Cryptocurrency Market to Reach $4.94 Billion, Globally, By 2030 at 12.8% CAGR: Allied Market Research

Rise in need for transparency in the payment system and increase in flow of remittances from foreign countries drive the growth of the global cryptocurrency market.

PORTLAND, Ore., Aug. 24, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report published by Allied Market Research, the global cryptocurrency market was estimated at $1.49 billion in 2020 and is expected to hit $4.94 billion by 2030, registering a CAGR of 12.8% from 2021 to 2030.

Drivers, Restraints, and Opportunities

Rise in need for transparency in the payment system and increase in flow of remittances from foreign countries drive the growth of the global cryptocurrency market. On the other hand, lack of awareness about cryptocurrency among individuals drive the growth to some extent. However, untapped potential on emerging economies has been beneficial for the market growth, thereby creating lucrative opportunities in the near future.

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COVID-19 Scenario:

• The outbreak of the pandemic led to distorted business operations for receiving upgraded equipment & new hardware, which gave way to lower mining operations. This factor impacted the global cryptocurrency market negatively, especially during the first phase of the lockdown.
• However, the global situation is being ameliorated, and the market is anticipated to revive soon.

The Hardware Segment to Retain the Lion's Share

Based on offering, the hardware segment contributed to more than three-fourths of the global cryptocurrency market share in 2020, and is expected to lead the trail by the end of 2030. Increase in need to enhance the efficiency of financial payment tools promotes the demand for hardware component, thereby driving the segment growth. The software segment, on the other hand, would cite the fastest CAGR of 14.2% throughout the forecast period, due to the fact that it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.

The Mining Segment to Dominate By 2030

Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020, and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. The transaction segment, on the other hand, would cite the fastest CAGR of 14.6% during the forecast period. This is because cryptocurrency transactions allow users with more autonomy over their own money than that of fiat currencies and users are able to control their money without dealing with an intermediary authority such as a bank or government.

Asia-Pacific, Followed By Europe and North America, Held the Major Share in 2020

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market. The same segment would also portray the fastest CAGR of 14.5% from 2021 to 2030. This is due to increase in number of Bitcoin exchange across Asia, which brings a certain healthy competition in the industry.

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Key Players in the Industry

• BitFury Group Limited
• BTL Group Ltd.
• Intel Corporation
• Ledger SAS
• NVIDIA Corporation
• Coincheck Inc.
• Ripple
• Advanced Micro Devices Inc.
• Xilinx Inc.
• Xapo Holdings Limited

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