NEW YORK, March 18, 2024 /PRNewswire/ — The global cryptocurrency market size is estimated to grow by USD 1.81 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.81% during the forecast period. During the forecast period, North America is anticipated to contribute significantly, estimated at 48%, to the global market growth. Technavio analysts have provided detailed insights into regional trends and driving factors shaping the market. With a multitude of market players and ongoing innovations, North America dominates the cryptocurrency market, propelled by a surge in demand for digital payments in 2022. The United States, a key player in this landscape, stands out for its pioneering advancements in digital currencies. Further expansion in the region is expected as vendors ramp up investments to bolster their presence in North America.

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Technavio has segmented the market based on Type (bitcoin, ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the bitcoin segment will be significant for overall market growth during the forecast period. Bitcoin, which is known to 95% of cryptocurrency owners and prospects, has the largest market capitalization, more than double that of its closest competitor, Ethereum. Furthermore, 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. This is created, stored, processed, and shared using a decentralized system called a blockchain. Hence, given the high popularity of Bitcoin, the global cryptocurrency market is expected to witness significant growth during the forecast period. 

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Rising investment in digital assets is one of the major drivers.

Cryptocurrencies are becoming more popular in the global market for digital assets. This is because digital assets allow rapid transfer of ownership without the need for paper copies of documents. For instance, a digital asset owner can quickly transfer ownership to a new owner or purchaser when the asset is purchased through NFT.

Additionally, since 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. Hence, such factors drive market growth for cryptocurrency during the forecast period.

• The rising inclination for digital currency is one of the major cryptocurrency market trends that propel the 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. Thus it has the potential to change the world.
• Volatility in the value of cryptocurrency is one of the major challenges limiting the cryptocurrency market’s growth. The value of cryptocurrencies is highly volatile, and therefore, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is large because cryptocurrencies are being held by a limited number of people who buy and sell in bulk on trading platforms and exchanges.

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Analyst Review

In today’s digital landscape, transparency and innovation converge through distributed ledger technology, igniting the flames of opportunity for venture capital investments. The cryptocurrency industry, spanning both emerging and developed countries, continues to redefine financial landscapes with its decentralized finance (DeFi) platforms and non-fungible tokens (NFTs) markets.

Amidst the fervor, the Bitcoin market stands as a beacon of investment opportunities, attracting miners equipped with GPUs, central processing units (CPUs), FPGAs, and ASICs. However, with great potential comes the need for robust transaction monitoring, ensuring the integrity of hash codes within the peer-to-peer system.

Yet, regulatory ambiguity casts a shadow over the market, exposing security vulnerabilities and leaving stakeholders in developed and emerging markets grappling with uncertain regulatory status. Security, privacy, and control become paramount concerns for small businesses and large corporations alike, as they navigate the terrain of this evolving ecosystem.

Even tech giants like Apple and retailers such as Bloomingdale’s are starting to dip their toes into the waters of cryptocurrency, while traditional financial institutions like banks and PayPal are exploring ways to integrate digital assets into their platforms.

Behind the scenes, companies like NVIDIA and AMD are innovating in the hardware sector, with products like the EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor facilitating the infrastructure of the cryptocurrency market.

Yet, volatility remains a constant companion in the cryptocurrency market, with Bitcoin often at the forefront of price fluctuations. This volatility, while offering lucrative opportunities, also poses significant risks for investors and stakeholders.

Navigating the cryptocurrency market requires a delicate balance of foresight and adaptability. It is a realm where innovation and uncertainty intersect, offering both promise and peril to those who dare to venture into its depths. As the landscape continues to evolve, stakeholders must remain vigilant, harnessing the opportunities while mitigating the risks inherent in this dynamic ecosystem.

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Market Overview

The cryptocurrency market continues to evolve, driven by transparency and innovation like distributed ledger technology. Venture capital investments surge into this dynamic space, propelling growth in both emerging countries and developed countries alike. Decentralized finance (DeFi) platforms are reshaping traditional financial systems, offering greater accessibility and autonomy. Non-fungible tokens (NFTs) are gaining traction, revolutionizing digital ownership and creativity. Amidst this landscape, the cryptocurrency industry remains a hotbed of opportunity and disruption. Investors flock to DeFi platforms, attracted by the promise of decentralized lending and yield farming. As the market matures, stakeholders navigate regulatory landscapes and technological advancements, shaping the future of finance. In this era of innovation, the cryptocurrency market stands as a beacon of change, challenging conventional norms and fostering financial inclusivity.

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Related Reports:

The currency counting machine market is estimated to grow at a CAGR of 14.61% between 2022 and 2027. The size of the market is forecast to increase by USD 625.77 million. This report extensively covers market segmentation by end-user (BFSI, retail, and commercial), type (basic note counter, hi-speed heavy-duty cash counting, and intelligent counting cum counterfeit detection machines), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increase in the circulation of counterfeit currency is notably driving the currency counting machine market growth.

The cryptocurrency mining hardware market is estimated to grow at a CAGR of 11.35% between 2022 and 2027. The size of the market is forecast to increase by USD 12053.16 million. This report extensively covers market segmentation by product (ASIC, GPU, and others), application (bitcoin mining, ethereum mining, and others), and geography (APAC, North America, Europe, Middle East, and Africa, and South America). The profitability of cryptocurrency mining ventures is notably driving the cryptocurrency mining hardware market growth.

Table of Contents

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 Company Landscape
12 Company Analysis
13 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio