Cryptocurrency Market Size By Component (Hardware [Graphical Processing Unit, Field Programmable Gate Array, Application-Specific Integrated Circuit], Software [Mining Software, Trading Software]), By Type (Bitcoin, Binance Coin, Ethereum, XRP, Tether, Cardono), By End-use (E-commerce & Retail, Trading, Peer-to-Peer Payment, Remittance), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Apr 2021  |  Report ID: GMI5049  |  Authors: Preeti Wadhwani, Smriti Loomba

Report Format: PDF   |   Pages: 270   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Cryptocurrency Market size crossed USD 900 million in 2020 and is projected to register gains at 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 instance, the market cap for bitcoin was more than 609 billion in January 2021 as compared to 134 billion in January 2020. Advanced capabilities including reduced costs associated with the transactions along with peer-to-peer connection are contributing to the adoption of cryptocurrency. Several enterprises are adopting virtual currencies to limit the impact of currency fluctuations, enabling the market growth.
 

Cryptocurrency Market

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Amid the COVID-19 pandemic, the market observed significant growth across multiple geographies. The exchange platform witnessed a sharp increase in trading transactions and the market caps of these currencies also flourished. In response, companies operating in the market also predicted a rise in demand for mining hardware components.
 

The cryptocurrency industry growth is attributed to rising investments and development in financial technologies. The companies across geographies prefer advanced technological infrastructures for financial applications. In response, the investments for the development of digital financial infrastructure have also increased. According to a study by KPMG, in 2019, the total investments in financial technology across Asia Pacific reached USD 12.9 billion by the fourth quarter of 2019. These investments followed by favorable government initiatives are expected to support cryptocurrency developments, further fueling the market growth.
 

Cryptocurrency Market Report Coverage
Report Coverage Details
Base Year:2020Historical Data for:2016 to 2019
Market Size in 2020:USD 900 Million (2020)Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:10%No. of Pages:270
2027 Value Projection:USD 1.8 Billion (2027) Tables, Charts & Figures:368
Geographies covered (19):U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, UAE, Saudi Arabia
Segments covered:Component, Type, End-use, and Region
Growth Drivers:
  • Rise in financial technology developments
  • Growing adoption of digital assets
  • Upsurge in venture capital investments
  • Rising market capitalization of cryptocurrencies
Pitfalls & Challenges:
  • Volatile currency exchange rate
  • Data security concerns

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An extensive rise in crypto exchanges to spur the growth of trading software in the UK market

UK Cryptocurrency Market Size, By Software

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In the UK, the cryptocurrency market from trading software reported revenues of USD 6.66 million in 2020. The need for enhanced security and flexibility in cryptocurrency transactions is boosting the demand for trading software. The software platform features robust encryption measures and integration of advanced computing technologies such as AI. This further enables enterprises or individuals to automate the buying and selling process with respect to a particular cryptocurrency. Advanced algorithms and mathematical codes incorporated within this platform make it a lucrative option for enterprises.
 

Robust security and performance capabilities of bitcoins are expected to drive demand in Canada

Canada Cryptocurrency Market Share, By Type

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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 issuance and transactions. Major factors including rapid P2P transactions, global payment ecosystem, and low processing costs have contributed to the expansive adoption of bitcoins. Transactions performed using this cryptocurrency are secured through cryptographic signatures and PoW energy. The majority of the consumers and several enterprises in the market are investing in bitcoins, further enabling market revenue.
 

Large volume of population & supportive regulatory framework for trading to fuel cryptocurrency market growth in Japan

In Japan, the trading end-use segment is forecast to witness gains at more than 13% CAGR till 2027. The widespread adoption of cryptocurrency and favorable government framework along with trading software providers are contributing to the market value. According to the statistics from skalex GmbH, as of 2019, approximately 3.5 million of the population across the country was engaged in cryptocurrency trading. Considering these figures, the demand for crypto software and hardware components to support trading operations across the industry is anticipated to grow substantially.
 

Widespread presence of crypto-asset owners and digital infrastructure to augment industry growth in Asia Pacific

Asia Pacific Cryptocurrency Market Size, By Country

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Asia Pacific held around 20% of the global cryptocurrency market share in 2020 and is likely to observe exponential growth from 2021 to 2027. The expansive volumes of cryptocurrency transactions and acceptance as a payment option are contributing to the market demand. For instance, in February 2021, Rakuten Payment Inc., a Rakuten Group of companies, enabled support to crypto assets, such as Bitcoin, for recharging cash balance. This allowed the company’s customers to use their crypto assets for payment-related transactions in the industry. Additionally, a favorable digital infrastructure across the region is poised to propel market growth.
 

Catering to a large scale population across geographies through business expansion to gain a competitive edge in the market

The global cryptocurrency market has witnessed several strategic acquisitions and branding initiatives. For instance, in February 2021, xSigma Corporation, a subsidiary company 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 multiple crypto-related options. This also helped the company to cater to customers engaged in cryptocurrency trading activities, enhancing 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 Corporation, IntelliBreeze Software AB (Awesome Miner), Ledger SAS, NICEHASH Ltd., Nvidia Corporation, Ripple Labs Inc., Robinhood Financial LLC, SatoshiLabs s.r.o. (Trezor), and Squirrels Research Labs Inc.
 

This market research report on cryptocurrency includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Component

  • Hardware
    • Graphical Processing Unit (GPU)
    • Field Programmable 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 & retail
  • Trading
  • Peer-to-peer payment
  • Remittance
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
       

Frequently Asked Questions (FAQ) :

The industry for cryptocurrency was valued at USD 900 million in 2020 and is anticipated to strike at a CAGR of 10% up to 2027.
The regional revenue share from the trading software segment reached USD 6.66 million in 2020 and will grow with an inclining need for enhanced security as well as flexibility in cryptocurrency transactions.
The bitcoin cryptocurrency industry size in the Canadian region was responsible for close to 30.4% of revenue share in 2020 and is expected to grow exponentially by 2027.
Asia Pacific accounted for over 20% of the cryptocurrency industry share in 2020 and will witness significant growth with proliferating volumes of cryptocurrency transactions in the region.

Premium Report Details

  • Published Date: Apr 2021
  • Pages: 270
  • Tables: 341
  • Charts / Figures: 27
  • Companies covered: 19
  • Countries covered: 19

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