Cryptocurrency Market to hit USD 2.2 billion by 2026 - Global Insights on Trends, Regulatory Landscape, COVID-19 Impact Analysis, Strategic Initiatives, Growth Drivers, and Future Outlook

Cryptocurrency Market with impact of COVID-19 by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography - Global Forecast to 2026

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#Key market players: Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US), are a few major companies dominating the Cryptocurrency market.

“Cryptocurrency market to grow at CAGR of 7.1% during 2021–2026”

The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the cryptocurrency market.

“Hardware to hold largest size of Cryptocurrency market in 2021”

The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves the creation of hash codes to encrypt the transactions. To generate a hash code, the miner needs highly effective and efficient hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Mining rigs are available in several shapes and sizes. The cryptocurrency market for hardware has been segmented, on the basis of processor, into GPUs, central processing units (CPUs), FPGAs, and ASICs.

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“Mining process to hold largest share of Cryptocurrency market in 2021”

Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.

“APAC to grow at highest CAGR during the forecast period”

In terms of value, APAC to grow at highest CAGR during the forecast period. This market in APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, and presence of big mining companies.

Research Coverage:

This research report categorizes the global Cryptocurrency market based on application, products & components, technology and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Cryptocurrency industry and forecasts the same till 2026.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

This report segments the Cryptocurrency market comprehensively and provides the closest market size projection for all sub segments across different regions.
The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product development and launch, partnership, and merger.

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This release was published on openPR.