Global Cryptocurrency Market Report 2022: Increasing Demand for Better Data Security & Operational Transparency Driving Growth – ResearchAndMarkets.com


DUBLIN–()–The “Cryptocurrency Market Size, Share, and Trend Analysis Report by Component, by Hardware, by Software, by Process (Mining, Transaction), by Type, by End Use, by Region, and Segment Forecasts, 2022-2030” Report has been added to ResearchAndMarkets.com offering.

The global cryptocurrency market size is expected to reach $11.71 billion by 2030, registering a CAGR of 12.2% between 2022 and 2030. Market growth is anticipated to be driven by increasing demand for better cryptocurrency security. data, operational transparency and the incorporation of blockchain technology in digital payment systems. Furthermore, the legalization of the purchase, sale and trade of digital currencies in several developed countries, such as the US, is encouraging the expansion of the industry.

The cryptocurrency industry is expected to grow due to the increasing worldwide popularity of digital currencies such as bitcoin, Ethereum, and Litecoin. This growing popularity can be attributed to the ability of cryptocurrencies to provide fast, transparent, secure, and effective payments to users. As stated by Crypto.com, there were 295 million cryptocurrency owners in December 2021 compared to 228 million in July 2021.

The cryptocurrency market is anticipated to be positively affected by recent advances in artificial intelligence. Numerous companies have been motivated to focus on their development as a result of the growing popularity of AI-based cryptocurrency platforms. For example, in August 2021, researchers at the Los Alamos National Laboratory reported that they had created an artificial intelligence algorithm to recognize unauthorized cryptocurrency miners using research computers for cryptocurrency mining.

The COVID-19 pandemic negatively affected market growth in 2020, while 2021 saw a steady uptick. Cryptocurrency mining hardware sales were slowed by global supply chain sluggishness caused by border closures in 2020, which restricted market expansion. Additionally, due to the fallout from COVID-19, blockchain companies were forced to reduce their staffing levels and budgets in 2020. For example, Cipher Trace reduced their jobs in the advertising and market department, and Elliptic laid off employees in the US and the UK.

Cryptocurrency Market Report Highlights

  • The hardware segment is estimated to dominate the market in 2021. The dominance can be attributed to the growing demand for cryptocurrency mining devices to mine new coins and include them in the supply chain.

  • The graphics processing unit (GPU) segment is expected to see the fastest growth during the forecast period. The growth can be attributed to the growing demand for GPUs in crypto mining as it consumes less power and offers high-speed processing.

  • The wallet segment is anticipated to witness the fastest growth during the forecast period. The increasing demand for cryptocurrency wallets to trade, send and receive cryptocurrencies is anticipated to fuel the growth of the segment.

  • The mining segment is estimated to dominate the market in 2021. The dominance can be attributed to the increasing investment of various companies to build crypto mining farms.

  • The bitcoin segment has dominated the market in 2021 and is forecast to grow at the fastest CAGR during the projection period. The growth can be attributed to the increasing popularity of Bitcoin. In addition, the acceptance of Bitcoin by several emerging countries, such as El Salvador, is expected to stimulate the growth of the segment.

  • The retail and e-commerce segment is anticipated to grow at the fastest CAGR during the projection period. The increasing acceptance of cryptocurrencies by various retail and e-commerce stores is anticipated to help the growth of the segment.

  • Asia Pacific is expected to record rapid growth during the forecast period. The presence of crypto mining companies in the region is anticipated to drive the growth of the regional market

market dynamics

market indicators

  • High cross-border remittance charges

  • Transparency of distributed ledger technology

market challenges

  • Concerns about security, privacy, and control

market opportunities

  • Growing acceptance of cryptocurrencies in various industries

Key Topics Covered:

Chapter 1 Methodology and scope

Chapter 2 Executive Summary

Chapter 3 Cryptocurrency Industry Outlook

Chapter 4 Cryptocurrency Component Perspective

Chapter 5 Cryptocurrency Process Outlook

Chapter 6 Outlook Cryptocurrency Type

Chapter 7 Cryptocurrency End-Use Outlook

Chapter 8 Cryptocurrency Regional Outlook

Chapter 9 Competitive Analysis

Chapter 10 Competitive Landscape

Companies mentioned

  • Advanced Micro Devices, Inc.

  • Intel Corporation

  • Nvidia Corporation

  • Vibe

  • Bitmain Technology Holding Company

  • Xilinx, Inc. (Amd)

  • Binance

  • Bitfury Group Ltd.

  • bitgo

  • Xapo Holdings Ltd.

For more information on this report, visit https://www.researchandmarkets.com/r/o0wvm