Cryptocurrency Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cryptocurrency Market
The cryptocurrency market size was valued at USD 910.3 million in 2021, and the market is now projected to grow from USD 1,902.5 million in 2028, exhibiting a CAGR of 11.1% during the forecast period of 2024-2032.
The rise of the COVID-19 pandemic affected the cryptocurrency market both negatively, in terms of fluctuation, and positively as it expanded. In March 2020, new coronavirus outbreak caused massive market fear leading to declined price in the BTC, even below $4 000. However as world financial instability started to emerge, cryptocurrencies started being adopted as other forms of investments and value assets. Market interest increased with the likes of Tesla and Square purchasing Bitcoin as an investment. However, the market recovered by late 2020, and even further into the early 2021 reaching for the new highs due to the improving understanding and integration of digital assets.
It is important to denote the following trends that the cryptocurrency market has exhibited at the moment. Remain the Decentralized Finance (DeFi) is expanding, which implies providing financial services directly from one person to another without involving third parties. Visible evidence includes: The use of Non-Fungible Tokens (NFTs) prevails, and digital art and collectibles now have general recognition. Adoption is going up with big banks and companies buying or investing in digital currencies. Layer 2 solutions such as Ethereum based rollups are already in place, improving transaction processing time and lowering fees. Further, central bank digital currencies (CBDCs) current are under development around the world since governments ponder to embed digital currencies into a conventional monetary framework. Thus, all the above mentioned factors are contributing towards the cryptocurrency market growth.
There are many causes in the cryptocurrency market. More firms adopt institutions, and more corporate invest, enhance credibility and value. In lieue of this, improvements through block-chain innovations and scaling solutions for instance provide efficiency and the much valued user experience. There is high market demand for decentralised finance and non-fungible tokens, key sectors that empower advancement in these areas. By now the regulatory environment has also started getting rated at a pivotal contribution on investor confidence though not completely evolved yet. Also technological adoption, geo-political instabilities and inflation, Brexit, Trade war threats, and more recently the Covid-19 pandemic makes more people look at cryptocurrencies as stores of value and as the hedge against more traditional risks.
Comprehensive Analysis Cryptocurrency Market
The cryptocurrency market is classified by component, type, application and region. This market is further segmented based on the components – hardware and software. The former consists of FPGA, ASIC, GPU and others such as paper and web wallets while the latter consists of mining software, exchange platforms, wallets, and payment solutions among others. According to type, the cryptocurrencies which exist are Bitcoin, Ether, Litecoin, Ripple, and Ether Classic. Based on the end use, the market can be segmented trading, e-commerce and retail, and peer-to-peer payments. Regionally, therefore, the market is also divided based on the differences in the uptake of the solution and levels of compliance in each location.
Presently, North America is among the most dominating regions when it comes to cryptocurrencies because there is high acceptance and implementation of institutions, innovation, as well as the enhanced and proper demarcation of regulation concerning the crypto markets in the region. Cryptocurrencies, blockchains, and the overall digital currency market continue to grow in the United States as both an exchange and an investment. Key industry regulators are gradually adjusting for the sector and hence offer measures of predictability that fuels interest from both the retail and institutional investors. Secondly, the increased demand in the DeFi, NFTs, and blockchain industry also explain the region’s dominance. However, both Europe and Asia are also steadily expanding their markets, while remaining second to North America in terms of the market capitalization and take up.
Key players in this sector include Bitmain Technologies Ltd. (Beijing, China), Xilinx, Inc. (California, U.S.), Intel Corporation (California, U.S.), Advanced Micro Devices, Inc. (California, U.S.), Ripple Labs, Inc. (California, U.S.), Bitfury Group Limited. (Amsterdam, U.K.), Ledger SAS (Paris, France), Nvidia Corporation (California, U.S.)
So in the year 2024 the trends are already noticeable in the crypto market with Bitcoin and Ethereum playing the driving force. The institutional investors are constantly embracing Bitcoin, making it the most preferred “hodl,” or ‘digital gold.’ Ethereum that transitioned to proof-of-stake consensus is being discussed for its sustainability and scalability, as well as apps and smart contracts. Furthermore, solutions such as Optimism and Arbitrum, which are already integrated into Ethereum Layer 2, are enhancing transaction throughput and decreasing costs and, thus, use cases of the blockchain. AI-focused blockchain solutions also have recently appeared on the market while decentralized finance (DeFi) enlarges the spectrum of crypto assets.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2030
Base Year
2022
Estimated Year
2023
Forecast Period
2023-2030
Historical Period
2019-2021
Growth Rate
CAGR of 6.1% from 2023 to 2030
Unit
Value (USD million)
Segmentation
By Product Type, End-User, and Region
Segmentation
By Product Type
Rolling Flat Dies
Thread Rolling Cylindrical Dies
Rotary Type Thread Rolling Dies
Rack Type Rolling Dies
Trimming Dies
Round Dies
Others (Drill Point Dies)
By End-User
Automotive
White Goods
Medical
Cutlery
Consumer Electronics
General Engineering
Others (Marine)
By Region
North America (By Product Type, End-User and Country)
- U.S.
- Canada
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- BENELUX
- Nordics
- Rest of Europe
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
- Israel
- Turkey
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
- Brazil
- Argentina
- Rest of South America
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Key Takeaways
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 5. Global Cryptocurrency Key Players Market Share Insights and Analysis, 2020
- 6. Key Market Insights and Strategic Recommendations
- 7. Companies Profiled (Covered for key 10 players only)
- 7.1. Overview
- 7.1.1. Key Management
- 7.1.2. Headquarters etc.
- 7.2. Offerings/Business Segments
- 7.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 7.3.1. Employee Size
- 7.3.2. Key Financials
- 7.3.2.1. Past and Current Revenue
- 7.3.2.2. Gross Margin
- 7.3.2.3. Geographical Share
- 7.3.2.4. Business Segment Share
- 7.4. Recent Developments
- 8. Annexure / Appendix
- 8.1. Global Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.1.1. By Component (Value)
- 8.1.1.1. Hardware
- 8.1.1.1.1. FPGA
- 8.1.1.1.2. ASIC
- 8.1.1.1.3. GPU
- 8.1.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.1.1.2. Software
- 8.1.1.2.1. Mining Software
- 8.1.1.2.2. Exchanges Software
- 8.1.1.2.3. Wallet
- 8.1.1.2.4. Payment
- 8.1.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.1.2. By Type (Value)
- 8.1.2.1. Bitcoin
- 8.1.2.2. Ether
- 8.1.2.3. Litecoin
- 8.1.2.4. Ripple
- 8.1.2.5. Ether Classic
- 8.1.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.1.3. By End-Use (Value)
- 8.1.3.1. Trading
- 8.1.3.2. E-commerce and Retail
- 8.1.3.3. Peer-to-Peer Payment
- 8.1.3.4. Remittance
- 8.1.4. By Region (Value)
- 8.1.4.1. North America
- 8.1.4.2. Europe
- 8.1.4.3. Asia Pacific
- 8.1.4.4. Middle East & Africa
- 8.1.4.5. Latin America
- 8.2. North America Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.2.1. By Component (Value)
- 8.2.1.1. Hardware
- 8.2.1.1.1. FPGA
- 8.2.1.1.2. ASIC
- 8.2.1.1.3. GPU
- 8.2.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.2.1.2. Software
- 8.2.1.2.1. Mining Software
- 8.2.1.2.2. Exchanges Software
- 8.2.1.2.3. Wallet
- 8.2.1.2.4. Payment
- 8.2.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.2.2. By Type (Value)
- 8.2.2.1. Bitcoin
- 8.2.2.2. Ether
- 8.2.2.3. Litecoin
- 8.2.2.4. Ripple
- 8.2.2.5. Ether Classic
- 8.2.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.2.3. By End-Use (Value)
- 8.2.3.1. Trading
- 8.2.3.2. E-commerce and Retail
- 8.2.3.3. Peer-to-Peer Payment
- 8.2.3.4. Remittance
- 8.2.4. By Country (Value)
- 8.2.4.1. United States
- 8.2.4.1.1. By End-Use
- 8.2.4.2. Canada
- 8.2.4.2.1. By End-Use
- 8.3. Europe Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.3.1. By Component (Value)
- 8.3.1.1. Hardware
- 8.3.1.1.1. FPGA
- 8.3.1.1.2. ASIC
- 8.3.1.1.3. GPU
- 8.3.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.3.1.2. Software
- 8.3.1.2.1. Mining Software
- 8.3.1.2.2. Exchanges Software
- 8.3.1.2.3. Wallet
- 8.3.1.2.4. Payment
- 8.3.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.3.2. By Type (Value)
- 8.3.2.1. Bitcoin
- 8.3.2.2. Ether
- 8.3.2.3. Litecoin
- 8.3.2.4. Ripple
- 8.3.2.5. Ether Classic
- 8.3.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.3.3. By End-Use (Value)
- 8.3.3.1. Trading
- 8.3.3.2. E-commerce and Retail
- 8.3.3.3. Peer-to-Peer Payment
- 8.3.3.4. Remittance
- 8.3.4. By Country (Value)
- 8.3.4.1. Germany
- 8.3.4.1.1. By End-Use
- 8.3.4.2. United Kingdom
- 8.3.4.2.1. By End-Use
- 8.3.4.3. Italy
- 8.3.4.3.1. By End-Use
- 8.3.4.4. France
- 8.3.4.4.1. By End-Use
- 8.3.4.5. Russia
- 8.3.4.5.1. By End-Use
- 8.3.4.6. Rest of Europe
- 8.4. Asia Pacific Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.4.1. By Component (Value)
- 8.4.1.1. Hardware
- 8.4.1.1.1. FPGA
- 8.4.1.1.2. ASIC
- 8.4.1.1.3. GPU
- 8.4.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.4.1.2. Software
- 8.4.1.2.1. Mining Software
- 8.4.1.2.2. Exchanges Software
- 8.4.1.2.3. Wallet
- 8.4.1.2.4. Payment
- 8.4.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.4.2. By Type (Value)
- 8.4.2.1. Bitcoin
- 8.4.2.2. Ether
- 8.4.2.3. Litecoin
- 8.4.2.4. Ripple
- 8.4.2.5. Ether Classic
- 8.4.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.4.3. By End-Use (Value)
- 8.4.3.1. Trading
- 8.4.3.2. E-commerce and Retail
- 8.4.3.3. Peer-to-Peer Payment
- 8.4.3.4. Remittance
- 8.4.4. By Country (Value)
- 8.4.4.1. China
- 8.4.4.1.1. By End-Use
- 8.4.4.2. Japan
- 8.4.4.2.1. By End-Use
- 8.4.4.3. Australia
- 8.4.4.3.1. By End-Use
- 8.4.4.4. India
- 8.4.4.4.1. By End-Use
- 8.4.4.5. Southeast Asia
- 8.4.4.5.1. By End-Use
- 8.4.4.6. Rest of Asia Pacific
- 8.5. Middle East & Africa Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.5.1. By Component (Value)
- 8.5.1.1. Hardware
- 8.5.1.1.1. FPGA
- 8.5.1.1.2. ASIC
- 8.5.1.1.3. GPU
- 8.5.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.5.1.2. Software
- 8.5.1.2.1. Mining Software
- 8.5.1.2.2. Exchanges Software
- 8.5.1.2.3. Wallet
- 8.5.1.2.4. Payment
- 8.5.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.5.2. By Type (Value)
- 8.5.2.1. Bitcoin
- 8.5.2.2. Ether
- 8.5.2.3. Litecoin
- 8.5.2.4. Ripple
- 8.5.2.5. Ether Classic
- 8.5.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.5.3. By End-Use (Value)
- 8.5.3.1. Trading
- 8.5.3.2. E-commerce and Retail
- 8.5.3.3. Peer-to-Peer Payment
- 8.5.3.4. Remittance
- 8.5.4. By Country (Value)
- 8.5.4.1. GCC
- 8.5.4.1.1. By End-Use
- 8.5.4.2. South Africa
- 8.5.4.2.1. By End-Use
- 8.5.4.3. Rest of the Middle East and Africa
- 8.6. Latin America Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.6.1. By Component (Value)
- 8.6.1.1. Hardware
- 8.6.1.1.1. FPGA
- 8.6.1.1.2. ASIC
- 8.6.1.1.3. GPU
- 8.6.1.1.4. Others (Paper Wallet, Web Wallet, Etc.)
- 8.6.1.2. Software
- 8.6.1.2.1. Mining Software
- 8.6.1.2.2. Exchanges Software
- 8.6.1.2.3. Wallet
- 8.6.1.2.4. Payment
- 8.6.1.2.5. Others (Vaults, Encryption, Etc.)
- 8.6.2. By Type (Value)
- 8.6.2.1. Bitcoin
- 8.6.2.2. Ether
- 8.6.2.3. Litecoin
- 8.6.2.4. Ripple
- 8.6.2.5. Ether Classic
- 8.6.2.6. Others (Dogecoin, Moneor, Dash, Etc.)
- 8.6.3. By End-Use (Value)
- 8.6.3.1. Trading
- 8.6.3.2. E-commerce and Retail
- 8.6.3.3. Peer-to-Peer Payment
- 8.6.3.4. Remittance
- 8.6.4. By Country (Value)
- 8.6.4.1. Brazil
- 8.6.4.1.1. By End-Use
- 8.6.4.2. Mexico
- 8.6.4.2.1. By End-Use
- 8.6.4.3. Rest of Latin America
- 9. Companies Analyzed (In order to estimate the market size and/or understanding the market ecosystem) (Note that the purpose of the below list is to highlight the exhaustiveness of coverage. This does not necessarily mean that all the below companies are profiled in the scope. Kindly refer Companies Profiled Section for more details. However, at the same, we are open to profile additional company(s) on specific request)
- 9.1. Bitmain Technologies Ltd.
- 9.2. Xilinx, Inc.
- 9.3. Intel Corporation
- 9.4. Advanced Micro Devices, Inc.
- 9.5. Ripple Labs, Inc.
- 9.6. Bitfury Group Limited.
- 9.7. Ledger SAS
- 9.8. Nvidia Corporation
- 9.9. Xapo
- 9.10. Binance.com
- 9.11. BitGo, Inc
- 9.12. Coinbase
- 9.13. CoinDesk.com
- 9.14. Cointelegraph.com
- 9.15. Ethereum Foundation
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