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Cryptocurrency Market - Acceptance in Various Industries and Applications Helps Bitcoin to Take Lead
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Prominent players operating in the global cryptocurrency market include BTL Group Ltd., BitGo, Xilinx Inc., Advanced Micro Devices, Inc., Alphapoint Corporation, BitFury Group Limited, NVIDIA Corporation, Microsoft Corporation, and Intel Corporation.
The global cryptocurrency market stood at US$574.3 million and is projected to surge to a worth US$6,702.1 million by the end of 2025. The global market is projected to rise at a phenomenal CAGR of 31.3% in between the assessment period of 2017 and 2025.
The major components of cryptocurrency comprise hardware and software. Of the two, the hardware segment accounts for the major market share in 2016 and is expected to continue to hold its sway throughout the assessment period. Regionally, Europe led by Germany contributed the higher share of revenue in the global market in 2016. North America is also expected to be a potentially lucrative market. The growth of these regional markets can be attributed primarily by the vastly rising adoption of cryptocurrencies among users and the presence of remarkable cryptocurrency mining pools.
World over, the popularity of different cryptocurrencies rides on the wave of transformations in payment systems underpinned by the disruptive potential of blockchain technology. The surge in demand for digital currencies is fueled by the need for decentralized and secure digital payment system. The market gathered steam after Bitcoin, a decentralized ledger powered by blockchain across a peer-to-peer network, started to emerge as a disruptive force in value-exchange mechanisms.
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The lack of control by any governing body or organization and the absence of any third-party intermediary have served as robust propositions for its immense popularity among users and investors alike. The features of anonymity of these digital payment systems and the amazingly high speed with which transactions can be carried out account for the staggering rise in demand for cryptocurrencies. Moreover, the potentially high security provided by cryptography for these virtual currency transactions make them tamper-proof, increasing trust between the entities involved in transactions.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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