Cryptocurrency Market – Global Forecast to 2024: Significant Growth Opportunities in Emerging and Developed Markets

Dublin, Nov. 01, 2018 (GLOBE NEWSWIRE) — The “Cryptocurrency Market by Offering, Type, Application, and Geography – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The cryptocurrency market is projected to reach USD 1.40 billion by 2024 from USD 1.03 billion by 2019, at a CAGR of 6.18% during the forecast period.

Growth in this market can largely be attributed to factors such as transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. However, uncertain regulatory status, lack of awareness and technical understanding regarding cryptocurrency are expected to restrict the growth of the said market to a certain extent.

“Market for ASICs in cryptocurrency to register highest growth during forecast period”

The cryptocurrency market for ASIC is expected to hold the largest CAGR. 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. Also, ASICs are cryptocurrency mining hardware created solely to solve cryptocurrency blocks. They have only minimal requirements for other computer applications. Such various advantages help ASICs grow at the highest rate in the cryptocurrency market.

“Market for payment application for cryptocurrency register highest growth during forecast period”

The market for payment through cryptocurrency is likely to register the highest growth during the forecast period. The payment through cryptocurrency has several advantages such as enhanced transactional security, protection from fraud, decentralized system, low fees, protection from consumer chargebacks, and quick international transfers. Moreover, a large number of players are investing in developing payment gateways and platform for the payment process of their currencies, thereby increasing adoption of cryptocurrency for the payment.

“APAC to hold largest share during 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 Topics Covered:

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Scope of the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Cryptocurrency Market
4.2 Cryptocurrency Market for Payment, By Type
4.3 Cryptocurrency Market for Mining, By Type
4.4 Cryptocurrency Market in APAC, By Application and Country
4.5 Cryptocurrency Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Transparency of Distributed Ledger Technology
5.2.1.2 High Remittances in Developing Countries
5.2.1.3 High Cost of Cross-Border Remittance
5.2.1.4 Fluctuations in Monetary Regulations
5.2.1.5 Growth in Venture Capital Investments
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory Status
5.2.2.2 Lack of Awareness and Technical Understanding Regarding Cryptocurrency
5.2.3 Opportunities
5.2.3.1 Significant Growth Opportunities in Emerging and Developed Markets
5.2.3.2 Acceptance of Cryptocurrency Across Various Industries
5.2.4 Challenges
5.2.4.1 Concern Regarding Security, Privacy, and Control
5.2.4.2 Technical Challenges Pertaining to Scalability
5.3 Value Chain Analysis of Cryptocurrency Market
5.4 Key Trends in Cryptocurrency Market
5.4.1 Ransomware Case Study
5.4.1.1 Technology Behind Ransomware
5.4.1.2 Encryption
5.4.1.3 Advent of Cryptocurrencies
5.4.1.4 Impact of Ransomware Attack
5.4.1.5 Decline of Ransomware
5.4.2 Rise in Cryptocurrency Mining Malware
5.4.3 Initial Coin Offering (Ico)
5.4.4 Cryptography in Cryptocurrency
5.4.5 Cryptocurrency Prices (In USD)
5.4.6 Hardfork in Cryptocurrencies
5.4.7 Security Token Offering
5.5 Regulation of Cryptocurrency

6 Cryptocurrency Market, By Offering
6.1 Introduction
6.2 Hardware
6.2.1 Asic
6.2.1.1 Asics to Dominate the Cryptocurrency Hardware Market During the Forecast Period
6.2.2 Gpu
6.2.2.1 Demand for Gpus Expected to Decrease for Cryptocurrency Mining During the Forecast Period
6.2.3 FPGA
6.2.3.1 FPGA Expected to Grow at A Steady Rate in Cryptocurrency Hardware Market
6.2.4 Wallet
6.2.4.1 Better Security Expected to Drive the Cryptocurrency Hardware Wallet Market During the Forecast Period
6.3 Software
6.3.1 Mining Platform
6.3.1.1 Growth in Adoption of Cryptocurrency Expected to Drive the Market for Mining Platform
6.3.2 Coin Wallet
6.3.2.1 Mobile Wallet Expected to Drive Cryptocurrency Software Wallet Market
6.3.3 Exchange
6.3.3.1 Exchange to Account for the Largest Share of Cryptocurrency Software Market During the Forecast Period

7 Cryptocurrency Market, By Process
7.1 Introduction
7.2 Mining
7.2.1 Solo Mining
7.2.1.1 Increasing Demand for High Computing Power has Led to Decline of Solo Mining
7.2.2 Pool Mining
7.2.2.1 Pool Mining Expected to Account for the Largest Share of Cryptocurrency Mining Market During the Forecast Period
7.2.3 Cloud Mining
7.2.3.1 Higher Profits Expected Drive Cloud Mining Market During the Forecast Period
7.3 Transaction
7.3.1 Exchange
7.3.1.1 Exchange to Dominate the Cryptocurrency Transaction Market During the Forecast Period
7.3.2 Wallet
7.3.2.1 Increase in Adoption of Cryptocurrencies Expected to Drive Cryptocurrency Wallet Market

8 Cryptocurrency Market, By Type
8.1 Introduction
8.2 Bitcoin
8.2.1 Bitcoin Accounted for the Largest Market Size of Cryptocurrency Market in 2018
8.3 Etgereum (ETH)
8.3.1 Support for Smart Contract Expected to Drive the Market for Ethereum
8.4 Bitcoin Cash
8.4.1 Larger Block Size Expected to Drive the Market for Bitcoin Cash
8.5 Ripple (XRP)
8.5.1 Scalability, Efficiency and Low Cost Expected to Drive the Market for Ripple
8.6 Dashcoin
8.6.1 Features Such as Privtae Transactions, Instant Trasactions and Decentralized Governance to Drive the Market for Dash
8.7 Litecoin (LTC)
8.7.1 Faster Transaction as Compared to Other Major Cryptocurrencies Expected to Drive the Market for Litecoin
8.8 Others

9 Cryptocurrency Market, By Application
9.1 Introduction
9.2 Trading
9.2.1 Trading to Lead Cryptocurrency Market Between 2018 and 2024
9.3 Remittance
9.3.1 Compliance-Free and Low Fees Expected to Be the Major Drivers for the Growth of Remittance in Cryptocurrency Market
9.4 Payment
9.4.1 Peer-To-Peer Payment
9.4.1.1 Peer-To-Peer Payment Expected to Grow at Highest CAGR During the Forecast Period
9.4.2 Ecommerce and Retail
9.4.2.1 Growth in Number of Ecommerce Companies Accepting Cryptocurrencies as Mode of Payment to Drive the Market
9.4.3 Media and Entertainment
9.4.3.1 Casinos Expected to Drive Cryptocurrency Market for Media and Entertainment
9.4.4 Travel and Tourism
9.4.4.1 The Idea of Traveling With One Global Currency Expected to Drive the Cryptocurrency Market in Travel and Tourism
9.4.5 Others

10 Geographic Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 US Accounted for the Largest Share of Cryptocurrency Market in North America
10.2.2 Canada
10.2.2.1 Government’s Decision to Allow the Use of Cryptocurrency Expected to Drive the Market in Canada
10.2.3 Mexico
10.2.3.1 Cryptocurrency Being Considered Legal for Eletronic Transactions is Expected to Drive the Market in Mexico
10.3 Europe
10.3.1 Germany
10.3.1.1 Favorable Government Regulations Towards Cryptocurrency is Expected to Drive the Market in Germany
10.3.2 France
10.3.2.1 Reduction in Taxes on Cryptocurrency is Expected to Drive the Market in France
10.3.3 UK
10.3.3.1 Legal Cryptocurrency Exchange Expected to Drive the Market in the UK
10.3.4 East Europe
10.3.4.1 Companies Moving to East Europe for Mining and Exchange are the Major Factors Driving the Cryptocurrency Market in East Europe.
10.3.5 Rest of Europe
10.3.5.1 Rest of Europe Expected to Lead the Cryptocurrency Market in Europe During the Forecast Period
10.4 APAC
10.4.1 China
10.4.1.1 China Accounted for the Largets Market Size in Cryptocurrency Mining in APAC
10.4.2 Japan
10.4.2.1 Government’s Recognition of Exchanges as Legal is Expected to Drive the Cryptocurrency Market in Japan
10.4.3 South Korea
10.4.3.1 Favorable Government Regulations Towards Cryptocurrency Expected to Drive the Market in South Korea
10.4.4 Rest of APAC
10.5 RoW
10.5.1 South America
10.5.2 Middle East and Africa

11 Competitive Landscape
11.1 Overview
11.2 Ranking Analysis of Key Players in Cryptocurrency Market
11.3 Competitive Situations and Trends
11.3.1 Product Launches
11.3.2 Agreements, Partnerships, Collaborations, & Contracts
11.3.3 Acquisitions
11.3.4 Expansion

12 Company Profiles
12.1 Key Players
12.1.1 Bitmain Technologies Ltd.
12.1.2 NVIDIA
12.1.3 Advanced Micro Devices, Inc.
12.1.4 Xilinx
12.1.5 Bitfury Group Limited
12.1.6 Intel
12.1.7 Ripple
12.1.8 Ethereum Foundation
12.1.9 Coinbase
12.1.10 BitGo
12.1.11 Binance
12.2 Other Companies
12.2.1 Canaan Creative Co., Ltd
12.2.2 Zhejiang Ebang Communication Co.,Ltd
12.2.3 Bitstamp Ltd
12.2.4 Ifinex Inc.
12.2.5 Ledger Sas
12.2.6 Xapo
12.2.7 Advanced Mining Technologies Inc.
12.2.8 Alcheminer, Ltd.
12.2.9 Upbit
12.2.10 Shark Mining
12.2.11 Ethereumminer.EU
12.2.12 Pandaminer

For more information about this report visit https://www.researchandmarkets.com/research/285rpw/cryptocurrency?w=12

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