Cryptocurrency Market Forecasts to 2028 – Global Analysis By Component (Software and Hardware), Type (Bitcoin, Ether, Ripple, Ether Classic and Dash), Process (Mining and Transaction), End User and By Geography

Cryptocurrency Market Forecasts to 2028 – Global Analysis By Component (Software and Hardware), Type (Bitcoin, Ether, Ripple, Ether Classic and Dash), Process (Mining and Transaction), End User and By Geography

According tStratistics MRC, the Global Cryptocurrency Market is accounted for $1.96 billion in 2022 and is expected treach $4.49 billion by 2028 growing at a CAGR of 14.8% during the forecast period. Cryptocurrency is a digital payment system that does not rely on banks tvalidate transactions. It's a peer-to-peer system that allows anybody, anywhere tsend and receive payments. Instead of tangible money carried around and traded in the real world, cryptocurrency payments exist solely as digital inputs tan online database identifying specific transactions. Cryptocurrency is kept in digital wallets. This means that complex coding is used tstore and send bitcoin data between wallets and tpublic ledgers. The goal of encryption is tensure security and safety which boosts the market growth.

According tOxford Business Group, Nigeria is the leading country for Bitcoin and cryptocurrency adoption due tuse it as a means of sending remittances.

Market Dynamics:

Driver:

Digital currency usage is increasing

Virtual or digital currency such as Bitcoins, Litecoins, Ethers, and many others are projected tdominate the industry in the future years. Individuals in industrialised countries are more inclined tuse digital currency because it is a simple and flexible transactional mechanism. Because of the popularity of virtual currency as a medium of exchange, the central bank decided tpromote it. Companies can benefit from fluctuating digital currency prices and improve their digital assets by using the central bank's proprietary central bank digital currency (CBDC) activity provisions for digital currency projects in many industrialised countries thereby propelling the market growth.

Restraint:

Cryptocurrencies can be an extremely volatile investment

While the price of a cryptocurrency might skyrocket tdizzying heights, it can alsfall thorrifying lows in an instant, sthis may not be the greatest decision. The cryptocurrency market is built on speculation, and its tiny scale makes it more subject tprice volatility. This, in turn, might have a negative impact on the value of coins, which is one of the fundamental downsides of cryptocurrencies. Understanding cryptocurrencies takes time and effort, and there are severe scalability challenges tcontend with. But, at some point, they run intserious difficulties that make large-scale implementation impossible. This can be a frustrating process for transaction participants, let alone the possible financial losses hampering the cryptocurrency market

Opportunity:

Increased focus on financial crisis mitigation and regional instability

Financial disaster is a big problem that is affecting traditional banking and the financial sector. Financial uncertainty disrupts the economy by causing the currency's value tfall. Bitcoins and other cryptocurrencies are unaffected by the financial crisis since their value is balanced globally. With financial instability, cryptocurrencies are better possibilities for places with shaky economic structures, which are becoming a big market driving driver for the market. Moreover, increasing adoption of bitcoin twitness exponential demand for cryptocurrency market where bitcoin is one of the most popular and majorly adopted digital cash across the world. The rising visibility, growing interest of investors, and supporting regulations are further augmenting the market's growth.

Threat:

Misuse of virtual currency and security attacks

Several regulators are concerned about the increasing misuse of virtual currencies by criminals for unlawful operations since they are an unlicensed, decentralised, and uncontrollable exchange platform. Several illegal actions, such as tax evasion, money laundering, and terrorist financing, have been observed tbe carried out by criminals utilising digital money. Criminals and terrorists prefer tdeal in cash and preserve cash as collateral rather than use financial intermediaries like banks and circumvent anti-money laundering reporting and compliance rules. Companies and governments became concerned that the anonymity and decentralised nature of digital currency transfers would allow criminals tconceal their financial activity from authorities hinder the market growth.

Covid-19 Impact

Coronavirus-induced restrictions and economic concerns have prevented certain token sales from investing and caused others tpostpone development. The virus's proliferation has caused cryptocurrency companies tcreate work-from-home strategies, delaying numerous commercial collaborations. Although the long-term influence of COVID-19 on economies cannot be foreseen, given the cultures and well-being of individuals, it appears a good bet that the reaction of central banks would create an optimum environment for the market tsustain, if Bitcoin continues toutperform traditional markets, it will almost surely increase interest in cryptocurrency as an alternative and sustainable form of currency hinder the market.

The Software segment is expected tbe the largest during the forecast period

The Software segment is estimated thave a lucrative growth, due tthe platform is used tmatch, sell, and purchase from users, giving it the greatest market share. The global market is likely tbe driven by a significant dispersion of exchange platforms. Wallets, on the other hand, might be hardware or software wallets. Because of their increased security, software wallets or digital wallets are becoming increasingly popular. Digital wallets are classified as self-hosted or custodial based on the user's control over the private key protection function which enhances the global cryptocurrency market.

The Bitcoin segment is expected thave the highest CAGR during the forecast period

The Bitcoin segment is anticipated twitness the fastest CAGR growth during the forecast period, due tits peer-to-peer electronic currency that is decentralised. Bitcoin has ngoverning organisation or issuing authority. This network is based on a cryptographic system, and the public database is fault-tolerant and impervious tcorruption, functions without a central repository or centralised administration, with transactions taking place directly between users. Bitcoin mining has grown competitive, and individuals are mining it with powerful hardware. It employs an algorithm as well as cryptographic protocols. As a result, they are impossible tforge but dnot require any personal or sensitive information from either the sender or the receiver. Bitcoin transactions are not facilitated by a third party and funds are instantly cleared thus encouraging in the market growth.

Region with largest share:

North America is projected thold the largest market share during the forecast period owing tthe majority of the region considered bitcoin tbe a medium of trade for tax purposes rather than cash. Despite the fact that the government does not legally regulate it, many industrialised countries continue temphasise the use of digital money. The acceptance of digital payment by consumers and retailers supports market expansion. Furthermore, the popularity of bitcoin mining and the presence of the bulk of prominent firms in North America dominate the market.

Region with highest CAGR:

Asia Pacific is projected thave the highest CAGR over the forecast period, owing tmany technological improvements, as well as the acceptance of virtual currency for specific platforms in Japan and Taiwan, are predicted tsignificantly boost the Asia Pacific industry. Strategic collaborations and partnerships by important players alsadd tthe Asia Pacific market. The region's financial services organisations are among those whstand tbenefit considerably from the use of block chain technologies in domains such as payments, supply chain, finance, and trading, as well as monitoring, compliance, and operations are propelling the Asia pacific region market.

Key players in the market

Some of the key players profiled in the Cryptocurrency Market include Intel Corporation, Ledger SAS, Advanced MicrDevices, Inc, Nvidia Corporation, Xapo, BitGo, Bitmain Technologies Ltd, Xilinx, Ripple Labs, Bitfury Group, Coinbase, Binance Holdings, Alcheminer and Ethereum Foundation

Key Developments:

In Feb 2023, Microsoft and NVIDIA Announce Expansive New Gaming Deal, Partnership will bring blockbuster lineup of Xbox games, including 'Minecraft' and Activision titles like 'Call of Duty,' tNVIDIA GeForce NOW cloud gaming service

In Feb 2023, Intel Launches New Xeon Workstation Processors – the Ultimate Solution for Professionals, with a breakthrough new compute architecture, faster cores and new embedded multi-die interconnect bridge (EMIB) packaging, the Xeon W-3400 and Xeon W-2400 series of processors enable unprecedented scalability for increased performance.

In Jan 2023, Intel Launches 4th Gen Xeon Scalable Processors, Max Series CPUs, delivering for its customers a leap in data center performance, efficiency, security and new capabilities for AI, the cloud, the network and edge, and the world’s most powerful supercomputers.

In Jan 2023, Bitmain Technologies Ltd launched a new generation ANTMINER, the S19j Pro+, with a hashrate of 122T, power consumption of 3355W, and energy efficiency ratiof 27.5 J/T. The S19j Pro+'s voltage range makes it ideal for global data centers, saving additional costs from voltage converters.

Components Covered:
• Software
• Hardware

Types Covered:
• Bitcoin
• Ether
• Ripple
• Ether Classic
• Dash

Processes Covered:
• Mining
• Transaction

End Users Covered:
• E-commerce & Retail
• Peer-To-Peer Payment
• Remittance
• Trading

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements