According to the latest report by IMARC Group, titled "Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027"the global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.
Global Cryptocurrency Industry Definition and Application:
Cryptocurrency refers to a digital payment system that does not rely on intermediaries, such as banks, to verify transactions. It is widely available as bitcoin, dogecoin, ether, litecoin, ripple, tether, and cardano. It is utilized for buying or selling goods and services, such as cars and insurance. It assists in providing faster money transfer with lower processing fees and promoting transparency in transactions. Besides this, it aids in offering convenient and easy transactions and ensures enhanced security while eliminating the risk of fraud. As a result, cryptocurrency is utilized in trading, e-commerce, and banking applications across the globe.
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Cryptocurrency Industry Trends and Drivers: Presently, the increasing demand for cryptocurrency due to the approval and legalization of the purchase, sale, and trade of virtual currencies around the world represents one of the primary factors propelling the growth of the market. In addition, rapid digitalization, along with the easy accessibility of high-speed internet facilities around the world, is offering lucrative growth opportunities to industry investors. Apart from this, the rising demand for cryptocurrency due to enhanced operational efficiency and transparency in financial payment systems is positively influencing the market. Additionally, the increasing awareness and acceptance of using cryptocurrency among individuals is supporting the growth of the market. Furthermore, the rising utilization of cryptocurrencies for cross-border remittances is contributing to the growth of the market.
Cryptocurrency Market Segmentation:
The report has been segmented the market into following categories:Type Insights:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
Component Insights:
- Hardware
- Software
Process Insights:
- Mining
- Transaction
Application Insights:
- Trading
- Remittance
- Payment
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
- Advanced Micro Devices Inc.
- Alphapoint Corporation
- Bitfury Holding B.V.
- Coinbase Inc.
- Cryptomove Inc.
- Intel Corporation
- Microsoft Corporation
- Quantstamp, Inc.
- Ripple Services Inc.
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