The Cryptocurrency Market Size was valued at USD 826.6 million in 2020, and it is anticipated that it will increase from USD 910.3 million in 2021 to USD 1,902.5 million in 2028, with a CAGR of 11.1% over that time. According to our analysis, the global market showed a notable increase of 10.0% in 2020 compared to year-over-year growth between 2017 and 2019.
A variety of cryptocurrency mining software, including Kryptex Miner by Kryptex, Cudo Miner by Cudo Ventures, and Nicehas Miner by NICEHASH Ltd., among others, as well as mining hardware, including Antminer S19, WhatsMiner M30S+, and AvalonMiner 1246, are included in the global market size.
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Information about the report:
- Forecast Timeframe:2021-2028
- The starting year is 2020
- Market Size in 2020 - USD 826.6 million
- The market size in 2028 will be USD 1,902.5 million
- CAGR - 10.0%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Cryptocurrency Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. Market share is the portion of the market that a single provider or a group of providers controls. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Cryptocurrency Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Component Analysis,
The global market has been divided into software and hardware segments based on components.
Graphical Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application Specific Integrated Circuit (ASIC), and other platform categories are used to further categorize the hardware sector. The hardware category includes equipment designed for cryptocurrency exchange and mining, like the Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, and Avalon 6. The largest percentage is anticipated to belong to ASIC mining equipment, which performs well and has a high hash rate while mining a particular coin.
By Type Analysis,
The market is divided based on type into Bitcoin (BTC), Litecoin, Ether, Ripple, Ether Classic, and other cryptocurrencies.
The most popular digital currency on the market today is Bitcoin, one of these. Bitcoin is one of the most popular digital currencies, and it will continue to hold that position over the coming years, according to a report released by Deutsche Bank AG in 2017. Another well-liked virtual currency on the market is ether, which can be used for investing, accounting, creating smart contracts, and developing decentralized applications. Ether's growth in the market is anticipated to be moderate.
By End-use Analysis,
The market is divided into four categories according to end-use: peer-to-peer payment, remittance, e-commerce and retail.
The market share that trading dominated was. The section focuses on cryptocurrency trading solutions like Pionex, Cryptohopper, Bitsgap, Coinrule, and others. Retail and e-commerce businesses have begun to accept cryptocurrencies as a form of payment. For instance, the German location of the fast food restaurant chain Burger King accepted bitcoin as payment for its online orders and deliveries in September 2019.
By Key Industry Analysis,
Businesses in the market, including Bitmain Technologies Ltd., Xilinx, Inc., Intel Corporation, Advanced Micro Devices, Inc., Ripple Labs, Inc., Bitfury Group Limited, Ledger SAS, Nvidia Corporation, BitGo, and Xapo, among others, are devoted to creating and providing various kinds of mining hardware and software solutions. Additionally, because of the intense competition in the market, businesses are being forced to concentrate on various strategic initiatives to improve their market positions.
List of Key Companies Profiled:
- Bitmain Technologies Ltd. (Beijing, China)
- Xilinx, Inc. (California, U.S.)
- Intel Corporation (California, U.S.)
- Advanced Micro Devices, Inc. (California, U.S.)
- Ripple Labs, Inc. (California, U.S.)
- Bitfury Group Limited. (Amsterdam, U.K.)
- Ledger SAS (Paris, France)
- Nvidia Corporation (California, U.S.)
- BitGo (California, U.S.)
- Xapo (Zürich, Switzerland)
By Region,
The market is divided geographically into five main areas: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
As most of the region treated bitcoins as a means of exchange for tax purposes rather than as a form of currency in 2020, North America accounted for the largest portion of the global market. Many developed nations continue to emphasize the use of digital money, despite the fact that the government does not legally regulate it. The market is expanding because consumers and merchants are accepting digital currency. The prevalence of bitcoin mining and the presence of the majority of the key players in North America also dominate the market.
The study report provides a thorough analysis of the “Cryptocurrency Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Cryptocurrency Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Cryptocurrency Market industry will be able to gain the upper hand by using the study as a valuable resource.
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