According to the Allied Market Research report, the cryptocurrency market will grow from $1.49 billion in 1920 to approximately $4.94 billion in 2030 growing at a CAGR of 12.8% from 2020 to 2030.
Major Determinants Of The Market Growth
The Crypto market uses blockchain technology which does not rely on banks to verify and make transactions. It is used as a peer-to-peer system which helps users to make transactions from anywhere around the globe.
As the need for transparency in the payment system increases, the cryptocurrency market will witness promising growth in the coming years.
Many people are not aware of virtual currency which hinders market growth. But there is potential for new opportunities in the future in developing countries.
During covid-19 the mining operations were affected as the business operations for receiving upgraded equipment and new hardware was stopped due to lockdown. As the world is recovering from the pandemic the market will get back on track.
Software Segment And The Cagr Growth In 2030
The software segment is expected to register the highest CAGR of 14.2 % during 2030. It will manage the huge volume of data produced for meaningful insights and informed decisions.
Transaction Segment And The Cagr Growth
During 2030 the transaction segment is projected to register the highest cagr of 14.6 %. The cryptocurrency allows users to have more control over their money than Fiat currencies and owners can control their money without an intermediary authority.
In 2020, two-thirds of the revenue of the cryptocurrency market was generated by the mining segment. This was because the process involved validating data blocks and adding transaction records to a public ledger known as a blockchain.
The Largest Contributor To The Cryptocurrency Market
The Asia Pacific was the highest contributor in 20-20 followed by Europe and North America. These regions covered half of the global cryptocurrency market.
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Key Players In The Industry
- BitFury Group Limited
- BTL Group Ltd.
- Intel Corporation
- Ledger SAS
- NVIDIA Corporation
- Coincheck Inc.
- Advanced Micro Devices Inc.
- Xilinx Inc.
- Xapo Holdings Limited