NEW YORK, June 1, 2023 /PRNewswire/ -- The global cryptocurrency market size is estimated to grow by USD 1,815.78 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.81% during the forecast period. North America is estimated to account for 48% of the global market growth during the forecast period. The rising demand for digital payments boosted the growth of the North American cryptocurrency market in 2022. The US is one of the top countries and is considered to be at the forefront of technological progress in digital currencies. Owing to the presence of multiple market players and new innovations in the region, North America holds the largest share of the cryptocurrency market. Hence, such factors drive regional growth during the forecast period. For more insights on the historical period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Cryptocurrency Market - Segmentation Assessment
Technavio has segmented the market based on Type (bitcoin, ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the bitcoin segment will be significant for overall market growth during the forecast period. Bitcoin, which is known to 95% of cryptocurrency owners and prospects, has the largest market capitalization, more than double that of its closest competitor, Ethereum. Furthermore, Tether, USD Coin, Binance USD, and DAI are his four cryptocurrencies in the top 20 pegged directly to the value of the US dollar. About 8% of people in the US trade cryptocurrencies. This is created, stored, processed, and shared using a decentralized system called a blockchain. Hence, given the high popularity of Bitcoin, the global cryptocurrency market is expected to witness significant growth during the forecast period.
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Cryptocurrency Market – Market Dynamics
Key factors driving market growth
Rising investment in digital assets is one of the major drivers for the cryptocurrency market's growth. Cryptocurrencies are becoming more popular in the global market for digital assets. This is because digital assets allow rapid transfer of ownership without the need for paper copies of documents. For instance, a digital asset owner can quickly transfer ownership to a new owner or purchaser when the asset is purchased through NFT.
Additionally, since many people interact with digital assets every day, from investing in crypto as a digital asset to digitizing existing investment assets, digital assets become integrated into the existing network of traditional financial markets. Hence, such factors drive market growth for cryptocurrency during the forecast period.
Leading trends influencing the market
The rising inclination for digital currency is one of the major cryptocurrency market trends that propel the market growth. Digital currencies offer the potential for faster and cheaper bank transfers, accelerating e-commerce, increasing the number of financial transactions in low-income countries, and increasing international money transfers. Thus it has the potential to change the world.
Furthermore, no interbank payments are required as the system exchanges digital currencies instead of bank deposits like cash. Hence, such trends drive the market growth of cryptocurrency during the forecast period.
Major challenges hindering the market growth
Volatility in the value of cryptocurrency is one of the major challenges limiting the cryptocurrency market's growth. The value of cryptocurrencies is highly volatile, and therefore, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is large because cryptocurrencies are being held by a limited number of people who buy and sell in bulk on trading platforms and exchanges.
For instance, in June 2022, Bitcoin lost more than 10% of its value in one day, which is a significant drop from November 2021 when Bitcoin was worth USD 69,000 per token. Furthermore, the lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also causes volatility in the value of cryptocurrency. Hence, such challenges impede market growth during the forecast period.
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What are the key data covered in this Cryptocurrency Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the cryptocurrency market between 2023 and 2027
Precise estimation of the size of the cryptocurrency market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the cryptocurrency market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of cryptocurrency market vendors
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The currency counting machine market is estimated to grow at a CAGR of 14.61% between 2022 and 2027. The size of the market is forecast to increase by USD 625.77 million. This report extensively covers market segmentation by end-user (BFSI, retail, and commercial), type (basic note counter, hi-speed heavy-duty cash counting, and intelligent counting cum counterfeit detection machines), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increase in the circulation of counterfeit currency is notably driving the currency counting machine market growth.
The cryptocurrency mining hardware market is estimated to grow at a CAGR of 11.35% between 2022 and 2027. The size of the market is forecast to increase by USD 12053.16 million. This report extensively covers market segmentation by product (ASIC, GPU, and others), application (bitcoin mining, ethereum mining, and others), and geography (APAC, North America, Europe, Middle East, and Africa, and South America). The profitability of cryptocurrency mining ventures is notably driving the cryptocurrency mining hardware market growth.
Cryptocurrency Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 15.81%
Market growth 2023-2027
USD 1,815.78 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 48%
US, China, UK, Germany, and Switzerland, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Advanced Micro Devices Inc., AlphaPoint Corp., Binance Holdings Ltd., Bitfury Group Ltd., BitGo Inc., BitMain Group, Bitstamp Europe SA, BlockFi Inc., Coinbase Global Inc., ConsenSys Software Inc., iFinex Inc., Intel Corp., KuCoin, Ledger SAS, Microsoft Corp., Money Group Inc., New Bit Ventures Ltd., NVIDIA Corp., Ripple Labs Inc., and Xapo Bank Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
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Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global cryptocurrency market 2017 - 2021
4.2 Type Segment Analysis 2017 - 2021
4.3 Component Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Type
6.1 Market segments
6.2 Comparison by Type
6.3 Bitcoin - Market size and forecast 2022-2027
6.4 Ethereum - Market size and forecast 2022-2027
6.5 Others - Market size and forecast 2022-2027
6.6 Market opportunity by Type
7 Market Segmentation by Component
7.1 Market segments
7.2 Comparison by Component
7.3 Hardware - Market size and forecast 2022-2027
7.4 Software - Market size and forecast 2022-2027
7.5 Market opportunity by Component
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 APAC - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 UK - Market size and forecast 2022-2027
9.10 China - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Switzerland - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Advanced Micro Devices Inc.
12.4 AlphaPoint Corp.
12.5 Binance Holdings Ltd.
12.6 Bitfury Group Ltd.
12.7 BitGo Inc.
12.8 BitMain Group
12.9 Bitstamp Europe SA
12.10 Coinbase Global Inc.
12.11 ConsenSys Software Inc.
12.12 Intel Corp.
12.13 Microsoft Corp.
12.14 Money Group Inc.
12.15 NVIDIA Corp.
12.16 Ripple Labs Inc.
12.17 Xapo Bank Ltd.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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