It is expected that the global cryptocurrency market will grow by nearly 7% over the forecast period. Strong growth in venture capital investment is a key reason why the market should recover over the forecast years. In addition, the transparency and immutability of distributed ledger technology have a positive impact on market growth over the projection period. Also, Global Cryptocurrency Market By OfferingGrowth, size, and forecast from 2021-2027
The Global Cryptocurrency Market By Offering, process, type, end-user, enterprise, and region. Depending on the type, the market can be categorized into bitcoin, Ethereum, bitcoin cash, ripple, dash coin, lissssstecoin, and others. The Bitcoin-based segment dominated the market in 2021. it is expected to grow at the highest CAGR over the forecast period which can be attributed to the benefit of Bitcoin being the pioneer in the area. Furthermore, it is accepted around the world.
Also, Ethereum has experienced significant growth until 2021 which can be accredited for the benefits offered by Ethereum on Bitcoin, which includes electronic treasury, intelligent contract technology, and proof of participation. The market for Ethereum is expected to grow as a result.
Key players in the cryptocurrency business are Intel Corporation, NVIDIA Corporation, Microsoft Corporation, Xilinx, Inc., Advanced Micro Devices, Inc., AlphaPoint Corporation, Amazon.com, Inc., BitGo, BTL Group Ltd. Blockchain Tech, BitFury Group, Coinbase UK, Ltd., 21 Inc., and Ripple Lab Inc. and others. The introduction of different hardware and software by key market players also contributes to the growing trend.
The purpose of the study is:
- To examine and gauge the magnitude of the global cryptocurrency market between 2017 and 2020.
- Through calculating and projecting the size of the worldwide cryptocurrency market from 2021 to 2027, as well as its growth rate through that year.
- Depending on the offer, method, type, end user, company, and regional distribution, categorize and forecast the worldwide cryptocurrency market.
- To determine which area or sector of the global bitcoin market is dominant.
- To determine the worldwide cryptocurrency market's growth factors and obstacles.
- To analyze competitive trends in the global cryptocurrency market, such as expansions, new product launches, mergers, acquisitions, etc.
- To carry out pricing research for the international bitcoin market.
- To locate and profile the top players in the international bitcoin sector.
- To discover important long-term tactics used by market participants in the global bitcoin market.
For this study, TechSci Research conducted extensive secondary research in addition to primary research. TechSci Research first compiled a list of cryptocurrency traders from around the world. TechSci Research then carried out primary research interviews with the cited businesses. The interviewees were also asked about their rivals during the interview. By using this method, TechSci Research was able to include the providers that secondary research was unable to identify. TechSci Research examined the dealers and locations of all significant players worldwide.
Using a bottom-up methodology, TechSci Research estimated the size of the worldwide cryptocurrency market by collecting and projecting data for a range of end-user sectors. In order to get the right, overall market size, TechSci Research obtained these numbers from industry experts and company representatives and externally evaluated them by looking at historical data on these product kinds and applications. TechSci Research also looked at a number of secondary sources, including business websites, news stories, press announcements, annual reports, investor presentations, and financial reports.
Principal Target Group:
- Traders of cryptocurrencies
- Market research and consultancy firms
- Governmental organizations like governing bodies and policymakers
- Organizations, communities, and partnerships pertaining to cryptocurrencies
The study is helpful in answering a number of vital issues for industry stakeholders such as cryptocurrency traders, policymakers, end users, etc., in addition to enabling them to plan investments and take advantage of market opportunities.