In terms of revenue, the Global Cryptocurrency Exchange-Platforms Market is expected to reach USD 674.9 Million by 2028, increasing at a Compound Annual Growth Rate (CAGR) of 12.50% from 2022 to 2028.
A virtual currency encrypted with protected cryptography is known as Cryptocurrency. The majority of Cryptocurrency Platforms are based on decentralized networks and blockchain technology. The growing need for emerging economies and significant rising opportunities are driving the Cryptocurrency Exchange-Platforms Market. In addition, the various advantages offered by Cryptocurrencies, such as elimination of bank fees, lower transaction payments, and easy accessibility, are further boosting the market.
Key Highlights from Report:
- The Bitcoin sub-segment of the Cryptocurrency Type segment is anticipated to dominate the Global Cryptocurrency Exchange-Platforms Market. The increasing investment returns gained by investors by having Bitcoin have driven this segment in recent years.
- The Banks sub-segment of the End-Use segment accounted for the largest market share in 2021 for the Global Cryptocurrency Exchange-Platforms Market. Therefore, banks are expected to drive this segment during the forecast period. In addition, high reliability in Cryptocurrency to save unnecessary transactions further develops the need for Cryptocurrency Exchange-Platforms Market.
- North America is the largest regional segment. This upsurge is accredited to the rising demand for outdoor payment terminals in developing economies such as India, China, and Indonesia. The going demand for Cryptocurrency and saving bank transaction costs drive this region in Cryptocurrency Exchange-Platforms Market.
Cryptocurrency provides high security, robust infrastructure, and other benefits, making it acceptable for the general population to adapt and use this currency at a higher rate. Moreover, the increasing penetration of smartphones worldwide is also one of the major factors creating opportunities for market growth. This growth is because smartphones enable customers to leverage the capabilities of Cryptocurrency Exchange-Platformss. As a result, many platform providers are focused on offering their services through mobile phones to meet the needs of their customers efficiently. For instance, in June 2021, Kraken, a Cryptocurrency Exchange-Platforms provider, announced the launch of its Cryptocurrency exchange mobile application in the U.S. This application enables Kraken’s customers to buy and sell crypto tokens through mobile phones.
North America is expected to dominate the Global Cryptocurrency Exchange-Platforms Market in 2021 and is likely to continue the same trend during the forecast period with an increase in key players and high investment made by affluent populations in countries such as the U.S. & Canada is likely to generate demand in this region for this market soon. Increasing key players and rising inclination towards bitcoin in countries such as India & China further add spotlight. In addition, significant improvements in the adoption by the younger generation, especially in the developing economies, are providing a thrust to the Cryptocurrency Exchange-Platforms Market growth.