Stratview Research has published a new report on the Cryptocurrency Market, segmented by Type (Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin, Others), By Component (Hardware, Software), By End-Use (Banking, Real Estate, Stock Market & Virtual Currency) and Region – COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global cryptocurrency market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026. This report provides critical insights on the market dynamics and enables strategic decision making for the existing and new market players.
The Cryptocurrency Market is estimated to grow from USD 1.5 billion in 2020 to USD 2.3 billion by 2026 at a healthy CAGR of 7.4% during the forecast period.
COVID-19 Impact on Cryptocurrency Market
The COVID-19 outbreak has moderately affected the cryptocurrency industry. Against the backdrop of the uncertainty raised by COVID-19, the cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies have gained significant traction. Even banks have started buying crypto for the first time. Banks in the US are developing their blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers.
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This report studies the Cryptocurrency Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on components, the cryptocurrency market is categorized into hardware and software. The hardware segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions, which further bolsters the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the strong presence of data mining and crypto mining companies in the US. Also, increasing awareness regarding digital currency in the region coupled with various companies accepting digital/virtual currencies as a form of payment, further proliferates the regional market growth.
Following are the key players in the Cryptocurrency Market:
- Intel Corporation (US)
- Microsoft Corporation (US)
- NVIDIA Corporation (US)
- BitFury Group Limited (Netherlands)
- Alphapoint Corporation (US)
- Advanced Micro Devices, Inc. (US)
- Xilinx Inc. (US)
- BitGo (US)
- Ripple (US)
- BTL Group Ltd. (UK).
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