Cryptocurrency Market Worth 2,902.0 Million USD by 2023
October 11, 2017 --
PUNE, India, October 11, 2017 /PRNewswire/ --
According to the market research report on "Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, Storage & Wallet; and Software), Process (Mining and Transaction), Type, End User (Peer-to-Peer Payment, Remittance, E-Commerce, and Retail), and Geography - Global Forecast to 2023", published by MarketsandMarkets, the market, this 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 cryptocurrency market is witnessing significant growth because of the benefits of compliance-free peer-to-peer transaction, cross-border remittance transfer, and increase in use cases, as well as some macro drivers such as volatility in the stock market and fluctuating monetary regulations in different countries. 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.
Browse 71 Market Data Tables and 50 Figures spread through 164 Pages and in-depth TOC on "Cryptocurrency Market - Global Forecast to 2023"
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Hardware to hold the largest size of the cryptocurrency market by 2023
Hardware holds a major share of the overall cryptocurrency market because miners need high computing power to validate transactions, which involves the creation of hash codes to encrypt the transactions. To generate a hash code, the miner needs highly effective and efficient hardware. The mining power is processed using various kinds of hardware such as application-specific integrated circuit (ASIC), field-programmable gate array (FPGA), and graphics processing unit (GPU). There are already more than 900 different types of cryptocurrencies available in the market, and the number keeps on growing. Moreover, there are numerous ICOs and new projects being developed each day. The need to run and validate these huge transactions, in turn, creates a need for mining hardware in the cryptocurrency market. These factors help drive the growth of the market for hardware.
Market for peer-to-peer payment expected to grow at the highest rate between 2017 and 2023
The growing demand for compliance-free peer-to-peer transaction is driving the market for cryptocurrency in the peer-to-peer payment segment. Cryptocurrency transactions are compliance-free, tax-free, and charge very low processing fees. This acts as a major factor for the growth of the cryptocurrency market for peer-to-peer payments. Moreover, the growing awareness toward cryptocurrency has enabled its increasing adoption, especially for payments related to small contracts, salaries, and donations.
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APAC held a major share of the cryptocurrency market in 2016
APAC held the largest share of the overall cryptocurrency market primarily owing to the increasing demand for compliance-free transaction as well as the increasing number of cryptocurrency use cases in the region. China is the largest market for cryptocurrency mining as the climate of Northern China is ideal for mining, and the cost of electricity in China is among the lowest in the world. Cryptocurrency is also very popular in Japan. Exchanges are legal in Japan, where people can buy or sell cryptocurrency like a commodity. These factors make APAC the largest market for cryptocurrency.
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The companies covered in this research study include 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).
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