Cryptocurrency Industry To Rise Due To Increasing Adoption Of Distributed Ledger Technology
Cryptocurrency Industry Data Book Covers Cryptocurrency Mining Hardware & Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Markets.
The global cryptocurrency market generated over USD 40.09 billion in 2021 and is expected to grow at a CAGR of 26.8% over the forecast period.
Access the Global Cryptocurrency Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
Cryptocurrency Mining Hardware Market Growth & Trends
The cryptocurrency mining hardware market was valued at USD 2.32 billion in 2021 and is expected to reach USD 5.03 billion by 2030 at a CAGR of 9.3% from 2022 to 2030. The growth of the market is anticipated to several companies across the globe are also focusing on collaborative initiatives for the development of advanced mining solutions to provide a better customer experience. For instance, in March 2021, DMG Blockchain Solutions Inc. announced its collaboration with Argo Blockchain to launch the Terra Pool, an integrated Bitcoin mining pool powered by sustainable energy. This launch helped DMG Blockchain Solutions Inc. to shift its customer interest towards sustainable technology solutions and differentiate its offering in the market.
This market is segmented based on type, coin, and application. Based on type it is divided into Central Processing Unit, Graphics Processing Unit, Application-Specific, Integrated Circuit, and Field Programmable Gate Array. The application-specific integrated circuit held a highest share in 2021 and are anticipated to grow at the significant CAGR over the forecast period. An Application-Specific Integrated Circuit (ASIC) is an electronic circuit designed for the sole purpose of mining cryptocurrencies. It is designed to mine cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Zcash, and a few other crypto assets.
Cryptocurrency Exchange Platform Market Growth & Trends
The global cryptocurrency exchange platform market size is expected to reach USD 264.32 billion by 2030, growing at a CAGR of 27.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising awareness about cryptocurrencies and their advantages, such as flexibility and security, is driving the industry's growth. The strong emphasis on secure and decentralized networks owing to the emergence of blockchain technology also bodes well with the market growth. Several market players have invested in research and development activities to introduce advanced innovative exchange platforms. For instance, in July 2022, Billium, an exchange based in Dubai, announced the launch of a new-age platform to carry out decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named ‘Billium Copy Trading’, which will allow novice users to follow the trades of the professionals.
Order your copy of Free Sample of “Cryptocurrency Industry Data Book - Cryptocurrency Mining Hardware & Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 - 2030” Data Book, published by Grand View Research
Crypto Wallet Market Growth & Trends
The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, registering a CAGR of CAGR of 24.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Crypto wallets help users to store their private keys securely and use them while carrying out any transactions in cryptocurrency. Increasing use of cryptocurrency for individual and commercial use, growing demand for enhanced security in crypto transactions, expanding use of smartphones, and internet penetration are the factors expected to drive the growth of crypto wallets during the forecast period.
Crypto wallets allow users to send, store and receive cryptocurrencies such as Bitcoin, Ethereum, and Ripple. Crypto wallets store the private keys for cryptocurrency and keep them safe. Increasing traction about the met averse and Web 3.0 is expected to drive future demand for cryptocurrencies and crypto wallets. Cryptocurrencies are expected to act as a primary tool for trading, buying, or moving in the met averse.
The growing internet penetration and smartphone usage are the factors expected to fuel demand for crypto wallets. Internet users worldwide increased from 4,585 million to 4,901 million from 2020 to 2021. The increasing internet usage is contributing to the adoption of cryptocurrencies across the globe. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrency, which is easily accessible, and downloadable software. The increasing smartphone penetration is driving mobile crypto wallet downloads, thereby contributing to the market’s growth.
Cryptocurrency Payment Apps Market Growth & Trends
The global cryptocurrency payment apps market size is expected to reach USD 2.15 billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing adoption of blockchain technology is anticipated to drive the growth of the market. The increased emphasis cryptocurrency payment app providers are putting on offering enhanced payment solutions also bodes well for the growth of the market.
Services that merge bitcoin with conventional bank-based payments are expanding and providing crypto users flexibility. For instance, in June 2022, the cryptocurrency exchange Coincoinx introduced a service named Coinpago that would let customers pay in Venezuela without having to exchange their cryptocurrency for fiat. Coinpago is expected to enable customers to make purchases at any merchant or store in the nation.
The growing acceptance of cryptocurrency as an alternative to fiat currencies is anticipated to propel the market’s expansion during the forecast period. For instance, in August 2022, Gucci with the integration of BitPay, becomes the first prominent brand to accept payments via ApeCoin. With this, customers across the U.S. will be able to buy products from its stores through ApeCoin via BitPay’s payment infrastructure.
Go through the table of content of Cryptocurrency Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Cryptocurrency Industry are –
• BlockFi International Ltd • Coinmama • eToro • Coinbase • Binance • Canaan Inc. • INTELION • ASICminer Company • INNOSILICON Technology Ltd • Binance • BitPay • SatoshiLabs s.r.o. • Elvie • BitGo • BlockFi Inc.
Grand View Research’s Cryptocurrency industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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