Cryptocurrency Market size is set to surpass USD 1.8 billion by 2027, according to a new research report by Global Market Insights Inc.
The cryptocurrency industry is expected to grow significantly over the forecast period due to growing investments across enterprises operating in blockchain and cryptocurrency. Government authorities across the globe are establishing a favorable regulatory framework including anti-money laundering, further boosting industry growth. The companies are considering cryptocurrencies and other similar digital assets as investments. The lowered processing fees and performance capabilities of cryptocurrencies enable market growth.
The growing popularity and significance of cryptocurrency across multiple sectors will propel the market growth
The cryptocurrency market is projected to grow at a CAGR of over 10% over the forecast period owing to the growing significance of cryptocurrencies as payments. Several enterprises across diverse industry verticals are accepting cryptocurrencies as payment. For instance, in March 2021, Kessler Enterprise, Inc. partnered with BitPay, a digital payment service provider. Through this partnership, the hospitality group initiated the acceptance of different cryptocurrencies such as bitcoin, ether, and dogecoin. The growing penetration of these technologies is fueling the overall market growth.
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Extensive computing capacity and limited energy consumption of ASIC miners are supporting the market demand
The Application-Specific Integrated Circuit (ASIC) market is projected to hold above 20% share by 2027. The high transaction processing performance of ASICs compared to GPUs, CPUs, etc., has contributed to the segmental growth. ASIC hardware components specifically mining machines enable companies to mine specific cryptocurrencies at a high hash rate. Several companies operating in the market including Bitmain Technologies Ltd. offer a comprehensive suite of ASIC cryptocurrency mining equipment.
Browse key industry insights spread across 270 pages with 341 market data tables and 27 figures & charts from the report, “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” in detail along with the table of contents:
High transaction processing performance offered by XRP is contributing to the cryptocurrency market growth
The XRP segment is projected to witness exponential growth over the forecast timeline. XRP is a cryptocurrency specifically developed as a payment application and is powered by XRP ledger, a decentralized blockchain technology. The lowered transaction settlement time compared to other cryptocurrencies is one of the major factors contributing to the adoption across the industry. The consistent governance and platform technology upgrades have fueled its adoption across institutions and enterprises, supporting market growth.
The peer-to-peer payment segment is expected to grow significantly in the cryptocurrency market over the forecast period
In the end-use segment, peer-to-peer payment is anticipated to grow significantly from 2021 to 2027. Peer-to-peer transactions are performed between individuals through an intermediary. The need for additional performance and scalability across users is driving enterprises to launch P2P trading & payment platforms that support cryptocurrencies. For instance, in August 2020, OKEx.com unveiled its peer-to-peer platform in India with the capability to transact approximately 15 cryptocurrencies with zero-service costs. This helped the company to enhance its market position and cater to a large-scale population.
Growing digital asset owners and demand for enhanced mining performance across Europe
Europe is expected to account for above USD 500 million in the global value market due to the extensive ownership of cryptocurrency and enhanced regulatory framework. With the rising demand for high-performance transactions, several companies across the region are strengthening their operations. For instance, in February 2021, Argo Blockchain PLC deployed approximately 4,500 mining machines including Bitmain Antminer S19 and S19 pro from Celsius Network. This deployment enabled the company to gain approximately 430 petahash of computing power. This further helped the company to improve its mining operations and address demand in the market.
Focus on strategic partnerships and integrated platform development by key players
Companies operating in the cryptocurrency market are focusing on collaborative initiatives for the development of advanced mining solutions. For instance, in March 2021, DMG Blockchain Solutions Inc. collaborated with Argo Blockchain Plc and unveiled Terra Pool, an integrated bitcoin mining pool powered by sustainable energy. The companies emphasized on reducing the impact of cryptocurrency mining on natural resources and developed a robust mining pool. This launch helped DMG to shift customer interest toward sustainable technology solutions and differentiate its offering in the market.
Some of the key players operating in the cryptocurrency 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.