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Cryptocurrency Market to Reach $4.94 Billion, Globally, By 2030 at 12.8% CAGR: Allied Market Research
Increase in demand for transparency in the payment system and surge in flow of remittance from foreign countries have boosted the growth of the global cryptocurrency market. However, dearth of awareness regarding virtual currency hinders the market growth. On the contrary, potential in the developing countries would open new opportunities in the future.
Based on offering, the software segment is expected to register the during the forecast period, as it enables to manage the massive volume of data being generated for meaningful insights and better-informed decisions. However, hardware segment held the largest share in 2020, accounting for more than three-fourths of the global cryptocurrency market share in 2020. This is due to increase in need to enhance the efficiency of financial payment tools.
Based on process, the transaction segment is projected to manifest the highest CAGR of 14.6% during the forecast period, as cryptocurrency transaction allows users with more autonomy over their own money than fiat currencies and users can control their money without dealing with intermediary authority. However, the mining segment dominated in terms of revenue in 2020, accounting for nearly two-thirds of the global cryptocurrency market share in 2020, due to the fact that the process involves validating data blocks and adding transaction records to public ledger known as blockchain.
Based on region, Asia-Pacific , followed by Europe and North America , held the highest share in 2020, contributing to nearly half of the global cryptocurrency market. In addition, the segment would register the fastest CAGR of 14.5% from 2021 to 2030, due to rise in number of Bitcoin exchange across Asia .
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