In terms of revenue, the Global Cryptocurrency Market is expected to reach USD 2,302.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.60% from 2022 to 2028. The Global Cryptocurrency Market rise can be attributed to the increasing number of people who are using cryptocurrencies to make payments. In addition, the government of Japan has announced that they would be regulating Cryptocurrency exchanges in order to prevent money laundering and other illegal activities.
Key Highlights from the Report:
- The software segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) in the forecast period. The market growth is attributed as it helps to handle the vast volume of data generated.
- The mining segment holds a significant market share in 2022. The market growth is attributed to factors such as it ensures that the currency is transmitted in a consistent, secure, and responsible manner from a payment to a recipient and is decentralized and peer-to-peer.
- North America is the largest regional segment accounting for 41.3% in 2021. China and Japan are the largest consumers of Cryptocurrency in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of key players in the Cryptocurrency Market include - Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US).
The hardware segment has grabbed a significant growth in the Cryptocurrency Market due to rising demand for updated software and to improve the efficiency of financial payment solutions. The software category is expected to grow at the quickest rate during the Cryptocurrency Market forecast period, as it aids in the handling of the massive amount of data generated.
Mining is an important part of the process of creating, transmitting, and authenticating Cryptocurrency transactions. It ensures that the currency is transmitted in a consistent, secure, and responsible manner from a payment to a recipient. Unlike traditional currencies, which are governed and regulated by a centralized body, cryptocurrencies are decentralized and peer-to-peer.
North America has been the largest market for Cryptocurrency since its inception in 2018. In 2017 alone, over $850 billion was invested into crypto-assets in the United States and Canada. However, this figure includes both institutional investors and retail consumers. This suggests that there may still be room for growth in the US, despite declining interest from traditional financial institutions. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.