The size of the global cryptocurrency market, estimated at USD 826.6 million in 2020, is expected to increase by USD 910.3 million in 2021 and USD 1,902.5 million in 2028, for a CAGR of 11.1%. According to our analysis, the global market showed a notable increase of 10.0% in 2020 compared to year-over-year growth between 2017 and 2019.
A variety of cryptocurrency mining software, including Kryptex Miner by Kryptex, Cudo Miner by Cudo Ventures, and Nicehas Miner by NICEHASH Ltd., among others, as well as mining hardware, including Antminer S19, WhatsMiner M30S+, and AvalonMiner 1246, are included in the global market size. With cryptocurrencies experiencing a surge in demand across all regions due to the pandemic, COVID-19 has had an unprecedented and staggering impact on the world. The market's demand and expansion, which will resume to pre-pandemic levels once the pandemic is over, are what account for the steady increase in CAGR.
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Information about the report:
- Forecast Timeframe: 2021-2028
- The starting year is 2020.
- Market size in 2021: USD 910.3 million
- The market size in 2028 will be 1,902.5 million
- CAGR: 11.1%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
Analyses of the worldwide Cryptocurrency Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
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The market is anticipated to grow in the coming years as a result of the acceptance of virtual or digital currencies like Bitcoins, Litecoins, Ethers, and many others. People in developed nations are more likely to use the simple and adaptable transactional method that digital currency provides. The central bank decided to support digital currency as a result of virtual currency's popularity as a means of exchange. For digital currency projects across many developed countries, the central bank has patented Central Bank Digital Currency (CBDC) activity provisions. The Eastern Caribbean Central Bank and the People's Bank of China both support CBDC in its decision to adopt digital cash as an exchange medium. The Bank of Thailand and the Central Bank of Uruguay are two examples of institutions using the toolkit in their evaluation processes for CBDC. Many companies, including Facebook, Inc., provide digital currency. For instance, Facebook, Inc. introduced a virtual currency called Libra in June 2019. Customers will be able to use Libra to make purchases, send money to others, and cash it out at grocery stores or online. Businesses can benefit from shifting digital currency prices and fortify their digital assets.
By Component Analysis,
The global market has been divided into software and hardware segments based on components.
Additional divisions of the hardware market are made according to platform types, such as Graphical Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application Specific Integrated Circuit (ASIC), and others. The hardware segment includes equipment designed for cryptocurrency exchange and mining, including the Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, and Avalon6. The largest share is anticipated to belong to ASIC mining equipment, which performs well and has a high hash rate when mining a particular coin.
According to the Type analysis,
The market is divided based on type into Bitcoin (BTC), Litecoin, Ether, Ripple, Ether Classic, and other cryptocurrencies.
Among them, Bitcoin is one of the most widely used digital currencies today. According to a report published by Deutsche Bank AG in 2017, Bitcoin is one of the most well-known digital currencies and will keep holding onto that position in the upcoming years. Another well-liked virtual currency on the market is ether, which can be used for investing, establishing smart contracts, and developing decentralized applications. Ether's market growth is anticipated to be moderate.
By Region, Geographically, The market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Players in the industry,
Businesses that are active in the market, including Bitmain Technologies Ltd., Xilinx, Inc., Intel Corporation, Advanced Micro Devices, Inc., Ripple Labs, Inc., Bitfury Group Limited, Ledger SAS, Nvidia Corporation, BitGo, and Xapo, among others, are devoted to creating and providing various kinds of mining hardware and software solutions. Additionally, because of the intense competition in the market, businesses are being forced to concentrate on various strategic initiatives to improve their market positions.
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