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The Global Cryptocurrency Market size is estimated to grow at a CAGR of 15.81% between 2022 and 2027. The market size is forecast to increase by USD 1,815.78 million. The growth of the market depends on several factors, including the rising investment in digital assets, the increased availability of crypto wallets, and the increase in fintech spending.
This cryptocurrency market report extensively covers market segmentation by Type (bitcoin, ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising investment in digital assets is one of the key drivers fueling the cryptocurrency market's growth. Traditional securities issuance and cross-border trading often involve a significant administrative burden. Failure to complete a transaction immediately can result in significant additional costs as well as delays. Digital assets, on the other hand, allow rapid transfer of ownership without the need for paper copies of documents. For example, a digital asset owner can quickly transfer ownership to a new owner or purchaser when the asset is purchased through NFT.
Cryptocurrencies are becoming more popular in the global market for digital assets because of these characteristics. FinTech drives innovation in financial markets worldwide and leads to the emergence of digital assets. As many people interact with digital assets every day, from investing in crypto as a digital asset to digitizing existing investment assets, digital assets become integrated into the existing network of traditional financial markets. Therefore, the rising investment in digital assets is expected to boost the growth of the global cryptocurrency market during the forecast period.
The rising inclination for digital currency is one of the key cryptocurrency market trends propelling market growth. Digital currencies offer the potential for faster and cheaper bank transfers, accelerating e-commerce, increasing the number of financial transactions in low-income countries, and increasing international money transfers. Digital currencies like Bitcoin have the potential to change the world. Payments in digital currency reduce the risk of compromise of the financial system. No interbank payments are required as the system exchanges digital currencies instead of bank deposits like cash. The need for a reliable long-term store of value is a common reason for investing in cryptocurrencies. Unlike fiat currencies, most cryptocurrencies have a finite supply limited by mathematical algorithms. This prevents political parties or government organizations from lowering the value of cryptocurrencies through inflation.
Despite doubts about the future of unregulated digital assets, the use of cryptocurrencies has grown in India. Since 2020, investments in cryptocurrencies, especially Bitcoin, have grown at a significant rate in India. Millions of ordinary investors have registered with several domestic cryptocurrency exchanges to invest in cryptocurrencies, an investment class recognized for its legendary volatility and high-profit potential. Thus, an inclination toward digital payment is expected to boost the growth of the global cryptocurrency market during the forecast period.
Volatility in value of cryptocurrency is one of the factors limiting the cryptocurrency market's growth. The value of cryptocurrencies is highly volatile. Therefore, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is largely due to cryptocurrencies being held by a limited number of people who buy and sell in bulk on trading platforms and exchanges. In June 2022, Bitcoin lost more than 10% of its value in one day. This is a significant drop from November 2021 when Bitcoin was worth USD 69,000 per token. A bill released in India plans to ban cryptocurrencies and is poised to launch its own cryptocurrency, leading to the devaluation of several digital currencies. The coin fell more than 13% on the Indian exchange WazirX, while Shiba Inu and Dogecoin both fell more than 15%.
Moreover, the lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also causes volatility in the value of cryptocurrency. Hence, people who hold a significant share of cryptocurrency manipulate the value to increase their profits without making any actual investments. Therefore, several investors like Accel, Ribbit Capital, insight partners etc, have refrained from including cryptocurrency in their financial portfolios, which is a challenge for the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cryptocurrency Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AlphaPoint Corp.: The company offers cryptocurrency solutions such as AlphaPoint Exchange Software, AlphaPoint Brokerage Exchange Software, AlphaPoint Yield Platform.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the bitcoin segment will be significant during the forecast period. Bitcoin, the most popular cryptocurrency in the world, is gaining popularity globally. It is primarily designed to be an alternative to traditional. Bitcoin is a digital currency that can be transferred peer-to-peer (P2P) without central authorities.
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The bitcoin segment was valued at USD 410.42 million in 2017 and continue to grow by 2021. At over USD 470 billion, Bitcoin currently has the largest market capitalization, more than double that of its closest competitor, Ethereum. Bitcoin is known to 95% of cryptocurrency owners and prospects. Tether, USD Coin, Binance USD, and DAI are his four cryptocurrencies in the top 20 pegged directly to the value of the US dollar. About 8% of people in the US trade cryptocurrencies. It is created, stored, processed, and shared using a decentralized system called a blockchain. A public ledger records all Bitcoin transactions and copies are kept on all servers around the world. Therefore, given the high popularity of Bitcoin, the global cryptocurrency market is expected to witness significant growth during the forecast period.
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North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America holds the largest share of the cryptocurrency market due to the presence of multiple market players and new innovations in the region. Growing demand for digital payments boosted the growth of the North American cryptocurrency market in 2022. The United States is one of the top girlfriends and is considered to be at the forefront of technological progress in digital currencies. In North America, the cryptocurrency market is expected to grow during the forecast period owing to increased investments by vendors to expand their operations in the region.
In 2020, the outbreak of COVID-19 adversely affected the economies of North American countries, such as the US, Canada, and Mexico. However, a surge in the number of COVID-19 cases in the region has created an opportunity for the growth of cryptocurrencies. In 2020, the number of digital payments grew by almost 82%. Due to this shift in payment trends, central banks across the world started looking to adopt Central Bank Digital Currencies (CDBC) as an alternative form of payment in the digital economy. Also, the increase in blockchain (a blockchain stores information electronically in digital format) investment and development in the region is expected to have a positive impact on cryptocurrencies as blockchain technology is an integral part of cryptocurrencies, which is expected to have a positive impact on the growth of the regional cryptocurrency market during the forecast period.
The cryptocurrency market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global cryptocurrency market as a part of the global IT consulting and other services market within the global IT services market. The super parent global IT services market cover companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Cryptocurrency Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.81% |
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Market growth 2023-2027 |
USD 1,815.78 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.37 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 48% |
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Key countries |
US, China, UK, Germany, and Switzerland |
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Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
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Key companies profiled |
Advanced Micro Devices Inc., AlphaPoint Corp., Binance Holdings Ltd., Bitfury Group Ltd., BitGo Inc., BitMain Group, Bitstamp Europe SA, BlockFi Inc., Coinbase Global Inc., ConsenSys Software Inc., iFinex Inc., Intel Corp., KuCoin, Ledger SAS, Microsoft Corp., Money Group Inc., New Bit Ventures Ltd., NVIDIA Corp., Ripple Labs Inc., and Xapo Bank Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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