The global cryptocurrency market to gain from increasing Internet penetration worldwide. Recently Fortune Business Insights has announced a report titled, “Cryptocurrency Market Size, Share and Global Trend by Component (Software, Services), Process (Transaction, Mining), Type (Bitcoin, Etherum, Litecoin, Ripple, Dashcoin), End User, and Geography Forecast till 2027.” As per the report North America was leading the global cryptocurrency market in 2017. The growth witnessed is attributable to high adoption of digital currency in the region. The trend is unlikely to change and North America may lead the global cryptocurrency market through the forecast period.
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The rising demand for online financial services in the region is likely to contribute the growth of the market in North America. Besides this, North America holds 27% participants, 39% of wallets, 18% transactions, and 19% of cryptocurrency paymen companies. This is a primary reason behind the high demand witnessed in the region. It also facilitates the higher adoption of cryptocurrency. The cryptocurrency market in Asia pacific is anticipated to expand at a relatively higher CAGR. The growth witnessed is attributable to increasing number of cryptocurrency transactions taking place in the region. Japan is known for major investments in cryptocurrency. Rising investments cryptocurrency have resulted in the formation of new laws for legalization of cryptocurrency under financial service agency. This is a major step taken by Japan and is expected to boost the Asia Pacific cryptocurrency market.
Europe is also amongst the leading regions in the global cryptocurrency market. The growth witnessed is attributable to high adoption of e-financial services in the region. Moreover, Germany issued a statement to consider cryptocurrency as private currency without any payable taxes, unless held for a year or more. Tax and other benefits from cryptocurrency is expected to fuel the demand for cryptocurrency and increase the number of owners globally.
Key Market Driver –
- Quick international transfers
- Secure and Untapped Payments
Key Market Restraint –
- Lack in technical understanding and Stringent government regulation
Top Players List:
- Intel Corporation
- BitGo, Inc.
- BTL Group of companies
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Key Industry Developments
- October 2018– Bitstamp, a Luxembourg-based crypto exchange was acquired by b a Belgium based investment firm NXMH in a deal of aroung USD 350 Mn.
- September 2018– A San Fransisco based firm BitTorrent was acquired by Tron in a USD 150 Mn deal
- October 2018, multinational investment bank and financial services company, Morgan Stanley, released their latest report on Bitcoin. stating that Bitcoins and altcoins have constituted a “new institutional investment class” since 2017.
1. By Components
2. By Process
3. By Type
4. By End User
- Media and entertainment
- Peer-to-peer payment
- E-commerce and retail
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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