Cryptocurrency Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware, Software, Exchange Platform), Process (Mining, Transaction), Type, Geography

Description

List of Tables

Cryptocurrency Market by Offering (Hardware (ASIC, FGPA, Others), Software, Exchange Platform), Process (Mining (Pool, Cloud, Other), Transaction), Type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Others), Geography-Forecast to 2031

The research report titled, 'Cryptocurrency Market by Offering (Hardware (ASIC, FGPA, Others), Software, Exchange Platform), Process (Mining (Pool, Cloud, Other), Transaction), Type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Others), Geography-Forecast to 2031', provides in-depth analysis of the cryptocurrency market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The cryptocurrency market is projected to reach $61.1 billion by 2031, at a CAGR of 8.4% from 2024 to 2031. The growth of the cryptocurrency market is driven by high returns attracting individuals toward cryptocurrency and the growing recognition of cryptocurrencies. However, the high investments and operating cost of computational resources may restrain the growth of this market.

Furthermore, the expansion of blockchain technology and the growing interest of investors in digital assets are expected to generate growth opportunities for the stakeholders in this market. However, regulatory barriers and a lack of awareness and technical understanding regarding cryptocurrencies are major challenges impacting market growth. Additionally, the increasing adoption of distributed ledger technology is a prominent trend in the cryptocurrency market.

The cryptocurrency market is segmented by offering (hardware (FGPA, GPU, ASIC, data centers, and other hardware), software (mining software, wallet software, and payment software), and exchange platform), process (mining (solo mining, pool mining, and cloud mining), transaction (exchange, wallet)), type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Dogecoin, and other types). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the cryptocurrency market is broadly segmented into hardware, software, and exchange platforms. In 2024, the hardware segment is expected to account for the largest share of above 80.0% of the cryptocurrency market. The hardware segment is further segmented into FGPA, GPU, ASIC, data centers, and other hardware. The segment's large market share is mainly attributed to the growing requirement of high computational resources for mining, the growing introduction of energy-efficient computational hardware for cryptocurrency mining, and high returns from cryptocurrency mining.

However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing demand for mining cryptocurrency software, the need for dedicated payment software to accept cryptocurrency payments, the rising acceptance of cryptocurrency payments by retailers, and the ability of mining software to easily switch between different cryptocurrencies.

Based on process, the cryptocurrency market is broadly segmented into mining and transactions. In 2024, the mining segment is expected to account for a larger share of above 71.0% of the cryptocurrency market. The mining segment is further segmented into solo mining, pool mining, and cloud mining. The segment's large share is mainly attributed to factors such as rising cryptocurrency prices, increased focus on energy-efficient mining processes, and growing miners' approach to pool mining to increase their chances of earning rewards.

Based on type, the cryptocurrency market is segmented into Bitcoin, Ripple, Ethereum, Litecoin, Tether, Dogecoin, and other types. In 2024, the Bitcoin segment is expected to account for the largest share of above 44.0% of the cryptocurrency market. The segment's large market share is mainly attributed to its high price, highest market capitalization, and limited supply of Bitcoin.

Moreover, the Bitcoin segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by increasing demand from retail and institutional investors and the growing interest of investors in digital assets.

Based on geography, the cryptocurrency market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 36.0% of the cryptocurrency market. The large market share of this segment is attributed to the presence of large cryptocurrency mining farms, leadership in the global financial system and economic competitiveness, and increasing investments of companies developing blockchain technology and cutting-edge solutions for cryptocurrency mining.

Moreover, North America is projected to register the highest CAGR of 9.5% during the forecast period. The growth of this region is mainly driven by the growing demand from consumers and businesses for crypto-enabled financial services, increased institutional activity, and rising acceptance of cryptocurrency payments.

Key Players:

The key players operating in the cryptocurrency market are Intel Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), BITMAIN Technologies Holding Company (China), NVIDIA Corporation (U.S.), BittWare (U.S.), Bitfury Group Limited (Netherlands), Ripple Labs, Inc. (U.S.), Canaan Inc. (Singapore), Coinbase (U.S.), Ledger SAS (France), Cudo Miner Ltd (U.K.), FutureBit LLC (U.S.), Binance (Malta), Payward, Inc. (U.S.), and Bybit Fintech Limited (UAE).

Key questions answered in the report-

Which are the high-growth market segments based on offering, process, and type?
What was the historical market size for cryptocurrency?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, and opportunities in the cryptocurrency market?
Who are the major players in the cryptocurrency market?
How is the competitive landscape in the cryptocurrency market?
What are the recent developments in the cryptocurrency market?
What are the different strategies adopted by the major players in the cryptocurrency market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the cryptocurrency market, and how do they compete with the other players?

Scope of the report:

Cryptocurrency Market Assessment, by Offering

Hardware
- FGPA
- GPU
- ASIC
- Data Centers
- Other Hardware
Software
- Mining Software
- Wallet Software
- Payment Software
Exchange Platforms

Cryptocurrency Market Assessment, by Process

Mining
- Solo Mining
- Pool Mining
- Cloud Mining
Transaction
- Exchange
- Wallet

Cryptocurrency Market Assessment, by Type

Bitcoin
Ripple
Ethereum
Litecoin
Tether
Dogecoin
Other Types

Cryptocurrency Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Switzerland
- Netherlands
- Norway
- Austria
- Denmark
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Malaysia
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa

Product Code: MRICT - 1041220

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Process
3.4. Market Analysis, by Type
3.5. Market Analysis, by Geography
3.6. Competition Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. High Returns Attracting Individuals Toward Cryptocurrency
  - 4.2.1.2. Growing Recognition of Cryptocurrencies
- 4.2.2. Restraints
  - 4.2.2.1. High Investments and Operating Costs of Computational Resources
- 4.2.3. Opportunities
  - 4.2.3.1. The Expansion of Blockchain Technology
  - 4.2.3.2. Growing Interest of Investors in Digital Assets
- 4.2.4. Challenges
  - 4.2.4.1. Regulatory Barriers
  - 4.2.4.2. Lack of Awareness & Technical Understanding Regarding Cryptocurrencies
4.3. Trends
- 4.3.1. Increasing Adoption of Distributed Ledger Technology
4.4. Porter's Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Threat of Substitutes
- 4.4.4. Threat of New Entrants
- 4.4.5. Degree of Competition
4.5. Case Studies
4.6. Vendor Selection Criteria/Factors Influencing Buying Decision
4.7. Value Chain Analysis

5. Cryptocurrency Market Assessment-by Offering

5.1. Overview
5.2. Hardware
- 5.2.1. FGPA
- 5.2.2. GPU
- 5.2.3. ASIC
- 5.2.4. Data Centers
- 5.2.5. Other Hardware
5.3. Software
- 5.3.1. Mining Software
- 5.3.2. Wallet Software
- 5.3.3. Payment Software
5.4. Exchange Platform

6. Cryptocurrency Market Assessment-by Process

6.1. Overview
6.2. Mining
- 6.2.1. Solo Mining
- 6.2.2. Pool Mining
- 6.2.3. Cloud Mining
6.3. Transaction
- 6.3.1. Exchange
- 6.3.2. Wallet

7. Cryptocurrency Market Assessment-by Type

7.1. Overview
7.2. Bitcoin
7.3. Ripple
7.4. Ethereum
7.5. Litecoin
7.6. Tether
7.7. Dogecoin
7.8. Other Types

8. Cryptocurrency Market Assessment-by Geography

8.1. Overview
8.2. Europe
- 8.2.1. U.K.
- 8.2.2. Germany
- 8.2.3. France
- 8.2.4. Italy
- 8.2.5. Spain
- 8.2.6. Sweden
- 8.2.7. Switzerland
- 8.2.8. Netherlands
- 8.2.9. Norway
- 8.2.10. Austria
- 8.2.11. Denmark
- 8.2.12. Rest of Europe
8.3. Asia Pacific
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. India
- 8.3.4. South Korea
- 8.3.5. Singapore
- 8.3.6. Australia
- 8.3.7. Malaysia
- 8.3.8. Rest of Asia Pacific
8.4. North America
- 8.4.1. U.S.
- 8.4.2. Canada
8.5. Latin America
- 8.5.1. Brazil
- 8.5.2. Mexico
- 8.5.3. Rest of Latin America
8.6. Middle East & Africa
- 8.6.1. Israel
- 8.6.2. UAE
- 8.6.3. Rest of Middle East & Africa

9. Competition Analysis

9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
- 9.4.1. Industry Leaders
- 9.4.2. Market differentiators
- 9.4.3. Vanguards
- 9.4.4. Emerging Companies
9.5. Market Ranking by Key Players

10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)

10.1. Intel Corporation
10.2. Advanced Micro Devices, Inc.
10.3. BITMAIN Technologies Holding Company
10.4. NVIDIA Corporation
10.5. BittWare
10.6. Bitfury Group Limited
10.7. Ripple Labs, Inc.
10.8. Canaan Inc.
10.9. Coinbase
10.10. Ledger SAS
10.11. Cudo Miner Ltd
10.12. FutureBit LLC
10.13. Binance
10.14. Payward, Inc.
10.15. Bybit Fintech Limited

(Note: SWOT analysis of the top 5 companies will be provided.)

11. Appendix

11.1. Available Customizations
11.2. Related Reports