According to the latest report by IMARC Group, titled “Cryptocurrency Market Analysis: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global cryptocurrency market is experiencing strong growth during 2014-2019. Cryptocurrency is a digital or virtual currency designed to work as a medium of monetary exchange. It is secured by cryptography that makes it impossible to counterfeit or double-spend and renders the currency immune to government interference or manipulation. This form of digital asset can be distributed over a vast array of computer networks that are connected to a virtual environment. This allows the currency to be exchanged among two parties through the use of public and private keys. It is widely preferred over traditionally used currencies as its usage facilitates quicker payments and allows users to avoid transaction fees. It is considered to be much safer as compared to conventional forms of currencies as it eliminates the chances of identity theft and offers inflation resistance and transparency.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cryptocurrency Market Trends:
The market is primarily driven by the increasing demand for convenient financial services and virtual currencies across the globe. The use of cryptocurrencies is less time consuming as they facilitate easy and fast international transactions with a minimal country-to-country transaction fee. They also offer numerous advantages to users, such as increased adaptability, secured confidentiality and enhanced portability and divisibility, thereby boosting their uptake on the global level. Along with this, the legalization of purchase, sale or trade of virtual currencies in several developed countries and the increasing availability of high-speed internet are providing an impetus to the market growth. The market is further driven by the integration of blockchain technology with cryptocurrencies as this offers a reduced risk of fraudulent or unwanted transactions. It also enables users to monitor the changes being made in real-time during the transactions. The enhanced security offered by the technology and the elimination of data manipulation as a result of human or machine errors are creating a positive outlook for the market further. Some of the other factors contributing to the market growth include the increasing digitization across numerous industry verticals, growing preference for contactless payments due to the rising need for social distancing amid the coronavirus diseases (COVID-19) outbreak and the advent of bitcoin cash and lite. On account of the aforementioned factors, the market is expected to witness strong growth during 2020-2025.
- On the basis of the type, the market has been divided into bitcoin, Ethereum, bitcoin cash, ripple, Litecoin, dashcoin and others.
- Based on the component, the market has been bifurcated into hardware and software.
- On the basis of the process, the market has been classified into mining and transaction.
- Based on the application, the market has been categorized into trading, remittance, payment and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advanced Micro Devices, Inc., AlphaPoint Corporation, Bitfury Holding B.V., Coinbase, Inc., CryptoMove, Inc., Intel Corporation, Microsoft Corporation, Quantstamp, Inc., Ripple Services Inc., and Xilinx, Inc.
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