Chicago, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Cryptocurrency Market by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography", Get an overview of the report structure, market segmentation & market size, company analysis and regional opportunities covered in the report
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Cryptocurrency Industry Scope
| Report Metric | Details |
| Market Growth Rate | CAGR of 7.1% |
| Expected Value | USD 2.2 billion by 2026 |
| Estimated Value | USD 1.6 billion in 2021 |
| Largest Share Region | APAC |
| Market size available for years | 2015-2026 |
| Base year | 2020 |
| Forecast period | 2021–2026 |
| Units | Value (USD) |
| Segments covered | Offering, process, type, and Geography |
| Geographic regions covered | North America, APAC, Europe, and RoW |
| Companies covered |
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Cryptocurrency Market Growth Dynamics
Driver: Transparency of distributed ledger technology
Issues related to lack of transparency arise when transactions take place without the knowledge of stakeholders, especially in Asian countries where several instances of fraudulent or unwanted transactions, such as deduction of scheduled charges, are frequently observed.
This may be caused by human error, machine error, or data manipulation during the transaction process, and may result in customers losing huge amounts of money. Moreover, in most cases, financial institutions do not accept their fault. This lack of transparency in the current monetary system leads to dissatisfaction among the public.
Restraint: Uncertain regulatory status
The cryptocurrency market is not yet regulated. At present, the lack of regulations and the uncertainty regarding the same are among the major factors restraining the adoption of cryptocurrencies.
While financial regulatory bodies across the world are working to find common standards for cryptocurrencies, regulatory acceptance remains one of the biggest challenges. As the distributed ledger technology is still in the nascent stage, it raises a number of questions for regulators and policymakers at national and international levels.
Opportunity: Significant growth opportunities in emerging and developed markets
Emerging economies (such as India, China, and Brazil) and developed countries (such as the US, Germany, and Japan) are expected to offer significant growth opportunities for companies operating in the cryptocurrency market.
For instance, in 2020, Brazilian crypto companies have signed a code of self-regulation that aims to legitimize and boost the adoption of crypto assets in the country. The document was signed under the auspices of Abcripto, the country’s association of cryptocurrency companies.
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Software Developed By
IBM is a leading multinational company that develops hardware and software technologies for computer systems and provides consulting services. It is a leading provider of cognitive solutions and has AI capabilities for data and analytics. IBM offers IBM Cloud products categorized as IBM Bluemix PaaS, IBM Cloud IaaS, and IBM SaaS. These categories include products such as computing, network, storage, management, security, and databases. The company innovates new platform models based on cloud computing and has become a global leader in hybrid cloud enterprise solutions. It has a robust global presence in North America, Europe, the Middle East & Africa, Latin America, and Asia Pacific. The company caters to various verticals, such as automotive, aerospace and defense, healthcare, government, insurance, retail, telecommunications, and media and entertainment.
Oracle operates in cloud and license, hardware, and service businesses. The oracle cloud and license offerings include applications, databases, and middleware software offerings. The hardware offerings segment includes engineered systems, servers, storage and industry-specific products and services for its customers and partners. Oracle develops database platforms, middleware software, application software, cloud infrastructure systems, computer servers, storage, and networking products.
Oracle offers Oracle Cloud that is further categorized into Oracle Cloud PaaS, Oracle Cloud SaaS, and Oracle Cloud Infrastructure (OCI). Oracle PaaS is an integrated platform that enables customers to build, deploy, and manage application workloads seamlessly and cost-effectively. Oracle Cloud SaaS provides customers with faster and more innovative services in a complete, secure, and connected cloud suite. OCI encompasses computing, storage, network, container services, and migration tools. Oracle provides a broad portfolio of cloud solutions for business functions, such as ERM, HCM, customer experience, SCM, and Field Service Management (FSM).
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Recent Developments in Cryptocurrency Market Trends
- In March 2018, NVIDIA announced a series of new technologies and partnerships that expand its potential inference market to 30 million hyperscale servers worldwide, while dramatically lowering the cost of delivering deep learning-powered services .
- In February 2018, AMD launched EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor that deliver high performance, exceptional integration, and on-chip security.
How will the increasing adoption of Cryptocurrency for mining impact the growth rate of the overall market? The market for Mining process is estimated to grow at higher CAGR during the forecast period. Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.
Related Reports:
The Crypto ATM Market is expected to reach USD 144.5 million by 2023 from USD 6.8 million in 2017, at a CAGR of 54.7% during the forecast period.
The Microprocessor and GPU Market is estimated to be USD 103.0 billion in 2020 and projected to reach USD 138.2 billion by 2025; at a CAGR of 6.1%.
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