USD 4.06 Billion
Cryptocurrency Market Size, Share, Growth Analysis, By Type(Bitcoin, Crypto Wallet, Hot Wallets, Ethereum), By Component(Hardware, and Software), By Process(Mining, Transaction), By Application(Trading, Remittance, Payment, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40A2011 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
134
|Figures:
77
Cryptocurrency Market Insights
Global Cryptocurrency Market size was valued at USD 4.06 billion in 2022 and is poised to grow from USD 4.57 billion in 2023 to USD 11.72 billion by 2031, growing at a CAGR of 12.5% during the forecast period (2024-2031).
Cryptocurrency, as a digital asset, operates as a secure medium for transactions, offering controlled access and validating ownership. Its versatility in facilitating purchases of goods and services, distinct from conventional currencies, contributes significantly to its practicality, amplifying the global demand and adoption of cryptocurrencies. The surge in digital currency usage, particularly in recent years, has captivated the interest of numerous young investors seeking to hold these assets for potentially lucrative returns. This heightened interest has notably intensified the demand for bitcoin, propelling its value significantly. The limited supply of bitcoin juxtaposed with an unrestrained demand dynamic has been a pivotal driver behind the substantial growth witnessed in the global cryptocurrency market, signaling a paradigm shift in investment preferences and financial transactions worldwide.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
software
Fastest Growth
ethereum
Growth Rate
12.5% CAGR
Global Cryptocurrency Market ($ Bn)
Country Share for North America Region (%)
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Cryptocurrency Market Segmental Analysis
Global Cryptocurrency market is segmented into four major segments i.e. by type, process, component, application and region. Based on type, the cryptocurrency market is segmented into bitcoin, crypto wallet, hot wallet ethereum, bitcoin cash, ripple, and others. Based on components, the cryptocurrency market is segmented into hardware and software. Based on process, the cryptocurrency market is segmented into mining, transaction. Based on application, the cryptocurrency market is segmented into trading, remittance, payment, and others. Based on region, the global Cryptocurrency market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Component
By 2023, the hardware segment will dominate the market and account for more than 82.0% of the global revenue. Factors such as higher processing speeds and decreasing capacity of cryptocurrency miners are expected to boost the hardware segment. Changes in consumer expectations have driven more businesses to develop bitcoin mining hardware. Building mining machines requires graphics processing units and other hardware, which are fast, efficient and stable. Such factors are expected to boost the growth of the industry significantly over the forecast period.
The software segment is expected to expand at the highest CAGR throughout the forecast period. The growth can be attributed to the rise of software designed to exchange cryptocurrencies. The development of the software is expected to support the growth of the sector to manage the volume of data through cryptocurrencies. Moreover, the global demand for cryptocurrencies has increased the demand for crypto-wallets and crypto-exchange software, which is expected to boost the growth of the segment.
Analysis by Type
The crypto wallet market has seen a significant shift, with software wallets emerging as the dominant segment in terms of revenue share. A staggering increase of nearly 190% in the adoption of crypto wallets globally has been observed. This surge owes much to software wallets and digital applications that empower users to securely store and manage their cryptocurrencies. Their pivotal role in facilitating accessibility, security, and user-friendly interfaces has been instrumental in driving this exponential growth within the market.
The hot wallets segment has emerged as the dominant force, securing a substantial revenue share exceeding 55%. Hot wallets, a type of Cryptocurrency wallet, retain constant internet connectivity, offering users convenient and immediate accessibility to their digital assets. Their prominence in the market is attributed to the ease of use and instant access they afford to users seeking swift transactions and management of their cryptocurrencies. The popularity and widespread adoption of hot wallets underscore the growing preference for seamless and readily available solutions in the dynamic landscape of cryptocurrency storage and management.
Global Cryptocurrency Market By Component
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Cryptocurrency Market Regional Insights
North America has claimed the largest share in the cryptocurrency market, boasting an impressive 42% of the total market share. This dominance has been entrenched since the early days of cryptocurrency trading, largely owing to regulations within Canada and the US that afford a degree of anonymity in crypto payments.
The Asia Pacific region anticipates consistent growth in the cryptocurrency sector throughout the forecast period. Notably, significant economies like China and Japan are actively considering the adoption of cryptocurrencies by implementing regulatory frameworks regarding compliance and taxation within the industry. While these initiatives signify positive advancements, certain drawbacks are evident, notably limitations in accessing information and technology related to digital currencies.
Global Cryptocurrency Market By Region
- Largest
- Fastest
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Cryptocurrency Market Dynamics
Cryptocurrency Market Drivers
Increasing Adoption of Digital Assets Is Expected to Drive the Market
- The increasing adoption of digital assets is driving the cryptocurrency market forward. Despite their increasing adoption by individuals and businesses due to the increasing recognition of the benefits of cryptocurrencies. This acceptance is not limited to Bitcoin and Ethereum but also includes a wide variety of altcoins and tokens, offering various investment opportunities. The decentralized structure of cryptocurrencies offers advantages compared to traditional financial systems, including reduced transaction costs and increased financial services.
Focus On Reducing Inflation, and Regional Instability is Driving Demand for Virtual Currencies
- Financial risk is a key issue in traditional banking and finance. Financial uncertainty hinders the economy by depressing the value of the currency. India's ICICI Bank, for example, had been hit hard by the Lehman Brothers crisis, which affected the country's economy. Because its value is universally balanced with Bitcoin or other cryptocurrencies, it has not been significantly affected by the financial crisis. Cryptocurrencies are good options in the face of financial uncertainty for regions with unstable monetary policy, which is a major market driver for the market.
Restraints
Virtual Currency Manipulation and Security Attacks Limit the Use of Cryptocurrencies
- As virtual currencies are an unofficial, decentralized and unregulated exchange platform, many regulators are concerned about the increasing misuse of these currencies by criminals. Digital currencies have been used for many illegal transactions such as tax evasion, money laundering and terrorist financing provided by criminals. Ambassador Steve N Mnuchin's terrorist and legitimate money launderers at Facebook, Inc. The Libra Digital currency scam and increasing cyberattacks have led to the loss of deposits, resulting in the loss of deposits, resulting in the loss of acceptance of currency cryptocurrencies.
High Social Costs of Increased Crime
- Criminal use of virtual currencies by itself would not necessarily mean that blockchain is the worst thing for society as its benefits may outweigh the social costs of increased crime that virtual currencies are true up to the process. Regulatory agencies have the power to block regulators and limit the use of digital currencies. In addition to law enforcement agencies' ability to prosecute violence, the government can restrict the exchange of digital currencies in laws governing criminal conduct.
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Cryptocurrency Market Competitive Landscape
A notable strategic initiative in the cryptocurrency market is the partnership between Ripple, a leading cryptocurrency and blockchain technology company, and Japanese financial services group SBI Holdings. This collaboration demonstrates how strategic alliances can drive innovation, expanding the market and increasing the acceptance of cryptocurrency technology. Ripple and SBI Holdings formed a joint venture. The partnership aims to promote the use of Ripple blockchain technology and its cryptocurrency XRP in Asia. The partnership focuses on Ripple real-time payments policy, exchange control and remittance management coordination to improve cross-border payments.
Cryptocurrency Market Top Player’s Company Profiles
- Ethereum (Switzerland)
- Bitcoin (US)
- Binance Coin (US)
- Cardano (Switzerland)
- XRP (Ripple) (US)
- Solana (US)
- Dogecoin (Sweden)
- Polkadot (Switzerland)
- Terra (Singapore)
- Chainlink (US)
- Internet Computer (US)
- Bitcoin Cash (US)
- Litecoin (Singapore)
- Uniswap (US)
- Polygon (MATIC) (UK)
- Cosmos (Switzerland)
- VeChain (Europe)
- Avalanche (Singapore)
- Algorand (Singapore)
- Shiba Inu (US)
Cryptocurrency Market Recent Developments
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In November 2023, the presentation of ETMarkets Crypto Corner, given in collaboration with Mudrex, marks the start of an excursion pointed toward unwinding the complexities of the innovation-driven speculation scene of digital currencies. We want to enlighten the potential dangers intrinsic in this developing space while offering thorough inclusion of every aspect of the cryptographic journey. Through our foundation, we endeavor to bring issues to light and give fundamental direction on exploring the administrative scene and anticipating impending standards in the digital currency space. Go along with us as we dig profound into the universe of cryptographic forms of money, engaging financial backers with the information expected to pursue informed choices in this unique market.
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In September 2023, Paysend, a UK-based FinTech innovator, and Visa, a global digital payments firm, declared a strategic collaboration. This partnership empowers Paysend's clients overall to send cash progressively to qualified Visa cards across 170 nations and domains.
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In January 2024, Bay Binance, a joint venture between Binance and Thailand's Bay Innova, sent off cryptocurrency exchange services to the overall population in Thailand. This send-off followed a welcome test directed in November. Thai clients currently can trade cryptographic forms of money with neighborhood cash matching utilizing their Binance TH accounts, as indicated by the articulation.
Cryptocurrency Key Market Trends
- Surging Popularity of Digital Assets: The market's growth is chiefly fueled by the expanding presence of distributed ledger technology alongside heightened digital investment within venture capital circles. A notable trend has emerged in developing countries, where digital currency is increasingly adopted as a medium for financial exchanges. The surging popularity of digital assets such as Bitcoin and Litecoin stands poised to be a significant catalyst driving market expansion in the years ahead. Furthermore, digital currencies frequently leverage blockchain integration, aiming for decentralization and streamlined, efficient transaction processes.
Cryptocurrency Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global cryptocurrency market analysis reveals a dynamic marketplace with standout trends and difficulties. Bitcoin stands as one of the foremost and widely embraced forms of digital currency worldwide. Its prominence continues to soar, bolstered by increasing visibility, burgeoning investor interest, and evolving regulatory support, all contributing significantly to the market's expansion. The maturation of Bitcoin's value proposition and its ability to offer rewards for transactions further amplify the market value of digital cash.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.06 billion |
| Market size value in 2031 | USD 11.72 billion |
| Growth Rate | 12.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cryptocurrency Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cryptocurrency Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cryptocurrency Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryptocurrency Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryptocurrency Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryptocurrency Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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