. Bitcoin cryptocurrency leverages peer-to-peer technology to manage the issuance and transactions. Key factors including fast P2P transactions, global payment ecosystem, and low processing costs have contributed to the widespread adoption of Bitcoins. Transactions made with this cryptocurrency are secured by cryptographic signatures and PoW energy. The majority of consumers and several businesses in the market invest in bitcoins, further enabling market revenue.
In Japan, the trading end-use segment is expected to witness gains of over 13% CAGR through 2027. Widespread adoption of cryptocurrency and supportive government framework as well as trading software providers are contributing to market value. According to statistics from skalex GmbH, as of 2019, approximately 3.5 million of the population across the country were engaged in cryptocurrency trading. Given these numbers, the demand for crypto software and hardware components to support business operations across the industry is expected to increase significantly.
Looking for regional data?
Asia Pacific held approximately 20% of the global cryptocurrency market share in 2020 and is expected to witness exponential growth from 2021 to 2027. Expanded cryptocurrency transaction volumes and acceptance as a payment option are contributing to market demand. For example, in February 2021, Rakuten Payment Inc., a Rakuten group of companies, made it possible to support crypto assets, such as Bitcoin, to top up the cash balance. This allowed the company’s clients to use their crypto assets for payments-related transactions in the industry. Additionally, favorable digital infrastructure across the region is poised to aid market growth.
Cryptocurrency market share
The global cryptocurrency market has witnessed several strategic acquisitions and branding initiatives. For example, in February 2021, xSigma Corporation, a subsidiary of ZK International Group Co., Ltd., rebranded its online contract and Crypto Trading Platform (CFD) as xSigma Trading. Through this cloud-native platform, the company offers several crypto-related options. This also helped the company cater to customers engaged in turnover activities, improving its market position and offering an advanced platform solution.
Some of the key players operating in the market are
- Advanced Micro Devices Inc.
- Binance, com.
- Bitfury Group Limited
- BitGo Inc.
- BitMain Technologies Ltd.
- Canaan Inc.
- Coinbase (CB Payments Ltd.)
- CudoMiner (Cudo Ventures Ltd.)
- EasyMiner
- Ethereum Foundation
- Intel Company
- IntelliBreeze Software AB (Awesome Miner)
- Ledger SAS
- NICEHASH Ltd.
- Nvidia Company
- Ripple Labs Inc.
- Robinhood Financial LLC
- SatoshiLabs sro (Trezor)
- Squirrels Research Labs Inc.
This Cryptocurrency Market Research Report Includes In-Depth Coverage of the Industry with estimates and forecasts in terms of revenue in USD from 2016 to 2027 for the following segments:
Market, by component
- Material
- Graphics processing unit (GPU)
- Programmable Field Gate Array (FPGA)
- Application-specific integrated circuit (ASIC)
- Software
- Mining software
- Trading software
- Others
Market, by type
- Bitcoin
- Binance Coin
- Ethereum
- XRP
- Tether
- Cardono
- Others
Market, by end use
- E-commerce and retail
- Negotiations
- Peer-to-peer payment
- Sending
- Others
The above information has been provided for the following regions and countries::
- North America
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Belgium
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Saudi Arabia
- WATER
- South Africa
Author Bio
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