Global Cryptocurrency Market: Overview

The global cryptocurrency market is prognosticated to attain growth on the back of the rise in venture capital investment, benefit of low remittance cost, and demand for secure and fast processing of transactions. No matter the physical location of the receiver and sender, transactions using cryptocurrency could be confirmed within a few minutes, thanks to the extensive, regionally diversified nature of miner network base. Furthermore, cryptocurrency is said to cut down settlement expenses and disintermediate currency exchange systems and involved banks from the settlement procedure.

Between 2017 and 2025, the global cryptocurrency market is foreseen to rise at a whopping 31.3% CAGR to be valued at a US$6.7 bn by the completion of the forecast tenure. It was valued at a US$0.5 bn in 2016.

cryptocurrency market

Acceptance in Various Industries and Applications Helps Bitcoin to Take Lead

With respect to type, the world cryptocurrency market is classified into five segments, viz. Dashcoin, Litecoin, Ripple (XRP), Ethereum, and Bitcoin. Considering its higher adoption rate in a range of industry verticals and various applications, Bitcoin is projected to take hold of a king’s share of the market in the near future. Nevertheless, the market could see the rise of Ethereum as a segment with higher CAGR. The cryptocurrency offers much needed benefits related to proof of stake (PoS), electronic cash, and smart contract technology.

In terms of component, players could focus on two critical segments, i.e. software and hardware. The software market sees a further segregation into exchange, coin wallet, blockchain, and mining platform. On the other hand, the hardware market is further divided into wallet, application-specific integrated circuit (ASIC), graphics processing unit (GPU), and field-programmable gate array (FPGA). There could be a tough competition between the two markets. However, hardware is predicted to achieve a larger market share in the coming years. Nonetheless, higher market growth could be exhibited by the software segment.

Europe Collects Lion’s Share as Retailers Show Strong Adoption of Cryptocurrency

Over the course of the forecast tenure, the international cryptocurrency market is prophesied to find Europe taking the driver’s seat if revenue share is concerned. Among leading economies of the region, Germany could win the limelight in the foreseeable future as it contributes with a maximum revenue share. Europe is projected to bank on the acceptance of cryptocurrency as a legitimate one by a number of retail companies. Moreover, presence of several mining pools could act as a boon to the regional market.

Talking about North America, players may want to concentrate on rewarding prospects birthing in Canada and the U.S. The regional market for cryptocurrency is anticipated to leverage telling rise in the number of initial coin offerings (ICOs), especially in the U.S. Asia Pacific could take advantage of high adoption of virtual currencies in Japan, Singapore, and China. The Middle East and Africa (MEA) is forecasted to benefit from opportunities available in South Africa and United Arab Emirates (UAE), Saudi Arabia, and other Gulf Cooperation Council (GCC) countries.

The international cryptocurrency market marks the presence of some of the top players such as NVIDIA Corporation, Microsoft Corporation, and Intel Corporation.

Global Cryptocurrency Market: Snapshot

The “Cryptocurrency Market (Component – Hardware (FPGA, GPU, ASIC, Wallet, Others), Software (Mining Platform, Blockchain, Coin Wallet, Exchange); Type – Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025”, report provides analysis of the cryptocurrency market for the period 2015–2025, wherein the years from 2017 to 2025 is the forecast period and 2016 is considered as the base year. Data for 2015 has been included as historical information. The report covers all the major trends and technologies playing a major role in the cryptocurrency market growth over the forecast period. It highlights the drivers, restraints and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa and South America. Report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes - the U.S, Canada, Germany, France, Netherlands, the U.K., Singapore, China, Japan, GCC, South Africa and Brazil.

Global Cryptocurrency Market: Drivers and Restraints

The market overview section of the report showcases the market dynamics and trends which includes drivers, restraints, opportunities that influence the current nature and future status of this market. It also provides an overview about the key market indicators given across the five geographical regions. Under the porter’s five forces analysis section, a brief analysis of the level of competition within the cryptocurrency industry is given and business strategy is provided in order to determine the competitive attractiveness and intensity of the cryptocurrency market. The report also includes key industry developments covering significant advances made by leading market players over the period of time.

Global Cryptocurrency Market: Segmentation

On the basis of component, the market has been divided into hardware and software. The hardware segment is sub segmented into FPGA, GPU, ASIC, wallet, and others. The software segment is further classified in to mining platform, blockchain, coin wallet, and exchange. In terms of market share, in 2016, hardware was the highest revenue generating segment and software segment is expected to witness highest CAGR growth over the forecast period from 2017 to 2025.

By type, the global cryptocurrency market is divided in to Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin, and others. Bitcoin segment is expected to hold highest market share over the forecast period owing to its significant acceptance in various applications.

Global Cryptocurrency Market: Competitive Landscape

The report provides competitive landscape of the cryptocurrency market, thereby listing out all the major players according to their geographic presence, market attractiveness and recent key developments. The competitive landscape section of the report gives an overview about the market share of several key players for the year 2016. The cryptocurrency market data estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. This section also identifies and includes various recent developments carried out by the leading players. Moreover, key takeaways section provided at the end of competitive landscape section would help the operating companies to make the best move in the market.

Intel Corporation, Microsoft Corporation, NVIDIA Corporation, BitFury Group Limited, Alphapoint Corporation, Advanced Micro Devices, Inc. Xilinx Inc., BitGo, Ripple and BTL Group Ltd. are few of the key players which have been profiled in this study. Details such as financials, business strategies, SWOT analysis, and other such strategic information pertaining to these players has been duly provided as part of company profiling.

The global cryptocurrency market is segmented as below:

Global Cryptocurrency Market, By Component

  • Hardware
    • FPGA
    • GPU
    • ASIC
    • Wallet
    • Others 
  • Software
    • Mining Platform
    • Blockchain
    • Coin Wallet
    • Exchange

Global Cryptocurrency Market, By Type

  • Bitcoin
  • Ethereum
  • Ripple (XRP)
  • Litecoin
  • Dashcoin
  • Others

Global Cryptocurrency Market, By Geography

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • Netherlands
    • The U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Singapore
    • Japan
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • South Africa
    • GCC
    • Rest of Middle East and Africa
  • South America
    • Brazil
    • Rest of South America