Cryptocurrency Market size is set to grow by USD 1,815.78 million from 2022 to 2027- Technavio

NEW YORK, Oct. 27, 2023 /PRNewswire/ — The global cryptocurrency market size is estimated to grow by USD 1,815.78 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.81% during the forecast period. North America is estimated to account for 48% of the global market growth during the forecast period. The rising demand for digital payments boosted the growth of the North American cryptocurrency market in 2022. The US is one of the top countries and is considered to be at the forefront of technological progress in digital currencies. Owing to the presence of multiple market players and new innovations in the region, North America holds the largest share of the cryptocurrency market. Hence, such factors drive regional growth during the forecast period. For more insights on the historical period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Cryptocurrency Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Type (bitcoin, ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market share growth by the bitcoin segment will be significant for overall market growth during the forecast period. Bitcoin, which is known to 95% of cryptocurrency owners and prospects, has the largest market capitalization, more than double that of its closest competitor, Ethereum. Furthermore, Tether, USD Coin, Binance USD, and DAI are his four cryptocurrencies in the top 20 pegged directly to the value of the US dollar. About 8% of people in the US trade cryptocurrencies. This is created, stored, processed, and shared using a decentralized system called a blockchain. Hence, given the high popularity of Bitcoin, the global cryptocurrency market is expected to witness significant growth during the forecast period.

Insights on the market contribution of various segments including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Cryptocurrency Market – Market Dynamics

Key factors driving market growth

Rising investment in digital assets is one of the major drivers for the cryptocurrency market’s growth. Cryptocurrencies are becoming more popular in the global market for digital assets. This is because digital assets allow rapid transfer of ownership without the need for paper copies of documents. For instance, a digital asset owner can quickly transfer ownership to a new owner or purchaser when the asset is purchased through NFT.
Additionally, since many people interact with digital assets every day, from investing in crypto as a digital asset to digitizing existing investment assets, digital assets become integrated into the existing network of traditional financial markets. Hence, such factors drive market growth for cryptocurrency during the forecast period.

Leading trends influencing the market

The rising inclination for digital currency is one of the major cryptocurrency market trends that propel the market growth. Digital currencies offer the potential for faster and cheaper bank transfers, accelerating e-commerce, increasing the number of financial transactions in low-income countries, and increasing international money transfers. Thus it has the potential to change the world.
Furthermore, no interbank payments are required as the system exchanges digital currencies instead of bank deposits like cash. Hence, such trends drive the market growth of cryptocurrency during the forecast period.

Major challenges hindering the market growth

Volatility in the value of cryptocurrency is one of the major challenges limiting the cryptocurrency market’s growth. The value of cryptocurrencies is highly volatile, and therefore, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is large because cryptocurrencies are being held by a limited number of people who buy and sell in bulk on trading platforms and exchanges.
For instance, in June 2022, Bitcoin lost more than 10% of its value in one day, which is a significant drop from November 2021 when Bitcoin was worth USD 69,000 per token. Furthermore, the lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also causes volatility in the value of cryptocurrency. Hence, such challenges impede market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historical period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Cryptocurrency Market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the cryptocurrency market between 2023 and 2027
Precise estimation of the size of the cryptocurrency market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the cryptocurrency market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of cryptocurrency market vendors

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Cryptocurrency Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 15.81%
Market growth 2023-2027	USD 1,815.78 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	14.37
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 48%
Key countries	US, China, UK, Germany, and Switzerland, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Advanced Micro Devices Inc., AlphaPoint Corp., Binance Holdings Ltd., Bitfury Group Ltd., BitGo Inc., BitMain Group, Bitstamp Europe SA, BlockFi Inc., Coinbase Global Inc., ConsenSys Software Inc., iFinex Inc., Intel Corp., KuCoin, Ledger SAS, Microsoft Corp., Money Group Inc., New Bit Ventures Ltd., NVIDIA Corp., Ripple Labs Inc., and Xapo Bank Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global cryptocurrency market 2017 – 2021

Exhibit 18: Historic Market Size – Data Table on global cryptocurrency market 2017 – 2021 (USD million)

4.2 Type Segment Analysis 2017 – 2021

Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 (USD million)

4.3 Component Segment Analysis 2017 – 2021

Exhibit 20: Historic Market Size – Component Segment 2017 – 2021 (USD million)

4.4 Geography Segment Analysis 2017 – 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)

4.5 Country Segment Analysis 2017 – 2021

Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

6.1 Market segments

Exhibit 30: Chart on Type – Market share 2022-2027 (%)
Exhibit 31: Data Table on Type – Market share 2022-2027 (%)

6.2 Comparison by Type

Exhibit 32: Chart on Comparison by Type
Exhibit 33: Data Table on Comparison by Type

6.3 Bitcoin – Market size and forecast 2022-2027

Exhibit 34: Chart on Bitcoin – Market size and forecast 2022-2027 (USD million)
Exhibit 35: Data Table on Bitcoin – Market size and forecast 2022-2027 (USD million)
Exhibit 36: Chart on Bitcoin – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Bitcoin – Year-over-year growth 2022-2027 (%)

6.4 Ethereum – Market size and forecast 2022-2027

Exhibit 38: Chart on Ethereum – Market size and forecast 2022-2027 (USD million)
Exhibit 39: Data Table on Ethereum – Market size and forecast 2022-2027 (USD million)
Exhibit 40: Chart on Ethereum – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Ethereum – Year-over-year growth 2022-2027 (%)

6.5 Others – Market size and forecast 2022-2027

Exhibit 42: Chart on Others – Market size and forecast 2022-2027 (USD million)
Exhibit 43: Data Table on Others – Market size and forecast 2022-2027 (USD million)
Exhibit 44: Chart on Others – Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Others – Year-over-year growth 2022-2027 (%)

6.6 Market opportunity by Type

Exhibit 46: Market opportunity by Type (USD million)
Exhibit 47: Data Table on Market opportunity by Type (USD million)

7 Market Segmentation by Component

7.1 Market segments

Exhibit 48: Chart on Component – Market share 2022-2027 (%)
Exhibit 49: Data Table on Component – Market share 2022-2027 (%)

7.2 Comparison by Component

Exhibit 50: Chart on Comparison by Component
Exhibit 51: Data Table on Comparison by Component

7.3 Hardware – Market size and forecast 2022-2027

Exhibit 52: Chart on Hardware – Market size and forecast 2022-2027 (USD million)
Exhibit 53: Data Table on Hardware – Market size and forecast 2022-2027 (USD million)
Exhibit 54: Chart on Hardware – Year-over-year growth 2022-2027 (%)
Exhibit 55: Data Table on Hardware – Year-over-year growth 2022-2027 (%)

7.4 Software – Market size and forecast 2022-2027

Exhibit 56: Chart on Software – Market size and forecast 2022-2027 (USD million)
Exhibit 57: Data Table on Software – Market size and forecast 2022-2027 (USD million)
Exhibit 58: Chart on Software – Year-over-year growth 2022-2027 (%)
Exhibit 59: Data Table on Software – Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Component

Exhibit 60: Market opportunity by Component (USD million)
Exhibit 61: Data Table on Market opportunity by Component (USD million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 63: Chart on Market share by geography 2022-2027 (%)
Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 65: Chart on Geographic comparison
Exhibit 66: Data Table on Geographic comparison

9.3 North America – Market size and forecast 2022-2027

Exhibit 67: Chart on North America – Market size and forecast 2022-2027 (USD million)
Exhibit 68: Data Table on North America – Market size and forecast 2022-2027 (USD million)
Exhibit 69: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 70: Data Table on North America – Year-over-year growth 2022-2027 (%)

9.4 Europe – Market size and forecast 2022-2027

Exhibit 71: Chart on Europe – Market size and forecast 2022-2027 (USD million)
Exhibit 72: Data Table on Europe – Market size and forecast 2022-2027 (USD million)
Exhibit 73: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 74: Data Table on Europe – Year-over-year growth 2022-2027 (%)

9.5 APAC – Market size and forecast 2022-2027

Exhibit 75: Chart on APAC – Market size and forecast 2022-2027 (USD million)
Exhibit 76: Data Table on APAC – Market size and forecast 2022-2027 (USD million)
Exhibit 77: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on APAC – Year-over-year growth 2022-2027 (%)

9.6 South America – Market size and forecast 2022-2027

Exhibit 79: Chart on South America – Market size and forecast 2022-2027 (USD million)
Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 (USD million)
Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa – Market size and forecast 2022-2027

Exhibit 83: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
Exhibit 84: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
Exhibit 85: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

9.8 US – Market size and forecast 2022-2027

Exhibit 87: Chart on US – Market size and forecast 2022-2027 (USD million)
Exhibit 88: Data Table on US – Market size and forecast 2022-2027 (USD million)
Exhibit 89: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on US – Year-over-year growth 2022-2027 (%)

9.9 UK – Market size and forecast 2022-2027

Exhibit 91: Chart on UK – Market size and forecast 2022-2027 (USD million)
Exhibit 92: Data Table on UK – Market size and forecast 2022-2027 (USD million)
Exhibit 93: Chart on UK – Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on UK – Year-over-year growth 2022-2027 (%)

9.10 China – Market size and forecast 2022-2027

Exhibit 95: Chart on China – Market size and forecast 2022-2027 (USD million)
Exhibit 96: Data Table on China – Market size and forecast 2022-2027 (USD million)
Exhibit 97: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on China – Year-over-year growth 2022-2027 (%)

9.11 Germany – Market size and forecast 2022-2027

Exhibit 99: Chart on Germany – Market size and forecast 2022-2027 (USD million)
Exhibit 100: Data Table on Germany – Market size and forecast 2022-2027 (USD million)
Exhibit 101: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on Germany – Year-over-year growth 2022-2027 (%)

9.12 Switzerland – Market size and forecast 2022-2027

Exhibit 103: Chart on Switzerland – Market size and forecast 2022-2027 (USD million)
Exhibit 104: Data Table on Switzerland – Market size and forecast 2022-2027 (USD million)
Exhibit 105: Chart on Switzerland – Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on Switzerland – Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 107: Market opportunity by geography (USD million)
Exhibit 108: Data Tables on Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 109: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 111: Overview on factors of disruption

11.4 Industry risks

Exhibit 112: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 113: Vendors covered

12.2 Market positioning of vendors

Exhibit 114: Matrix on vendor position and classification

12.3 Advanced Micro Devices Inc.

Exhibit 115: Advanced Micro Devices Inc. – Overview
Exhibit 116: Advanced Micro Devices Inc. – Business segments
Exhibit 117: Advanced Micro Devices Inc. – Key news
Exhibit 118: Advanced Micro Devices Inc. – Key offerings
Exhibit 119: Advanced Micro Devices Inc. – Segment focus

12.4 AlphaPoint Corp.

Exhibit 120: AlphaPoint Corp. – Overview
Exhibit 121: AlphaPoint Corp. – Product / Service
Exhibit 122: AlphaPoint Corp. – Key offerings

12.5 Binance Holdings Ltd.

Exhibit 123: Binance Holdings Ltd. – Overview
Exhibit 124: Binance Holdings Ltd. – Product / Service
Exhibit 125: Binance Holdings Ltd. – Key offerings

12.6 Bitfury Group Ltd.

Exhibit 126: Bitfury Group Ltd. – Overview
Exhibit 127: Bitfury Group Ltd. – Product / Service
Exhibit 128: Bitfury Group Ltd. – Key offerings

12.7 BitGo Inc.

Exhibit 129: BitGo Inc. – Overview
Exhibit 130: BitGo Inc. – Product / Service
Exhibit 131: BitGo Inc. – Key offerings

12.8 BitMain Group

Exhibit 132: BitMain Group – Overview
Exhibit 133: BitMain Group – Product / Service
Exhibit 134: BitMain Group – Key offerings

12.9 Bitstamp Europe SA

Exhibit 135: Bitstamp Europe SA – Overview
Exhibit 136: Bitstamp Europe SA – Product / Service
Exhibit 137: Bitstamp Europe SA – Key offerings

12.10 Coinbase Global Inc.

Exhibit 138: Coinbase Global Inc. – Overview
Exhibit 139: Coinbase Global Inc. – Product / Service
Exhibit 140: Coinbase Global Inc. – Key offerings

12.11 ConsenSys Software Inc.

Exhibit 141: ConsenSys Software Inc. – Overview
Exhibit 142: ConsenSys Software Inc. – Product / Service
Exhibit 143: ConsenSys Software Inc. – Key offerings

12.12 Intel Corp.

Exhibit 144: Intel Corp. – Overview
Exhibit 145: Intel Corp. – Business segments
Exhibit 146: Intel Corp. – Key news
Exhibit 147: Intel Corp. – Key offerings
Exhibit 148: Intel Corp. – Segment focus

12.13 Microsoft Corp.

Exhibit 149: Microsoft Corp. – Overview
Exhibit 150: Microsoft Corp. – Business segments
Exhibit 151: Microsoft Corp. – Key news
Exhibit 152: Microsoft Corp. – Key offerings
Exhibit 153: Microsoft Corp. – Segment focus

12.14 Money Group Inc.

Exhibit 154: Money Group Inc. – Overview
Exhibit 155: Money Group Inc. – Business segments
Exhibit 156: Money Group Inc. – Key offerings
Exhibit 157: Money Group Inc. – Segment focus

12.15 NVIDIA Corp.

Exhibit 158: NVIDIA Corp. – Overview
Exhibit 159: NVIDIA Corp. – Business segments
Exhibit 160: NVIDIA Corp. – Key news
Exhibit 161: NVIDIA Corp. – Key offerings
Exhibit 162: NVIDIA Corp. – Segment focus

12.16 Ripple Labs Inc.

Exhibit 163: Ripple Labs Inc. – Overview
Exhibit 164: Ripple Labs Inc. – Product / Service
Exhibit 165: Ripple Labs Inc. – Key offerings

12.17 Xapo Bank Ltd.

Exhibit 166: Xapo Bank Ltd. – Overview
Exhibit 167: Xapo Bank Ltd. – Product / Service
Exhibit 168: Xapo Bank Ltd. – Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 169: Inclusions checklist
Exhibit 170: Exclusions checklist

13.3 Currency conversion rates for USUSD

Exhibit 171: Currency conversion rates for USUSD

13.4 Research methodology

Exhibit 172: Research methodology
Exhibit 173: Validation techniques employed for market sizing
Exhibit 174: Information sources

13.5 List of abbreviations

Exhibit 175: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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