Cryptocurrency Market leading players include Microsoft Corporation, BitFury Group Limited, Advanced Micro Devices, Inc., Ripple Labs Inc., Intel Corporation, NVIDIA Corporation, Coinbase Ltd., AlphaPoint Corporation, Xilinx Inc., BitGo, and BTL Group Ltd
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The rising demand for online financial services in the region is likely to contribute the growth of the market in North America. Besides this, North America holds 27% participants, 39% of wallets, 18% transactions, and 19% of cryptocurrency paymen companies. This is a primary reason behind the high demand witnessed in the region. It also facilitates the higher adoption of cryptocurrency. The cryptocurrency market in Asia pacific is anticipated to expand at a relatively higher CAGR. The growth witnessed is attributable to increasing number of cryptocurrency transactions taking place in the region. Japan is known for major investments in cryptocurrency. Rising investments cryptocurrency have resulted in the formation of new laws for legalization of cryptocurrency under financial service agency. This is a major step taken by Japan and is expected to boost the Asia Pacific cryptocurrency market.
Europe is also amongst the leading regions in the global cryptocurrency market. The growth witnessed is attributable to high adoption of e-financial services in the region. Moreover, Germany issued a statement to consider cryptocurrency as private currency without any payable taxes, unless held for a year or more. Tax and other benefits from cryptocurrency is expected to fuel the demand for cryptocurrency and increase the number of owners globally.
Key Market Driver -
o Quick international transfers
o Secure and Untapped Payments
Key Market Restraint -
o Lack in technical understanding and Stringent government regulation
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/Cryptocurrency-market-100149
Adoption of e-wallets to Drive Market
"Government initiated awareness programs regarding cryptocurrency in developing and undeveloped nations are anticipated to enable growth in the global cryptocurrency market," said a lead analyst at Fortune Business Insights.
Some of the chief factors expected to drive the global cryptocurrency market during the forecast period 2018-2025 are rising adoption of e-wallets and consumer shift towards online platforms. Additionally, cashback, promotional, and other offers on e-currency is a factor anticipated to fuel the demand in the global market.
On the contrary, requirement of a good network connection and high cost data tariff plans are a few factors that may hamper the growth in the global cryptocurrency market
Top Players List:
o Intel Corporation
o BitGo, Inc.
o BTL Group of companies
Key Industry Developments
o October 2018- Bitstamp, a Luxembourg-based crypto exchange was acquired by b a Belgium based investment firm NXMH in a deal of aroung US$ 350 Mn.
o September 2018- A San Fransisco based firm BitTorrent was acquired by Tron in a US$ 150 Mn deal
o October 2018, multinational investment bank and financial services company, Morgan Stanley, released their latest report on Bitcoin. stating that Bitcoins and altcoins have constituted a "new institutional investment class" since 2017.
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1. By Components
2. By Process
3. By Type
4. By End User
o Media and entertainment
o Peer-to-peer payment
o E-commerce and retail
5. By Geography
o North America (USA and Canada)
o Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
o Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa
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