USD 4.57 billion
Global Crypto Currency Market Size, Share, Growth Analysis, By Type(Bitcoin, Crypto Wallet), By Component(Hardware and Software), By Process(Mining, Transaction), By Application(Trading, Remittance) - Industry Forecast 2024-2031
Report ID:
SQMIG40A2011 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
119 |
Figures:
77
Global Crypto Currency Market Insights
Global Crypto Currency Market size was valued at USD 4.57 billion in 2022 and is poised to grow from USD 5.14 billion in 2023 to USD 13.19 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024- 2031).
Cryptocurrency, as a digital asset, operates as a secure medium for transactions, offering controlled access and validating ownership. Its versatility in facilitating purchases of goods and services, distinct from conventional currencies, contributes significantly to its practicality, amplifying the global demand and adoption of cryptocurrencies. The surge in digital currency usage, particularly in recent years, has captivated the interest of numerous young investors seeking to hold these assets for potentially lucrative returns. This heightened interest has notably intensified the demand for bitcoin, propelling its value significantly. The limited supply of bitcoin juxtaposed with an unrestrained demand dynamic has been a pivotal driver behind the substantial growth witnessed in the global cryptocurrency market, signaling a paradigm shift in investment preferences and financial transactions worldwide.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
software
Growth Rate
12.5% CAGR
Global Crypto Currency Market ($ Bn)
Country Share for North America Region (%)
Global Crypto Currency Market By Component (%)
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Global Crypto Currency Market Segmental Analysis
The global crypto currency market is segmented into four major segments i.e. by type, process, component, application and region. Based on type, the cryptocurrency market is segmented into bitcoin, crypto wallet, hot wallet ethereum, bitcoin cash, ripple, and others. Based on components, the cryptocurrency market is segmented into hardware and software. Based on process, the cryptocurrency market is segmented into mining, transaction. Based on application, the cryptocurrency market is segmented into trading, remittance, payment, and others. Based on region, the global Cryptocurrency market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Component
The hardware segment in the cryptocurrency market is intricately classified based on platform types, encompassing Graphical Processing Units (GPUs), Field Programmable Gate Arrays (FPGAs), Application Specific Integrated Circuits (ASICs), and other variants. This segment encompasses hardware dedicated to crypto mining and exchange operations, exemplified by products like Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, Avalon6, among others.
The software segment within the cryptocurrency domain is intricately divided into distinct categories such as mining software, exchange software, payment systems, wallets, and various other applications. Notable examples in this realm include BeMine, ECOS, Shamining, and CCG Mining, among others. Exchange software plays a pivotal role utilizing a trading engine, serving as a unified interface connecting offers and exchanges dealing in digital currency derivatives.
Analysis by Type
The crypto wallet market has seen a significant shift, with software wallets emerging as the dominant segment in terms of revenue share. A staggering increase of nearly 190% in the adoption of crypto wallets globally has been observed. This surge owes much to software wallets and digital applications that empower users to securely store and manage their cryptocurrencies. Their pivotal role in facilitating accessibility, security, and user-friendly interfaces has been instrumental in driving this exponential growth within the market.
The hot wallets segment has emerged as the dominant force, securing a substantial revenue share exceeding 55%. Hot wallets, a type of cryptocurrency wallet, retain constant internet connectivity, offering users convenient and immediate accessibility to their digital assets. Their prominence in the market is attributed to the ease of use and instant access they afford to users seeking swift transactions and management of their cryptocurrencies. The popularity and widespread adoption of hot wallets underscore the growing preference for seamless and readily available solutions in the dynamic landscape of cryptocurrency storage and management.
Global Crypto Currency Market By Component, 2023 (%)
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Global Crypto Currency Market Regional Insights
North America has claimed the lion's share in the cryptocurrency market, boasting an impressive 42% of the total market share. This dominance has been entrenched since the early days of cryptocurrency trading, largely owing to regulations within Canada and the US that afford a degree of anonymity in crypto payments.
The Asia Pacific region anticipates consistent growth in the cryptocurrency sector throughout the forecast period. Notably, significant economies like China and Japan are actively considering the adoption of cryptocurrencies by implementing regulatory frameworks regarding compliance and taxation within the industry. While these initiatives signify positive advancements, certain drawbacks are evident, notably limitations in accessing information and technology related to digital currencies.
Global Crypto Currency Market By Component By Region, 2024-2031
- Largest
- Fastest
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Global Crypto Currency Market Dynamics
Drivers
Growing Demand for Transparency and Efficiency in Financial Payment Systems
- The growth of the cryptocurrency market is significantly driven by the growing demand for transparency and efficiency in financial payment systems. This increasing need aligns with the rising internet penetration across various global regions. Moreover, the emergence of technology companies offering accessible trading platforms via smartphones and computers has become a prominent trend in recent years.
Restraints
Absence of Regulations Governing the Creation and Valuation of Digital Assets
- One of the significant challenges confronting the cryptocurrency market is the absence of regulations governing the creation and valuation of these digital assets. This regulatory vacuum allows certain operators to manipulate the value of cryptocurrencies, targeting individuals with limited knowledge about these assets. This manipulation often leads to misleading tactics that entice inexperienced investors, resulting in financial losses within the market. The lack of oversight or standardized regulations creates an environment where the value of cryptocurrencies can be artificially inflated or deflated, posing a risk to individuals who are not well-versed in the complexities of this market, ultimately impacting their investments adversely.
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Global Crypto Currency Market Competitive Landscape
The competitive environment of the global crypto currency Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Cardano
- XRP (Ripple)
- Solana
- Dogecoin
- Polkadot
- Terra
- Chainlink
- Internet Computer
- Bitcoin Cash
- Litecoin
- Uniswap
- Polygon (MATIC)
- Cosmos
- VeChain
- Avalanche
- Algorand
- Shiba Inu
Recent Developments
- In November 2023, the presentation of ETMarkets Crypto Corner, given in collaboration with Mudrex, marks the start of an excursion pointed toward unwinding the complexities of the innovation-driven speculation scene of digital currencies. We want to enlighten the potential dangers intrinsic in this developing space while offering thorough inclusion of every aspect of the cryptographic journey. Through our foundation, we endeavor to bring issues to light and give fundamental direction on exploring the administrative scene and anticipating impending standards in the digital currency space. Go along with us as we dig profound into the universe of cryptographic forms of money, engaging financial backers with the information expected to pursue informed choices in this unique market.
- In September 2023, Paysend, a UK-based FinTech innovator, and Visa, a global digital payments firm, declared a strategic collaboration. This partnership empowers Paysend's clients overall to send cash progressively to qualified Visa cards across 170 nations and domains.
- In January 2024, Bay Binance, a joint venture between Binance and Thailand's Bay Innova, sent off cryptocurrency exchange services to the overall population in Thailand. This send-off followed a welcome just test directed in November. Thai clients currently can trade cryptographic forms of money with neighborhood cash matching utilizing their Binance TH accounts, as indicated by the articulation.
Global Crypto Currency Key Market Trends
- The market's growth is chiefly fueled by the expanding presence of distributed ledger technology alongside heightened digital investment within venture capital circles. A notable trend has emerged in developing countries, where digital currency is increasingly adopted as a medium for financial exchanges. The surging popularity of digital assets such as Bitcoin and Litecoin stands poised to be a significant catalyst driving market expansion in the years ahead. Furthermore, digital currencies frequently leverage blockchain integration, aiming for decentralization and streamlined, efficient transaction processes.
Global Crypto Currency Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global crypto currency market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. Bitcoin stands as one of the foremost and widely embraced forms of digital currency worldwide. Its prominence continues to soar, bolstered by increasing visibility, burgeoning investor interest, and evolving regulatory support, all contributing significantly to the market's expansion. The maturation of Bitcoin's value proposition and its ability to offer rewards for transactions further amplify the market value of digital cash.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.57 billion |
| Market size value in 2031 | USD 13.19 billion |
| Growth Rate | 12.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Crypto Currency Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Crypto Currency Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Crypto Currency Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Crypto Currency Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Crypto Currency Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Crypto Currency Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Crypto Currency Market Report Snapshots
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