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Digital Currency Market worth $4.17 billion by 2030, growing at a CAGR of 12.64% - Exclusive Report by 360iResearch
Digital Currency Market | 360iResearch
The Global Digital Currency Market to grow from USD 1.81 billion in 2023 to USD 4.17 billion by 2030, at a CAGR of 12.64%.
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The digital currency comprises an ecosystem of platforms, technologies, services, and products that facilitate the creation, exchange, storage, and circulation of digital currencies such as cryptocurrencies and central bank digital currencies. These currencies employ cryptographic principles, distributed ledger technology (DLT), and blockchain technology to ensure secure transactions and maintain the decentralized nature of the market. Key applications include cross-border remittances, payment processing systems, e-commerce transactions, online investments, supply chain tracking systems, and asset tokenization. Increasing adoption of digital currencies for financial transactions due to their borderless nature, higher transaction speeds, low transaction cost, and rising demand for decentralized finance (DeFi) solutions drive the use of digital currencies. In addition, efforts made by economies to launch central bank digital currencies propel their usage worldwide. On the other hand, the lack of a uniform regulatory framework across different jurisdictions creates uncertainty for businesses in the digital currency space and poses a risk to market stability. Cyber attacks or hacks on wallets coupled with volatile prices hinder their adoption. However, the introduction of new digital currencies, advancements in supportive technologies, and the launch of virtual currencies by organizations are expected to proliferate market growth in the coming years.
In the United States and Canada, digital currencies have gained traction over recent years as the U.S. has witnessed an influx in cryptocurrency investments from institutional investors and retail traders. Meanwhile, in Canada's cryptocurrency scene, the Toronto Stock Exchange launched the world's first Bitcoin exchange-traded fund (ETF) in February 2021. EU countries have been proactive in integrating digital currencies within their financial systems. The European Central Bank (ECB) is actively researching a digital euro for its member states. This initiative complements cash transactions while ensuring users' privacy and security. The Middle East has observed pilot projects exploring digital currency's potential across cross-border payments and trade finance sectors. For instance, Project Aber, a joint initiative by the UAE Central Bank and the Saudi Arabian Monetary Authority, tested a central bank-backed digital currency for use in financial settlements between the Kingdom of Saudi Arabia and the UAE using blockchains and distributed ledger technologies. Africa presents an exciting market for cryptocurrencies as it addresses issues such as financial inclusion among unbanked populations across the continent. China, Japan, and India are key players driving digital currency adoption in the Asia-Pacific region. The central bank in China, the People's Bank of China (PBOC), piloted its digital yuan initiative across several major cities in 2020. Japan has been at the forefront of cryptocurrency regulation and blockchain technology adoption, and India, on the other hand, has witnessed a surge in cryptocurrency investments despite regulatory uncertainty.
Market Segmentation & Coverage:
This research report categorizes the Digital Currency Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Central Bank Digital Currencies and Cryptocurrencies. The Cryptocurrencies is further studied across Binance Coin, Bitcoin, Cardano, Dai, Dogecoin, Ethereum, Litecoin, Polygon, Ripple, Solana, and Tether. The Central Bank Digital Currencies is projected to witness significant market share during forecast period.
Based on Offering, market is studied across Hardware and Software. The Software is projected to witness significant market share during forecast period.
Based on Process, market is studied across Mining and Transaction. The Mining is further studied across Cloud Mining, Pool Mining, and Solo Mining. The Transaction is further studied across Exchange and Wallet. The Transaction is projected to witness significant market share during forecast period.
Based on Utility, market is studied across Payment, Remittance, and Trading. The Payment is further studied across Ecommerce & Retail, Media & Entertainment, and Travel & Tourism. The Payment is projected to witness significant market share during forecast period.
Based on Application, market is studied across Enterprise, Government, and Personal. The Personal is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 37.72% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Digital Currency Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Digital Currency Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Digital Currency Market, highlighting leading vendors and their innovative profiles. These include Apirone OÜ, Bank of Canada, Binance, Bitfury Group Limited, BITMAIN Group, BitPay Inc., Blockonomics, Boxcoin, Circle Internet Financial Limited, Coinbase, Coinbase Global, Inc., CoinGate, Coinify ApS, Coinremitter Pte Ltd., CoinZoom, Inc., Cryptomus, Cryptopay Ltd., European Central Bank, iFinex Inc., NOWPayments, Nvidia Corporation, Paymium SAS, People's Bank of China, Polkadot, ProBit Global Services Limited, Reserve Bank of India, Riksbank, Ripple, Upbit Singapore Pte. Ltd., Wirex Digital D.o.o, and Xapo Bank Limited.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Digital Currency Market, by Type
7. Digital Currency Market, by Offering
8. Digital Currency Market, by Process
9. Digital Currency Market, by Utility
10. Digital Currency Market, by Application
11. Americas Digital Currency Market
12. Asia-Pacific Digital Currency Market
13. Europe, Middle East & Africa Digital Currency Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Digital Currency Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Digital Currency Market?
3. What is the competitive strategic window for opportunities in the Digital Currency Market?
4. What are the technology trends and regulatory frameworks in the Digital Currency Market?
5. What is the market share of the leading vendors in the Digital Currency Market?
6. What modes and strategic moves are considered suitable for entering the Digital Currency Market?
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