Transparency of distributed ledger technology, high inflow of remittances to developing countries and high fees for cross-border remittances
DUBLIN, May 10, 2021 / PRNewswire / – The “Global cryptocurrency market with the impact of COVID-19 by offer (hardware, software), process (mining, transaction), type, application (negotiation, delivery, payment: Peer-to-)Peer payment, e-commerce and retail) and geography – Forecast to 2026 “ the report was added to ResearchAndMarkets.com from offer.
The global cryptocurrency market is expected to grow from 1.6 billion USD in 2021 to 2.2 billion USD by 2026, at a CAGR of 7.1%
The transparency or distributed ledger technology and the growth of venture capital investments are the key factors in the growth of the cryptocurrency market.
Hardware to hold largest cryptocurrency market size in 2021
The concept of cryptocurrency is based on the decentralization of transaction monitoring. In the process of transaction monitoring, miners (usually users) validate transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves creating hash codes to encrypt transactions.
To generate a hash code, the miner needs highly efficient and effective hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Mining rigs come in many shapes and sizes. The hardware cryptocurrency market has been segmented, on the basis of processor, into GPUs, Central Processing Units (CPUs), FPGAs, and ASICs.
Mining process to hold the largest share of the cryptocurrency market in 2021
Mining is an integral process for the generation, transmission and validation of cryptocurrency transactions. It ensures stable, secure and safe propagation of currency from a payer to a receiver. Unlike fiat money, where a centralized authority controls and regulates transactions, cryptocurrencies are decentralized and operate on a peer-to-peer system.
APAC will grow at the highest CAGR during the forecast period
In terms of value, APAC will increase at the highest CAGR during the forecast period. This APAC market has been studied for China, Japan, South Koreaand the rest of the APAC region (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the biggest market among all APAC countries. Due to the low cost of electricity and the presence of large mining companies.
The big companies that dominate the cryptocurrency market are
Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Creative of Canaan (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong) and Alcheminer (United States)
Main topics covered:
2 Research methodology
3 Executive summary
4 premium information
4.1 Attractive Opportunities in the Cryptocurrency Market: APAC to Dominate the Cryptocurrency Market during the Forecast Period
4.2 Cryptocurrency for Payment Market, By Type: Peer-to-peer payment to dominate the cryptocurrency market during the forecast period
4.3 Mining Cryptocurrency Market, By Type: The Pool Mining Cryptocurrency Market will have the highest market share in 2026
4.4 The US trading and segments will hold the largest share of the cryptocurrency market in North America in 2021
4.5 Cryptocurrency Market in South America to grow at the highest CAGR from 2021 to 2026
5 Market overview
5.2 Market dynamics
22.214.171.124 Transparency of distributed ledger technology
126.96.36.199 Large remittances to developing countries
188.8.131.52 High fees for cross-border remittances
184.108.40.206 Growth in venture capital investments
220.127.116.11 Uncertain regulatory status
18.104.22.168 Lack of knowledge and technical understanding of cryptocurrencies
22.214.171.124 Significant growth opportunities in emerging and developed markets
126.96.36.199 Growing acceptance of cryptocurrency in various industries
188.8.131.52 Concerns about security, confidentiality and control
184.108.40.206 Technical challenges related to scalability
220.127.116.11 Lack of legislation
5.3 Analysis of the value chain of the cryptocurrency market
6 industry trends
6.1 Case study
6.1.1 Ransomware case study
18.104.22.168 Technology behind ransomware
22.214.171.124 The advent of cryptocurrencies
126.96.36.199 Impact of the ransomware attack
188.8.131.52 Ransomware refusal
6.2 Technological trends
6.2.1 Rise of cryptocurrency mining malware
6.2.2 Initial coin offering (ICO)
6.2.3 Cryptography in cryptocurrency
6.3 Price of cryptocurrencies (in USD)
6.3.1 Hardfork in cryptocurrencies
6.4 Cryptocurrency regulations
6.5 Patent analysis
6.6 Porter’s five forces model
6.7 Cryptocurrency Trading Volume
6.8 Cryptocurrency Ecosystem / Market Mapping
6.8.1 Impact of COVID-19
- Bitmain Technologies Ltd.
- Advanced Micro Devices, Inc.
- Bitfury Group Limited
- Ethereum Foundation
- Canaan Creative Co. Ltd.
- Zhejiang Ebang Communication Co. Ltd.
- Bitstamp Ltd.
- Ifinex Inc.
- SAS ledger
- Advanced Mining Technologies Inc.
- Alcheminer, Ltd.
- Shark exploitation
For more information on this report, visit https://www.researchandmarkets.com/r/ail797
Research and markets
Laura Wood, Main director
For EST office hours, call + 1-917-300-0470
For USA / CAN toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
Fax in the United States: 646-607-1907
Fax (outside the United States): + 353-1-481-1716
SOURCE Research and markets