Cryptocurrency Market to Incur Rapid Extension During 2028
Posted by sandra k on November 18th, 2022
The cryptocurrency market is projected to grow at a CAGR of 11.4%, with an estimated market size of USD 1.5 billion in 2021 and USD 2.9 billion by 2028. One of the primary elements supporting the growth in demand for digital currency, such as cryptocurrencies, is the growing demand for operational efficiency, security, and transparency in financial payment systems. Accordingly, the industry is seeing growth due to the increasing use of high-speed internet and the installation of trading apps on smartphones, which offer easy access to online payment transactions. Additionally, the market is expected to be driven by the industry's expanding market capitalization and the launch of new cryptocurrencies.
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Cryptocurrency Market Dynamics
Drivers: Growing adoption of digital currencies
The market is anticipated to grow in the coming years due to the acceptance of virtual or digital currencies like Bitcoins, Ethers, Litecoins, and many more. People in sophisticated nations are more inclined to use digital currency's simple and adaptable transactional technique. Due to the appeal of virtual currency as a medium of exchange, the central bank chose to promote it. For digital currency schemes in many industrialized nations, the central bank has patented Central Bank Digital Currency (CBDC) activity provisions. The Eastern Caribbean Central Bank and People's Bank of China support CBDC's choice to use digital cash as a medium of exchange. Two institutions implementing the toolkit in their CBDC evaluation procedures are the Bank of Thailand and the Central Bank of Uruguay. For instance, Facebook, Inc. introduced the Libra digital currency in June 2019. Customers can use Libra to make purchases, send money to others, and withdraw funds online or at grocery stores. Companies can also profit from changing digital currency prices and fortifying their digital assets.
Restraints: Misuse of virtual currency and security attacks
Many regulatory bodies are concerned about the growing misuse of virtual currencies by criminals for unlawful operations since they are an unregulated, decentralized, and uncontrollable exchanging platform. The use of digital currency by criminals has been observed in numerous illegal activities like tax evasion, money laundering, and financing of terrorism. Regarding the abuse of Facebook, Inc.'s patented Libra digital currency by terrorist financiers and money launderers, Treasury Secretary Steven Mnuchin expressed his worries in July 2019. Additionally, escalating security worries and cyberattacks have resulted in the loss of investment currency, limiting the use of cryptocurrencies. A significant barrier to the industry's expansion is the misuse of digital currencies and related security issues.
Opportunities: Adoption of bitcoin to witness exponential demand for the cryptocurrency market
One of the most well-liked forms of digital money worldwide is bitcoin. The market is expanding further due to investor interest, increased visibility, and supportive legislation. The market value of digital cash is also increasing due to bitcoin cash's developing worth and the ability to pay transaction rewards. People's preference for digital currency is apparent in developing nations like the U.S., Japan, European nations, and many others. This trend is anticipated to support the cryptocurrency market's growth in the future.
Hardware category is estimated to be the largest growing market segment during the forecast period
The hardware category is estimated to dominate the market growth over the forecast period because there is a growing demand to improve software performance and the effectiveness of financial payment instruments. The graphical processing unit (GPU), application-specific integrated circuit (ASIC), field programmable gate array (FPGA), and other platform types are used to categorize the hardware segment further. The hardware category includes cryptocurrency exchange and mining equipment, like the Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, and Avalon6. The largest percentage is anticipated to belong to ASIC mining equipment, which performs well and has a high hash rate while mining a particular coin.
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Bitcoin (BTC) category is estimated to be the largest growing market segment during the forecast period
The bitcoin (BTC) category is estimated to dominate the market growth over the forecast period. Bitcoin has gained a lot of market traction as a digital currency. According to a report by Deutsche Bank AG released in 2017, one of the most popular digital currencies is bitcoin, which will continue to rule the market for the foreseeable future. Another well-liked virtual currency on the market is ether, which can be used for investing, forming smart contracts, and developing decentralized applications.
Asia Pacific segment is estimated to be the largest growing market during the forecast period
Asia Pacific is the largest cryptocurrency market, projected to grow at the highest CAGR during the forecast period. Since the rise in Bitcoin exchanges around Asia, the cryptocurrency business has matured and experienced healthy competition. As the government promotes using bitcoin's underlying technology to boost transparency and fight fraud in the country's financial sector, Chinese institutions are hiring blockchain specialists. The bitcoin market is expanding in the region due to these factors.
Additionally, the market in the Asia Pacific is anticipated to have significant growth due to several technological advancements and the acceptance of virtual currency for some platforms in Japan and Taiwan. Key companies' strategic agreements and collaborations also support the Asia Pacific market. For instance, Z Corporation, Inc. and TaoTao, Inc. formed a partnership with the financial service agency in January 2020 to develop the cryptocurrency industry by reaffirming regulatory compliance in the Japanese market. During the COVID-19 epidemic, Japan recently accepted a new digital money exchange.
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Key Market Players
The cryptocurrency market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Advanced Micro Devices Inc., Antier Solutions, BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc. and Xapo Holdings Limited.
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