IMARC Group, a leading market research company, has recently releases report titled “Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global cryptocurrency market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the cryptocurrency market?
The global cryptocurrency market size reached US$ 2,019 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4,007 Billion by 2028, exhibiting a growth rate (CAGR) of 11.7% during 2023-2028.
What is cryptocurrency?
Cryptocurrency is a digital or virtual currency secured by cryptography that is used as a medium of exchange. It aids in monitoring transactions and preventing counterfeiting, thereby rendering the currency immune to manipulation and government interference. It can be operated through decentralized networks that are based on blockchain technology and be distributed over computer networks that are connected to a virtual environment. Its utilization ensures enhanced safety and of the currency and quicker payments while eliminating the chances of identity theft as it involves the use of public or private keys that are connected directly to the user's digital wallet.
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What are the growth prospects and trends in the cryptocurrency industry?
The global market is majorly driven by the rising preference for virtual currencies and convenient financial services among the masses. The utilization of cryptocurrency offers increased adaptability, secured confidentiality and minimal country-to-country transaction fee, which is providing an impetus to the market growth. This is supported by the rapid digitization across numerous industries and the penetration of high-speed internet connectivity on the global level.
Moreover, the legalization of purchase, sale or trade of virtual currencies in numerous developed countries is creating a positive outlook for the market. Along with this, the continual integration of blockchain technology with cryptocurrencies for monitoring the changes being made in real-time during the transactions to reduce the risks of data manipulation and fraudulent or unwanted transactions is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing preference for contactless payments and the introduction of bitcoin cash and lite. On account of the aforementioned factors, the market is expected to grow at a CAGR of 11.7% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
- Bitcoin Cash
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Advanced Micro Devices Inc.
- Alphapoint Corporation
- Bitfury Holding B.V.
- Coinbase Inc.
- Cryptomove Inc.
- Intel Corporation
- Microsoft Corporation
- Quantstamp, Inc.
- Ripple Services Inc.
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