Market Research Report
Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, Retail), Geography - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||565768|
|Published||Content info||166 Pages
Delivery time: 1-2 business days
|Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, Retail), Geography - Global Forecast to 2024|
|Published: October 22, 2018||Content info: 166 Pages||
The cryptocurrency market is projected to reach USD 1.40 billion by 2024 from USD 1.03 billion by 2019, at a CAGR of 6.18% during the forecast period. Growth in this market can largely be attributed to factors such as transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. However, uncertain regulatory status, lack of awareness and technical understanding regarding cryptocurrency are expected to restrict the growth of the said market to a certain extent.
The cryptocurrency market for ASIC is expected to hold the largest CAGR. ASICs are gradually being preferred by miners. These ASIC machines mine at an extraordinary speed while consuming much less power than FPGA or GPU mining rigs. Several reputed companies, such as Bitmain, Avalon, and Innosilicon Technologies, offer highly efficient ASIC products. Also, ASICs are cryptocurrency mining hardware created solely to solve cryptocurrency blocks. They have only minimal requirements for other computer applications. Such various advantages help ASICs grow at the highest rate in the cryptocurrency market.
The market for payment through cryptocurrency is likely to register the highest growth during the forecast period. The payment through cryptocurrency has several advantages such as enhanced transactional security, protection from fraud, decentralized system, low fees, protection from consumer chargebacks, and quick international transfers. Moreover, a large number of players are investing in developing payment gateways and platform for the payment process of their currencies, thereby increasing adoption of cryptocurrency for the payment.
APAC is notable for its high adoption of cryptocurrency. This is attributed to the low cost of electricity in China and early adoption of cryptocurrency in Japan. China is the largest market among all APAC countries. Owing to the low cost of electricity, ideal weather conditions, presence of big mining companies, such Bitmain, Canaan Creative CO., LTD, and Ebang Communication, and availability of venture capital funding, the market in APAC is expected to be the largest for cryptocurrency.
Key players in the cryptocurrency market include: Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), and Binance Holdings (China).
Various market segments have been covered in this report. These include application and geography. It also gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
*Details on Business Overview, Products/Solutions/Service and Technology Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.