A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Cryptocurrency Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that Cryptocurrency Market would rise at a positive CAGR during the period 2017-2025.
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In traditional banking system, involvement of number of regulator entities and requirement of adhering to numerous compliances, the cost of sending money internationally increases exponentially. According to the statistics provided by World Bank, the average cost of sending remittances across borders through traditional market players such as Money Gram, TransferWise, or Western Union is around 7% to 10%. In developing countries such as South Africa, remittance charges are even higher, up to 20%. On the other hand, cryptocurrency dis-intermediates involved banks and currency exchanges from the settlement process and further reduce down the settlement costs. In 2016, the global cryptocurrency market was valued at US$ 574.3 mn and is expected to reach US$ 6,702.1 mn by 2025, expanding at a CAGR of 31.3% during the forecast period from 2017 to 2025.
Cryptocurrency market is currently driven by fast, global, and secure transactions processing, low cost of remittance offered by cryptocurrencies, and growth in venture capital investments. Cryptocurrencies use cryptography system to control the creation of additional units and to secure the integrity of transactions. In cryptography, only the owner with private key can send the cryptocurrencies, which make the transactions highly secure and authentic. Further, transactions get confirmed within minutes irrespective of physical location of sender and receiver because of an extensive geographically diversified miner network base.
Bitcoin Poised hold the Highest Share as Various Industrial Verticals Show Keen Interest
The global cryptocurrency market has been segmented on the basis of component, type, and region. On the basis of component, the market is segmented into hardware and software. The hardware segment is further classified into FPGA, GPU, ASIC, wallet, and others. Software segment is divided into mining platform, blockchain, coin wallet, and exchange. In 2016, hardware segment accumulated to the highest market share and is expected to continue its dominance over the forecast period. Nonetheless, software segment is projected to witness highest growth in coming years. By type, the market has been segmented into various cryptocurrencies such as Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin and others. In terms of market share, bitcoin cryptocurrency segment is projected to have highest market share over the forecast period owing to its highest adoption in numerous applications and industry verticals. Nonetheless, Ethereum is anticipated to witness highest CAGR growth in coming years due to its associated benefits such as smart contract technology, electronic cash and Proof of Stake (PoS).
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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
- Mining Platform
- Coin Wallet
Global Cryptocurrency Market, By Type
- Ripple (XRP)
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