Cryptocurrency Market to Surpass USD 13.19 Billion by 2031 | SkyQuest Technology
Westford, USA, May 21, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Cryptocurrency Market will attain a value of USD 13.19 billion by 2031, with a CAGR of 12.5% during the forecast period (2024-2031). The growing popularity and rise in demand for transparency and efficiency in financial payment systems are considered prime factors augmenting the growth of this market. This growing need coincides with the rise of the internet in various regions of the world. Also, the emergence of technology companies offering marketing channels accessible through smartphones and computers has become a priority in recent years.
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Browse in-depth TOC on “Global Cryptocurrency Market”
- Pages – 157
- Tables – 119
- Figures – 77
Global Cryptocurrency Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5.14 Billion |
| Estimated Value by 2031 | USD 13.19 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Process, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Surging Popularity of Digital Assets |
| Key Market Drivers | Growing Demand for Transparency and Efficiency in Financial Payment Systems |
Hardware Segment to Dominate due to High Performance
The hardware segment is further divided based on platforms such as graphical processing unit (GPU), field programmable gate array (FPGA), application specific integrated circuit (ASIC), etc. The segment contains hardware that has been implemented for crypto mining and exchange like Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, Avalon6, etc. ASIC mining hardware is expected to hold a large share mainly due to high performance and high hash rate when mining a specific amount.
Crypto Wallet Segment to Drive Market due to High Cost of Digital Applications
In the crypto wallet segment wallet segment, exchange software wallet has surged due to the increasing popularity of cryptocurrencies worldwide. This is further predicted to support the segment’s growth, as it provides users with online tools for safely managing and keeping blockchain assets and cryptocurrencies. It further creates the opportunity to exchange and store different cryptocurrencies such as Ethereum, Litecoin, and Bitcoin. A staggering rise of almost 190% has been observed in the adoption of crypto wallets globally. This increase is driven by the high cost of digital applications and software wallets that empower users to store and manage their cryptocurrencies. Their specialized services dedicated to providing accessibility, security and user-friendly connectivity have been instrumental in delivering this significant growth in the market.
North America is Dominating due to Increasing Demand for Digital Payment Systems
North America is estimated to contribute 48% to the global market growth during the forecast period. North America holds the largest share of the cryptocurrency market due to industry innovations and many market players. Growing demand for digital payments has further boosted the global cryptocurrency market. Investments by vendors to expand their operations in North America are expected to boost the growth of the cryptocurrency market in the region over the forecast period.
Additionally, more technological upgrades for some platforms in Japan and Taiwan and adoption of virtual currency are expected to further boost the market supported by Asia-Pacific. For example, in January 2020, Z Corporation, Inc. will have 100,000 shares, (NASDAQ: ZC) reported $1.5 billion and TaoTao, Inc. confirmed compliance in the Japanese market and announced cooperation with financial institutions to expand the crypto market. Similarly, the securities and exchange commission in Malaysia has legally authorized digital currency exchange operators to operate in the country despite the country being shut down due to the coronavirus outbreak.
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Global Cryptocurrency Market Insights:
Drivers
- Growing Demand for Transparency and Efficiency in Financial Payment Systems
- Rising Internet Penetration
Restraints
- Absence of Regulations Governing the Creation and Valuation of Digital Assets
- Lack of Oversight or Standardized Regulations
Prominent Players in Global Crypto Currency Market
- Solana
- Dogecoin
- Polkadot
- Terra
- Chainlink
- Internet Computer
- Bitcoin Cash
- Litecoin
- Uniswap
- Polygon (MATIC)
- Cosmos
- VeChain
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Key Questions Answered in Global Cryptocurrency Market Report
- What is the current market size of Global Crypto Currency Market size?
- What years does this Global Crypto Currency Market cover?
- Which is the fastest growing region in Global Crypto Currency Market?
- Which region has the biggest share in the Global Crypto Currency Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for transparency and efficiency in financial payment systems, rising internet penetration), restraints (absence of regulations governing the creation and valuation of digital assets, lack of oversight or standardized regulations), opportunities (surging popularity of digital assets), influencing the growth of Global Crypto Currency Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Crypto Currency Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Crypto Currency Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, Markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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