Cryptocurrency Market to Grow at 32.31% CAGR to 2023
PUNE, India, October 13, 2017 /PRNewswire/ —
The cryptocurrency market size is expected to reach $2,902.0 million by 2023 from $541.0 million in 2017 at a CAGR of 32.31% between (2017-2023) propelled by the benefits of compliance-free peer-to-peer transaction, cross-border remittance transfer, increase in use cases, volatility in the stock market, fluctuating monetary regulations in different countries, transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost according to RnRMarketResearch.
Browse 71 Market Data Tables and 50 Figures spread through 164 Pages and in-depth TOC 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“ https://www.
The companies covered in the cryptocurrency market are Intel Corporation (US), NVIDIA Corporation (US), Microsoft Corporation (US), Xilinx, Inc. (US), Advanced Micro Devices, Inc. (US), Alpha Point Corporation (US), Amazon.com, Inc. (US), Bit Go, (US), BTL Group Ltd. (Block chain Tech) (Canada), Bit Fury Group(US), Coin base UK, Ltd. (US), 21 Inc. (US), and Ripple Labs Inc. (US).
The cryptocurrency market in APAC is expected to grow at the highest rate between 2017 and 2023. Because of the low cost of electricity, suitable climate (especially in Northern China), presence of big electronics manufacturing units, and availability of venture capital funding, the market in China is expected to grow at the highest rate during the forecast period. Besides, Japan has the highest level of awareness and knowledge of cryptocurrency. The government regulations in Japan are also favorable for cryptocurrency transactions. All these factors would help drive the growth of the market in APAC at the highest CAGR during the forecast period.
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The cryptocurrency market for Ethereum is expected to grow at the highest rate between 2017 and 2023. The Ethereum block chain focuses on running the programming code of any decentralized application, including Distributed Applications (DApps) and smart contracts, enabling it to be built and run without any downtime, fraud, control, or interference from a third party. The advantages offered by Ethereum over bit coin, such as electronic cash, smart contract technology, and proof-of-stake, are expected to drive the growth of the market for Ethereum.
The cryptocurrency mining held the largest market share in 2016. Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. Whenever a transaction takes place and is validated, miners collect these transactions and include them into the block they are currently solving. Every block has to be solved before being broadcast and added to the block chain. The solving of a block involves the use of hardware to solve mathematical puzzles that are difficult to crack.
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In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.
- By Company Type: Tier 1 – 40%, Tier 2 – 20%, and Tier 3 – 40%
- By Designation: C-Level Executives – 40%, Directors – 40%, and Others (Sales, Marketing, and Product Managers) – 20%
- By Region: North America – 40%, Europe – 40%, APAC – 10%, and RoW – 10%
The cryptocurrency market has been segmented on the basis of offering, process, type, enduser, and region. The market has been segmented on the basis of offering into hardware and software. On the basis of process, the market has been segmented into mining and transaction. On the basis of type, the market is segmented into Bit coin, Ethereum, Ripple (XRP), Lite coin, Dash coin, and others. The market has been segmented on the basis of end user into peer-to-peer payment, remittance, e-commerce and retail, media and entertainment, and others.
Another research titled Blockchain Market Global Forecast to 2021 says, the global Blockchain market to grow from $210.2 million in 2016 to $2,312.5 million by 2021, at a CAGR of 61.5%. Infrastructure and protocols provider segment to have the largest market size in 2016. Media and entertainment vertical to have the highest growth rate during the forecast period. Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period. Companies such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), BitFury (U.S.), Coinbase (U.S.), Circle Internet Financial Limited (U.S.), Digital Asset Holdings (U.S.), Blockchain Tech Ltd (Canada), Global Arena Holding, Inc. (U.S.), Digital CC Ltd (Australia), 21 Inc. (U.S.), Earthport (U.K.) have been profiled in this 153 pages research report available at https://www.rnrmarketresearch.
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