Cryptocurrency Market by Application, Geography - Global Forecast to 2024

The overall cryptocurrency market is projected to reach USD 1.40 billion by 2024, at a CAGR of 6.18% during the forecast period. A cryptocurrency is a digital currency created and stored electronically in blockchain. It uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Hence, it is very secure. Cryptocurrency is a disruptive concept that is an alternative to fiat currency used in the present monetary system. Entrepreneurs, start-ups, and large as well as small and medium-sized enterprises (SMEs) are taking an interest in cryptocurrency and find it a revolutionary concept to counter transactional compliances. Owing to these factors, the ecosystem has attracted extensive venture funding, collaborations, and partnerships among cryptocurrency solutions vendors to provide end-to-end solutions.

Based on process, the cryptocurrency market has been segmented into mining and transaction. In the mining process, there is a greater requirement for hardware compared with the transaction process. Therefore, the market for hardware for mining process is larger than that for software. Furthermore, a miner can take part in this process with a small investment. In addition, the major hardware vendors such as NVIDIA, Intel, and AMD have started offering mining hardware. Moreover, many start-ups such as Bitfury, GateHub (UK), and Bitmine provide application-specific hardware solutions for cryptocurrency mining. The booming venture capital market for cryptocurrency-based start-ups is driving the cryptocurrency market for the mining process.

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In cryptocurrency, ASICs are gradually being preferred by miners. These ASIC machines mine at an extraordinary speed while consuming much less power than FPGA or GPU mining rigs. Several reputed companies, such as Bitmain, Avalon, and Innosilicon Technologies, offer highly efficient ASIC products. ASICs are cryptocurrency mining hardware created solely to solve cryptocurrency blocks. They have only minimal requirements for other computer applications. ASIC Bitcoin mining systems can solve Bitcoin blocks much quicker and use lesser electricity or power than other mining hardware, such as FPGAs.

The cryptocurrency market for mining has been further segmented into solo mining, pool mining, and cloud mining. Pool mining is the most cost-effective process and gives the opportunity to earn more than other processes. Therefore, the pool mining segment is likely to register growth at the highest CAGR during the forecast period.

The cryptocurrency market in APAC is expected to hold the largest market during the forecast period. APAC is notable for its high adoption of cryptocurrency. This is attributed to the low cost of electricity in China and early adoption of cryptocurrency in Japan. China is the largest market among all APAC countries. Owing to the low cost of electricity, ideal weather conditions, presence of big mining companies, such Bitmain, Canaan Creative CO., LTD, and Ebang Communication, and availability of venture capital funding, the market in APAC is expected to be the largest for cryptocurrency.

Key players in the cryptocurrency market include 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), and Binance Holdings (China).

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