Drivers, Restraints, and Opportunities
Rise in need for transparency in the payment system and increase in flow of remittances from foreign countries drive the growth of the global cryptocurrency market. On the other hand, lack of awareness about cryptocurrency among individuals drive the growth to some extent. However, untapped potential on emerging economies has been beneficial for the market growth, thereby creating lucrative opportunities in the near future.
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The Hardware Segment to Retain the Lion's Share
Based on offering, the hardware segment contributed to more than three-fourths of the global cryptocurrency market share in 2020, and is expected to lead the trail by the end of 2030. Increase in need to enhance the efficiency of financial payment tools promotes the demand for hardware component, thereby driving the segment growth. The software segment, on the other hand, would cite the fastest CAGR of 14.2% throughout the forecast period, due to the fact that it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.
The Mining Segment to Dominate By 2030
Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020, and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. The transaction segment, on the other hand, would cite the fastest CAGR of 14.6% during the forecast period. This is because cryptocurrency transactions allow users with more autonomy over their own money than that of fiat currencies and users are able to control their money without dealing with an intermediary authority such as a bank or government.
Asia-Pacific, Followed By Europe and North America, Held the Major Share in 2020
Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market. The same segment would also portray the fastest CAGR of 14.5% from 2021 to 2030. This is due to increase in number of Bitcoin exchange across Asia, which brings a certain healthy competition in the industry.
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Key Players in the Industry
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