The Global Cryptocurrency Market Was Valued At $4.25 billion In 2022 And Is Expected To Expand $10.67 billion By 2030 at a CAGR Of 12.2% From 2022 To 2030. Key factors driving the growth of this market include focus on mitigating financial crisis, and regional instability drives the virtual currency’s demand, increasing adoption of bitcoin to witness exponential demand for cryptocurrency market, easy accessibility of cryptocurrencies.

In conventional banking and the financial sector, financial disaster is a significant problem. Instability in the financial sector disrupts the economy by lowering the value of the currency. The simplicity of acquiring and gaining access to cryptocurrencies is anticipated to drive market expansion. A customer can earn bitcoins by downloading a wallet, adding funds, and scanning with their phone.

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Segmentation Overview:

Component Outlook:

On the basis of the components, the global market has been divided into software and hardware.

The hardware segment is further subdivided based on platform types, such as Graphics Processing Unit (GPU), Field Programmable Gate Array (FPGA), and Application Specific Integrated Circuit (ASIC). The hardware segment includes mining and exchange hardware such as Bitmain Antminer S9i, Halong Mining DragonMiner T1, Pangolin Whatsminer M3X, and Avalon6, among others. ASIC mining hardware is anticipated to have the largest market share, primarily because it efficiently mines a specific coin.

The software segment is subdivided into mining software, exchange software, payment software, and wallet software, among others. BeMine, ECOS, Shamining, and CCG Mining are examples of crypto software. The software for exchanging digital currency derivatives uses a trading engine with a single interface to connect offers and exchanges. The platform is used to match, sell, and purchase from users, giving it the largest market share. The diversity of exchange platforms will likely drive the global market. Wallets can be either hardware or software-based. Most people use software or digital wallets because they provide a sense of security. Again, digital wallets are divided into self-hosted and custodial categories based on the user's control over the private key protection function.

Type Outlook:

In 2022, bitcoin dominated the market and accounted for more than 36.0% of global revenue. During the forecast period, this segment is anticipated to grow at the fastest rate. Bitcoin is a virtual currency that can be used as an alternative to central bank-issued currency. During the forecast period, the number of Bitcoin Exchange Traded Funds (ETFs) is anticipated to increase the global volume of Bitcoin transactions. In May 2022, for instance, USD 207 million entered the Purse Bitcoin ETF in Canada. This was the highest amount received.

During the projected period, it is anticipated that Ethereum's market share will increase significantly. Ethereum is an open-source piece of software that enables users to create a variety of decentralized applications. There has been a significant increase in network traffic as a result of the proliferation of new Ethereum-based projects. This relates directly to the expansion of the Ethereum market.

Ethereum was the first platform to implement smart contracts for algorithm-based financial transactions. Smart contracts are instructions on how to conduct transactions on a blockchain network. As Ethereum transitions to Ethereum 2.0, which requires less energy and costs less to mine, the first-mover advantage should aid the cryptocurrency's growth in the coming years.

Hardware:

In 2022, application-specific integrated circuits dominated the market, accounting for more than 43.0% of global revenue. ASICs are electronic circuits designed for mining virtual currencies such as Bitcoin, Litecoin, and Ethereum. As the demand for energy-efficient cryptocurrency mining devices increases, an increasing number of businesses are turning to ASIC miners. ASIC also requires less maintenance and uses less energy, which is expected to contribute to the segment's growth.

The Graphics Processing Unit (GPU) segment is anticipated to grow at a healthy CAGR during the forecast period. This growth is attributable to the fact that more and more people are using GPUs to mine cryptocurrencies due to their speed and low power consumption. Several crypto miners are advised to consider using GPUs to mine cryptocurrencies. According to Jon Peddie Research Inc., a company that monitors trends in the computer industry, 25.0% of GPUs sold in the first quarter of 2021 were to cryptocurrency miners.

Software:

In 2022, exchange software dominated the market and accounted for more than 32.0% of the global revenue. To conduct cryptocurrency transactions, you must utilize exchange software, which makes it simple to convert cryptocurrency coins into fiat currencies and vice versa. The increasing development of software to facilitate cryptocurrency trading is likely to contribute to the expansion of this market segment.

Wallets are anticipated to grow at a faster rate during the period of forecast. The market is expanding because more people are using cryptocurrency wallets, which provide secure online tools for managing blockchain assets and cryptocurrencies. Multiple multi-asset cryptocurrency wallets enable the storage and trading of multiple cryptocurrencies, including Bitcoin, Litecoin, and Ethereum.

In addition, a number of companies that provide services for cryptocurrency wallets are concentrating on developing crypto wallets that enable users to send and receive cryptocurrencies via mobile applications. For instance, in January 2022, Robin Hood, a cryptocurrency wallet service provider, released the beta version of its forthcoming cryptocurrency wallets. The wallet is designed so that customers can trade, send, and receive cryptocurrencies using the Robin Hood app.

End-User:

The trading segment dominated the market in 2022, accounting for more than 28.0% of the global revenue. People can buy, sell, check their asset balances, and receive deposit addresses when trading cryptocurrencies. Multiple firms that develop browser technology are focusing on forming partnerships with firms that develop blockchain technology so that their customers can trade cryptocurrencies more easily. The retail and e-commerce segment is expected to grow at a healthy CAGR during the forecast period. The increasing number of brick-and-mortar and online stores that accept cryptocurrencies as a valid form of payment is a major factor in the segment's growth. Several companies that process cryptocurrency payments are forming strategic alliances with e-commerce companies to facilitate the use of digital currencies.

Regional Analysis:

North America dominated the global market in 2020. This was due to the fact that the majority of North American nations did not tax bitcoins as money, but as a means of exchanging goods. Even though there are no laws governing digital currency, it is still utilized in many developed nations. Because both buyers and sellers are willing to accept digital currency, the market is expanding. Additionally, a handful of major players dominate the North American market, and bitcoin mining is popular.

Several technological advancements and the fact that some platforms in Japan and Taiwan will accept virtual currency are also expected to have a significant impact on the Asia-Pacific market. The market in Asia and the Pacific is aided by strategic partnerships and collaborations between key players. For instance, in January 2020, Z Corporation, Inc. and TaoTao, Inc. stated that they would collaborate with the financial services agency to expand the crypto market in Japan by ensuring compliance with regulations. Due to the COVID-19 virus, Japan has recently consented to a new method for exchanging digital currency. In a similar manner, the Securities Commission of Malaysia has granted digital currency exchange operators legal permission to operate in the country, despite the entire nation being under quarantine due to the coronavirus pandemic. In some economies, the spread of COVID-19 could promote the expansion of this market.

Many countries in Europe, the Middle East, and Africa (MEA) are also demonstrating how they could use cryptocurrencies. Europe, the Middle East, and Africa are also anticipated to grow rapidly during the forecast period.

Market Dynamics:

Restraining Factors:

• Uncertain Statute Regulatory

The cryptocurrency market is unregulated at present. Currently, the absence of regulations and the associated uncertainty are among the most significant factors inhibiting the adoption of cryptocurrencies.

Regulatory acceptance remains one of the greatest obstacles, despite the fact that financial regulatory bodies around the world are attempting to establish common standards for cryptocurrencies. As distributed ledger technology is still in its infancy, it raises a number of questions for national and international regulators and policymakers.

• Misuse of Virtual Currency and Security Attacks Limit Cryptocurrency Adoption

As virtual currencies are an unauthorized, decentralized, and uncontrollable platform for exchanging, many regulators are concerned about criminals' increasing use of these currencies for illegal activities. Numerous illegal activities, including tax evasion, money laundering, and terrorist financing, have been observed to be carried out by criminals using digital currency. In July of 2019, Treasury Secretary Steven Mnuchin expressed his concerns regarding terrorist financiers' and money launderers' use of Facebook, Inc.'s patented Libra digital currency. In addition, growing security concerns and cyber-attacks have resulted in the loss of invested currencies, limiting the use of cryptocurrencies. For instance, in February 2020, Denial of Service attacks disrupted the digital currency exchange platforms of Okex.Com and Bitfinex. Such security concerns and improper use of digital currencies are a major factor restraining the industry's expansion.

Criminals and terrorists are more likely to transact in cash and use cash as collateral as opposed to using financial intermediaries such as banks and avoiding anti-money laundering reporting and compliance regulations. Businesses and governments grew concerned that the pseudonymous and decentralized nature of digital currency transfers could provide criminals with a means to conceal their financial activities from authorities. For instance, Bitcoin was utilized on the illicit online drug market Silk Road. This exchange and Bitcoin escrow program facilitated over one hundred thousand illegal product transactions between January 2011 and October 2013, when the government shut down the company and arrested the platform's operators.

Criminal use of virtual currencies does not necessarily indicate that blockchain is a net detriment to the community, as its benefits may outweigh the social cost of increased criminality enabled by virtual currencies. The capacity of law enforcement agencies to minimize the use of digital currencies to thwart law enforcement exists. In addition to law enforcement's ability to prosecute acts of violence, the government has the authority to restrict digital currency exchanges in accordance with laws governing the monitoring of criminal behaviour.

Opportunity Analysis:

• Significant Opportunities for Growth in Emerging and Established Markets

Emerging economies (such as India, China, and Brazil) and developed nations (such as the United States, Germany, and Japan) are anticipated to provide significant growth opportunities for cryptocurrency market participants.

In 2020, for instance, Brazilian crypto companies signed a self-regulatory code that aims to legitimize and promote the adoption of crypto assets in the country. Under the auspices of Abcripto, the country's association of cryptocurrency companies, the document was signed.

The purpose of the agreement is to establish operational practices and compliance requirements that all members must abide by. Foxbit, Ripio, Bitcoin Market, and Novadax are among the nation's most prominent cryptocurrency firms that have signed the code.

Key Segments Covered:

Top Market Players:

• 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.)
• BitGo (California, U.S.)
• Xapo (Zürich, Switzerland)

By Component:

• Hardware
• Software

By Type:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Ripple
• Others

By Hardware:

• Central Processing Unit
• Graphics Processing Unit
• Application-Specific Integrated Circuit
• Field Programmable Gate Array

By Software:

• Mining Software
• Exchange Software
• Wallet
• Payment
• Others

By End-Use:

• Banking
• Gaming
• Government
• Healthcare
• Retail & E-commerce
• Trading
• Others

Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America