Digital Currency Market Size, Industry Trends Report | 2031
Digital Currency Market Size, Industry Trends Report | 2031
Segments - Digital Currency Market by Types (Bitcoin, Cryptocurrency, Bitcoin Cash, Litecoin, Ethereum, and Dogecoin), Processes (Mining and Transaction), Applications (Government and Enterprise), End-users (IT Solution, Fintech, Bank, Consulting, Exchange, and Others), Offering (Hardware, ASIC, GPU, FPGA, Software, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031
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| Report ID :BFSI-3140
| 4.1 Rating
| 69 Reviews
| 210 Pages
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Report Description
Digital Currency Market Outlook 2031:
The global digital currency market size was valued at USD 1.72 Billion in 2022 and is projected to reach USD 3.19 Billion by 2031, expanding at a CAGR of 7.1% during the forecast period 2023 - 2031.
Digital currencies are monetary assets which are available in the digital form. Digital currency is also referred an electronic currency, cyber cash, or electric money. Digital currency transaction takes place using designed software and applications.
Rising popularity of digital currencies such as Bitcoin, Ethereum, and Litecoin is expected to drive the market in the near future. Some industries have started using these currencies in their regular transaction. Companies such as Facebook and Tesla are expanding their business using cryptocurrency.
Digital Currency Market Trends, Drivers, Restraints, and Opportunities
- High adoption of digital currency in developed nations is offering easy and flexible transactions as compared to physical currency, thus fuelling the market.
- Low transaction fee drives the digital currency market.
- Possibility of loss or leakage of authenticated information is likely to hamper the market.
- Fast transfer rate, low fees, and smooth and compliance free transactions are projected to drive the market.
Scope of Digital Currency Market Report
The report on the global digital currency market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Digital Currency Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast |
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Base Year |
2022 |
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Historic Data |
2016 & 2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Bitcoin, Cryptocurrency, Bitcoin Cash, Litecoin, Ethereum, and Dogecoin), Processes (Mining and Transaction), Applications (Government and Enterprise), End-users (IT Solution, Fintech, Bank, Consulting, Exchange, and Others), Offering (Hardware, ASIC, GPU, FPGA, Software, and Others) |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
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Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
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Key Players Covered in the Report |
Ripple, Rubix by Deloitte, Accenture, Distributed Ledger Technologies, NASDAQ, Oracle, AWS, Citi Bank, ELayaway, HSC, Ant Financial, JD Financial, Qihoo 360, and Tencent. |
Digital Currency Market Segment Insights
Type Segment Analysis
In the terms of types, the digital currency market is classified as bitcoin, cryptocurrency, bitcoin cash, litecoin, ethereum, and dogecoin.
The bitcoin segment held a dominant share of the market in 2020, and this trend is projected to continue in the coming years. Bitcoin is a decentralized digital currency that can be transferred from user to user on the peer-to-peer bitcoin network without the use of middlemen.
It does not need any central bank or a single administrator. The popularity of bitcoins is fueled by the rising demand for trade, compliance-free remittance, and convenience of cross-border transactions.
Processes Segment Analysis
Based on processes, the market is segregated into mining and transaction.
Mining is a crucial component in the formation, transmission, and confirmation of digital currencies. It guarantees that the currency is propagated from a payment to a recipient in a stable, secure, and safe manner. Unlike fiat currency, which is controlled and regulated by a centralized body, crypto currencies are decentralized and operate on a peer-to-peer basis.
Offerings Segment Analysis
On the basis of offerings, the digital currency market is fragmented into hardware, ASIC, GPU, FPGA, software, and others.
The concept of bitcoin is predicated on the decentralization of transaction monitoring. Miners (usually users) validate transactions performed by other users as a part of the transaction monitoring process. The system requires processing resources to validate the transactions in this procedure.
The validation procedure requires the generation of hash codes to encrypt the transactions. The miner requires extremely effective and efficient hardware to create a hash code.
End-user Segment Analysis
On the basis of end-user, the market is categorized as IT solution, fintech, bank, consulting, exchange, and others.
The banking segment held a dominant share of the market in 2020 and this trend is estimated to continue in the coming years.
Digital currency transfers and other online transactions that transfer money between parties across long distances are common, due to increasing number of banks and other financial service providers. Nowadays, people do not physically go to the banks or carry cash due to the adoption of digital currency.
Regional Analysis
In terms of regions, the global digital currency market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America constituted a significant share of the market in 2020 due to rising technical developments and growing acceptance of digital currencies by consumers and merchants. North America continues to lead the global digital currency market due to the presence of large companies in the region.
Segments
Types
- Bitcoin
- Cryptocurrency
- Bitcoin Cash
- Litecoin
- Ethereum
- Dogecoin
Processes
- Mining
- Transaction
Applications
- Government
- Enterprise
End-users
- IT Solution
- Fintech
- Bank
- Consulting
- Exchange
- Others
Offerings
- Hardware
- ASIC
- GPU
- FPGA
- Software
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global digital currency market are Ripple, Rubix by Deloitte, Accenture, Distributed Ledger Technologies, NASDAQ, Oracle, AWS, Citi Bank, ELayaway, HSC, Ant Financial, JD Financial, Qihoo 360, and Tencent. Many new players are entering the market, as it holds huge business opportunities.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Currency Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Digital Currency Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Digital Currency Market - Supply Chain
4.5. Global Digital Currency Market Forecast
4.5.1. Digital Currency Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Digital Currency Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Digital Currency Market Absolute $ Opportunity
5. Global Digital Currency Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Digital Currency Market Size and Volume Forecast by Types
5.3.1. Bitcoin
5.3.2. Cryptocurrency
5.3.3. Bitcoin Cash
5.3.4. Litecoin
5.3.5. Ethereum
5.3.6. Dogecoin
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Digital Currency Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Digital Currency Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Digital Currency Demand Share Forecast, 2019-2026
7. North America Digital Currency Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Digital Currency Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Digital Currency Market Size and Volume Forecast by Types
7.4.1. Bitcoin
7.4.2. Cryptocurrency
7.4.3. Bitcoin Cash
7.4.4. Litecoin
7.4.5. Ethereum
7.4.6. Dogecoin
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Digital Currency Demand Share Forecast, 2019-2026
8. Latin America Digital Currency Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Digital Currency Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Digital Currency Market Size and Volume Forecast by Types
8.4.1. Bitcoin
8.4.2. Cryptocurrency
8.4.3. Bitcoin Cash
8.4.4. Litecoin
8.4.5. Ethereum
8.4.6. Dogecoin
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Digital Currency Demand Share Forecast, 2019-2026
9. Europe Digital Currency Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Digital Currency Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Digital Currency Market Size and Volume Forecast by Types
9.4.1. Bitcoin
9.4.2. Cryptocurrency
9.4.3. Bitcoin Cash
9.4.4. Litecoin
9.4.5. Ethereum
9.4.6. Dogecoin
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Digital Currency Demand Share Forecast, 2019-2026
10. Asia Pacific Digital Currency Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Digital Currency Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Digital Currency Market Size and Volume Forecast by Types
10.4.1. Bitcoin
10.4.2. Cryptocurrency
10.4.3. Bitcoin Cash
10.4.4. Litecoin
10.4.5. Ethereum
10.4.6. Dogecoin
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Digital Currency Demand Share Forecast, 2019-2026
11. Middle East & Africa Digital Currency Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Digital Currency Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Digital Currency Market Size and Volume Forecast by Types
11.4.1. Bitcoin
11.4.2. Cryptocurrency
11.4.3. Bitcoin Cash
11.4.4. Litecoin
11.4.5. Ethereum
11.4.6. Dogecoin
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Digital Currency Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Digital Currency Market: Market Share Analysis
12.2. Digital Currency Distributors and Customers
12.3. Digital Currency Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Ripple
12.4.2. Rubix by Deloitte
12.4.3. Accenture
12.4.4. Distributed Ledger Technologies
12.4.5. NASDAQ
12.4.6. Oracle
12.4.7. AWS
12.4.8. Citi Bank
Methodology
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