Selbyville, Delaware, May 04, 2021 (GLOBE NEWSWIRE) — Global Market Insights Inc. has recently added a new report on the cryptocurrency market which estimates the market valuation for cryptocurrency will cross US$ 1.8 billion by 2027. The growing demand for digital assets and secure transactions is expected to contribute significantly to market growth.
The need for low-cost digital currency payment systems across enterprises is one of the drivers accelerating the cryptocurrency market growth. Cryptocurrencies along with the distributed ledger technology enable improved trading and tracking capabilities. Several technology enterprises across the globe are also focusing on the development of blockchain-based financial systems. Similarly, companies are emphasizing on digital assets to gain a competitive edge in the market. This is anticipated to contribute to the development of innovative cryptocurrency software and hardware components to support industry adoption.
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The Graphical Processing Unit (GPU) segment is projected to grow at a CAGR of above 10% over the forecast timeline. Cryptocurrency miners use GPUs over traditional CPUs for optimized performance in the mining process. The need for high-performance efficiency in processing repetitive computations is addressed through GPUs. In addition, the availability of advanced Arithmetic Logic Units (ALUs) assures high extended output in crypto mining applications.
The demand for Ethereum across enterprises is witnessing a significant rise owing to a growing emphasis on decentralized finance and the emergence of smart contracts. Ethereum is one of the major cryptocurrencies and features enhanced cryptography & payment capabilities. The cryptocurrency is also developed based on Ethereum Corporation’s financial system that allows individuals to trade Ethereum for ETH-backed tokens.
The e-commerce & retail market is anticipated to grow at a exponential rate from 2021 to 2027. Technology enterprises are focusing on the development of advanced solutions & services to enable cryptocurrency transactions in e-commerce applications. For instance, in March 2021, RocketFuel Blockchain Inc. unveiled its secure API solution that enables consumers and merchants to support their e-commerce applications. The solution also allows individuals to pay from a wide array of cryptocurrencies on goods purchased online.
North America is projected to grow substantially in the global cryptocurrency market and is projected to account a significant share in 2027. The growth is attributed to the widespread presence of multiple technology enterprises and consistent technological developments. Several technology enterprises are also emphasizing on enhancing cryptocurrency mining capabilities. For instance, in March 2021, Marathon Digital Holdings Inc. planned to launch its bitcoin mining pool across the region. The company ensures compliance with OFAC and anti-money laundering standards.
Companies operating in the industry are focusing on expanding the operational capabilities of their products and adding new products to their portfolio. For instance, in April 2020, NGRAVE.io launched the NGRAVE ZERO, a robust cryptocurrency wallet. The hardware wallet was developed combining advanced cheap manufacturing, industrial cryptography, and nanoelectronics capabilities. The company initiated the shipment of these wallets in October 2020. This launch helped the company to maintain its market position and serve diverse customers.
Some major findings of the cryptocurrency market report include:
- The growing developments in distributed hyper ledgers and blockchain-based financial technologies are supporting technological developments in the market.
- Europe garnered the maximum revenue in the global market in 2020 and is expected to remain dominant throughout the forecast period.
- Major players operating in the cryptocurrency market are Advanced Micro Devices Inc., Bitmain Technologies, Canaan Inc., Intel Corporation, and Nvidia Corporation.
- Companies operating in the market are focusing on new technological development activities to gain a foothold in the fragmented market.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Cryptocurrency industry 360º synopsis, 2016 – 2027
2.2. Business trends
2.3. Regional trends
2.4. Component trends
2.5. Type trends
2.6. End-use trends
Chapter 3. Cryptocurrency Industry Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.3.1. By region
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
18.104.22.168. Middle East & Africa
3.3.2. Industry value chain
22.214.171.124. Cryptocurrency providers
126.96.36.199. Marketing & distribution channels
3.3.3. Competitive landscape
188.8.131.52. Distribution network
184.108.40.206. Business growth
3.4. Cryptocurrency ecosystem analysis
3.4.1. Software providers
3.4.2. Hardware component suppliers
3.4.3. System integrators
3.4.4. Third-party service providers
3.5. Evolution of cryptocurrency
3.6. Technology & innovation landscape
3.6.2. Distributed ledger technology
3.7. Regulatory landscape
3.7.1. Securities and Exchange Commission (U.S.)
3.7.2. The Canadian Securities Administrators (CSA) published CSA Staff Notice 46-307 Cryptocurrency Offerings
3.7.3. The 5th Anti-Money Laundering and Counter Terrorist Financing Directive “5AMLD”
3.7.4. Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017
3.7.5. Normative Instruction No. 1,888/19 (Brazil)
3.8. Investment portfolio
3.9. Industry impact forces
3.9.1. Growth drivers
220.127.116.11. Rise in financial technology developments
18.104.22.168. Growing adoption of digital assets
22.214.171.124. Upsurge in venture capital investments
126.96.36.199. Rising market capitalization of cryptocurrencies
3.9.2. Industry pitfalls & challenges
188.8.131.52. Volatile currency exchange rate
184.108.40.206. Data security concerns
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.