Home Technology Global Cryptocurrency Market Expected to Witness a CAGR of 56.2% During the Forecast Period (2017-2025)
Global Cryptocurrency Market Expected to Witness a CAGR of 56.2% During the Forecast Period (2017-2025)

Global Cryptocurrency Market Expected to Witness a CAGR of 56.2% During the Forecast Period (2017-2025)

According to Coherent Market Insights, the global cryptocurrency market is projected to exhibit an impressive CAGR of 56.2% over the forecast period (2017 – 2025).

To know the latest trends and insights prevalent in this market, click the link below:

Key Trends and Analysis of the Cryptocurrency Market:

The global market for cryptocurrency is likely to register the highest growth during the forecast period. The factors such as negligible fees for transaction in cryptocurrency exchange, protection from consumer chargebacks, quick international transfers, and elimination of third parties in business deals are triggering the market growth. Unlike cash, these currencies are entirely digital and used in online transitions.

However, unawareness about cryptocurrency among people as well as lack of supervisory control on the transactions made is expected to hamper growth of the global cryptocurrency market. Moreover, other concerns such as price instability and internet security breaches are factors, which also hinder the market growth. As cryptocurrency is not widely adopted by investors, public, and entrepreneurs, its potential for transforming transaction processes has not yet been realized by these end users. Therefore, there is a high risk involved while investing in cryptocurrencies such as cyber risk, lack of regulations, and slow adoption of business, which is expected to impact the cryptocurrency market growth during the forecast period.

The global cryptocurrency market is segmented on the basis of industry components, verticals, and region. Among industry components, mining segment held a dominant position in the market in 2017, owing to growing market capitalizations of cryptocurrencies and rising adoption of cryptocurrency mining services such as cloud mining services and remote hosting services in developed regions.

Among verticals, retail segment held the dominant position in the market in 2017, and is expected to retain its position throughout the forecast period. The growth of multi-retailing choices, specifically the large business chains and the e-commerce industry is a key factor, which is expected to fuel the cryptocurrency market growth. Major hardware vendors such as NVIDIA, Intel, and AMD have started offering mining hardware. Moreover, many start-ups such as Bitfury, GateHub (UK), and Bitmine offer application-specific hardware solutions for cryptocurrency mining. The rise in venture capital market for cryptocurrency-based start-ups is driving the cryptocurrency market growth. For instance, in December 2017, NVIDIA announced launch of TITAN V, a powerful GPU for PC, which is driven by the advanced GPU architecture, NVIDIA Volta. TITAN V works at computational processing for scientific simulation and its 21.1 billion transistors deliver 110 teraflops of raw horsepower and great energy efficiency. Similarly, in May 2016, Bitmain launched Antminer S9, which is the one of the first commercially available Bitcoin miner based on a 16nm process chip.

Asia Pacific was the dominant market in the global cryptocurrency market in 2017, and is projected to maintain its dominance during the forecast period. This is owing to low cost of electricity, presence of key mining companies such as Ebang Communication, Bitmain and Canaan Creative Co. Ltd, and availability of venture capital funding in the region. According to Coherent Market Insights’ analysis, the consolidation of Bitcoin payments by the multiple companies in Japan such as Bic Camera, Capsule Hotels, and Peach Airlines is expected to supplement the market growth. Moreover, Europe is expected to be the second fastest growing region for cryptocurrency market, owing to increasing adoption of digital currency by several traders and high presence of mining pools in the region. For instance, in August 2017, according to the regional publications in Russia, the government planned to develop cryptocurrency mining centers.

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Key Market Takeaways:

  • The market is expected to witness a CAGR of 56.2% during the forecast period (2017–2025), owing to growth in venture capital investments, transparency of distributed ledger technology, fluctuations in monetary regulations, and high cost of cross-border remittance in developing countries
  • The limited support by key financial authorities in certain countries is expected to hinder growth of the cryptocurrency market over the forecast period. For instance, in April, 2018, the Reserve Bank of India issued a notification prohibiting banks and financial institutions in India from dealing in cryptocurrencies, as well as offering services to entities, which are dealing in them. Although certain countries in Asia Pacific such as India and China have proposed prohibiting use of cryptocurrency other countries such as Malaysia, Switzerland, and Singapore have accepted the processing of digital currency under certain regulations.
  • Some of the major players operating in the global cryptocurrency market include, Bitfinex, BitFury Group Limited, Bitstamp Ltd., Coinbase, Coinsecure, Litecoin, Ripple, Unocoin Technologies Private Limited, OKEX Fintech Company Limited, Poloniex Inc., and ZEB IT Service Pvt. Ltd., and others.

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Mohit Joshi
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