Cryptocurrency Market Report 2022-2027: Share, Outlook, Size, Trends, Forecast and Analysis

The latest research study "Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" The global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.

Cryptocurrency is a digital or virtual currency secured by cryptography that is used as a medium of exchange. It aids in monitoring transactions and preventing counterfeiting, thereby rendering the currency immune to manipulation and government interference. It can be operated through decentralized networks that are based on blockchain technology and be distributed over computer networks that are connected to a virtual environment. Its utilization ensures enhanced safety and of the currency and quicker payments while eliminating the chances of identity theft as it involves the use of public or private keys that are connected directly to the user's digital wallet.

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Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Cryptocurrency Industry Trends and Drivers:

The global market is majorly driven by the rising preference for virtual currencies and convenient financial servicesamong the masses. The utilization of cryptocurrency offers increased adaptability, secured confidentiality and minimal country-to-country transaction fee, which is providing an impetus to the market growth. This is supported by the rapid digitization across numerous industries and the penetration of high-speed internet connectivity on the global level.

Moreover, the legalization of purchase, sale or trade of virtual currencies in numerous developed countriesis creating a positive outlook for the market. Along with this, the continual integration of blockchain technology with cryptocurrencies for monitoring the changes being made in real-time during the transactions to reduce the risks of data manipulation andfraudulent or unwanted transactions is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing preference for contactless payments and the introduction of bitcoin cash and lite. On account of the aforementioned factors, the market is expected to grow at a CAGR of 58.4% during 2022-2027.

Global Cryptocurrency Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the top list of cryptocurrency companies being Advanced Micro Devices, Inc., Cryptomove Inc., AlphaPoint Corporation, Intel Corporation, Microsoft Corporation, Quantstamp, Inc., Ripple Services Inc., Coinbase, Inc., and Bitfury Holding B.V.

Breakup by Type:

Bitcoin
Ethereum
Bitcoin Cash
Ripple
Litecoin
Dashcoin
Others

Breakup by Component:

Hardware
Software

Breakup by Process:

Mining
Transaction

Breakup by Application:

Trading
Remittance
Payment
Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

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This release was published on openPR.