Cryptocurrency Market Global Forecast to 2023 by Offering, Process, Type, End Users, Regions, Top Companies | Intel Corporation (US), NVIDIA Corporation (US), Microsoft Corporation (US), Xilinx, Inc. (US), Advanced Micro Devices, Inc. (US)


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Shibuya Data Count

Feb 09, 2021, 10:50 EST


Shibuya-ku, Tokyo, Japan, Japan, Feb 09, 2021, 10:50 /Comserve / -- The companies covered in the cryptocurrency market are Intel Corporation (US), NVIDIA Corporation (US), Microsoft Corporation (US), Xilinx, Inc. (US), Advanced Micro Devices, Inc. (US), AlphaPoint Corporation (US), Amazon.com, Inc. (US), BitGo

The cryptocurrency market was valued at USD 541.0 million in 2017 and is expected to reach USD 2,902.0 million by 2023, at a CAGR of 32.31% between 2017 and 2023. The growing remittance in developing countries, high cost of remittance across the border, and fluctuating monetary regulations are the major drivers for the growth of the cryptocurrency market. The growth of the cryptocurrency market is further propelled by the transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost. However, the uncertain regulations and standards pertaining to cryptocurrency restrain the growth of this market.

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The companies covered in the cryptocurrency market are Intel Corporation (US), NVIDIA Corporation (US), Microsoft Corporation (US), Xilinx, Inc. (US), Advanced Micro Devices, Inc. (US), AlphaPoint Corporation (US), Amazon.com, Inc. (US), BitGo, (US), BTL Group Ltd.(Blockchain Tech) (Canada), BitFury Group (US), Coinbase UK, Ltd. (US), 21 Inc. (US), and Ripple Labs Inc. (US).

“Cryptocurrency mining held the largest market share in 2016”

Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. Whenever a transaction takes place and is validated, miners collect these transactions and include them into the block they are currently solving. Every block has to be solved before being broadcast and added to the blockchain. The solving of a block involves the use of hardware to solve mathematical puzzles that are difficult to crack.

“Market for Ethereum is expected to grow at the highest rate between 2017 and 2023”
The Ethereum blockchain focuses on running the programming code of any decentralized application, including Distributed Applications (DApps) and smart contracts, enabling it to be built and run without any downtime, fraud, control, or interference from a third party. The advantages offered by Ethereum over bitcoin, such as electronic cash, smart contract technology, and proof-of-stake, are expected to drive the growth of the market for Ethereum.

“Cryptocurrency market in APAC is expected to grow at the highest rate between 2017 and 2023”
Because of the low cost of electricity, suitable climate (especially in Northern China), presence of big electronics manufacturing units, and availability of venture capital funding, the market in China is expected to grow at the highest rate during the forecast period. Besides, Japan has the highest level of awareness and knowledge of cryptocurrency. The government regulations in Japan are also favorable for cryptocurrency transactions. All these factors would help drive the growth of the market in APAC at the highest CAGR during the forecast period.

In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.

  • By Company Type: Tier 1—40%, Tier 2—20%, and Tier 3—40%
  • By Designation: C-Level Executives—40%, Directors—40%, and Others (Sales, Marketing, and Product Managers)—20%
  • By Region: North America—40%, Europe—40%, APAC—10%, and RoW—10%

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Research Coverage
The cryptocurrency market has been segmented on the basis of offering, process, type, end user, and region. The market has been segmented on the basis of offering into hardware and software. On the basis of process, the market has been segmented into mining and transaction. On the basis of type, the market is segmented into Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin, and others. The market has been segmented on the basis of end user into peer-to-peer payment, remittance, e-commerce and retail, media and entertainment, and others.

Reasons to Buy the Report:

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

  • This report segments the cryptocurrency market comprehensively and provides the closest approximations of the size of the overall market and its subsegments for various applications and across different regions.
  • The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities pertaining to the market.

TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 DEFINITION 14
1.3 SCOPE OF THE STUDY 15
1.3.1 MARKETS COVERED 15
1.3.2 YEARS CONSIDERED FOR THE STUDY 16
1.4 CURRENCY 16
1.5 LIMITATIONS 16
1.6 STAKEHOLDERS 17
2 RESEARCH METHODOLOGY 18
2.1 RESEARCH DATA 18
2.1.1 SECONDARY AND PRIMARY RESEARCH 19
2.1.1.1 Key industry insights 20
2.1.2 SECONDARY DATA 20
2.1.2.1 Secondary sources 21
2.1.3 PRIMARY DATA 21
2.1.3.1 Breakdown of primaries 22
2.1.3.2 Primary sources 22
2.2 MARKET SIZE ESTIMATION 23
2.2.1 BOTTOM-UP APPROACH 23
2.2.2 TOP-DOWN APPROACH 25
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 26
2.4 RESEARCH ASSUMPTIONS 27
3 EXECUTIVE SUMMARY 28
4 PREMIUM INSIGHTS 33
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE GLOBAL CRYPTOCURRENCY MARKET 33
4.2 CRYPTOCURRENCY MARKET, BY OFFERING 33
4.3 CRYPTOCURRENCY MARKET, BY HARDWARE 34
4.4 CRYPTOCURRENCY MARKET IN APAC, BY END-USER AND COUNTRY 34
4.5 CRYPTOCURRENCY MARKET, BY GEOGRAPHY, 2016 35
5 MARKET OVERVIEW 36
5.1 INTRODUCTION 36
5.1.1 DRIVERS 37
5.1.1.1 Transparency and immutability of the distributed ledger technology 37
5.1.1.2 Growing remittance in developing countries 37
5.1.1.3 High cost of remittance across the border 38
5.1.1.4 Fluctuating monetary regulations 38
5.1.1.5 Significant increase in venture capital investments 38
5.1.2 RESTRAINTS 39
5.1.2.1 Uncertain regulatory status 39
5.1.2.2 Lack of awareness and technical understanding regarding cryptocurrency 39
5.1.3 OPPORTUNITIES 39
5.1.3.1 Significant growth opportunities in emerging and developed markets 39
5.1.3.2 Acceptance of cryptocurrency across various industries 40
5.1.4 CHALLENGES 40

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