Cryptocurrency Market Size, Statistics - Global Analysis 2027 (2024)

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Report ID: GMI5049
Published Date: Apr 2021
Report Format: PDF

Cryptocurrency Market Size

Cryptocurrency Market size crossed USD 900 million in 2020 and is projected to register gains at over 10% CAGR from 2021 to 2027. The cryptocurrency industry is witnessing substantial growth with increasing volumes of cryptocurrency transactions and their market capitalizations. For instance, the market cap for bitcoin was more than 609 billion in January 2021 as compared to 134 billion in January 2020. Advanced capabilities including reduced costs associated with the transactions along with peer-to-peer connection are contributing to the adoption of cryptocurrency. Several enterprises are adopting virtual currencies to limit the impact of currency fluctuations, enabling the market growth.

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Cryptocurrency Market Report Attributes
Report Attribute	Details
Base Year:	2020
Cryptocurrency Market Size in 2020:	USD 900 Million (2020)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	10%
2027 Value Projection:	USD 1.8 Billion (2027)
Historical Data for:	2016 to 2019
No. of Pages:	270
Tables, Charts & Figures:	368
Segments covered:	Component, Type, End-use, and Region
Growth Drivers:	Rise in financial technology developments Growing adoption of digital assets Upsurge in venture capital investments Rising market capitalization of cryptocurrencies
Pitfalls & Challenges:	Volatile currency exchange rate Data security concerns

Cryptocurrency Market Analysis

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In the UK, the cryptocurrency market from trading software reported revenues of USD 6.66 million in 2020. The need for enhanced security and flexibility in cryptocurrency transactions is boosting the demand for trading software. The software platform features robust encryption measures and integration of advanced computing technologies such as AI. This further enables enterprises or individuals to automate the buying and selling process with respect to a particular cryptocurrency. Advanced algorithms and mathematical codes incorporated within this platform make it a lucrative option for enterprises.

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In Canada, bitcoin held 30.4% of the cryptocurrency market share in 2020 and is estimated to grow exponentially through 2027. Bitcoin cryptocurrency leverages peer-to-peer technology to manage issuance and transactions. Major factors including rapid P2P transactions, global payment ecosystem, and low processing costs have contributed to the expansive adoption of bitcoins. Transactions performed using this cryptocurrency are secured through cryptographic signatures and PoW energy. The majority of the consumers and several enterprises in the market are investing in bitcoins, further enabling market revenue.

In Japan, the trading end-use segment is forecast to witness gains at more than 13% CAGR till 2027. The widespread adoption of cryptocurrency and favorable government framework along with trading software providers are contributing to the market value. According to the statistics from skalex GmbH, as of 2019, approximately 3.5 million of the population across the country was engaged in cryptocurrency trading. Considering these figures, the demand for crypto software and hardware components to support trading operations across the industry is anticipated to grow substantially.

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Asia Pacific held around 20% of the global cryptocurrency market share in 2020 and is likely to observe exponential growth from 2021 to 2027. The expansive volumes of cryptocurrency transactions and acceptance as a payment option are contributing to the market demand. For instance, in February 2021, Rakuten Payment Inc., a Rakuten Group of companies, enabled support to crypto assets, such as Bitcoin, for recharging cash balance. This allowed the company’s customers to use their crypto assets for payment-related transactions in the industry. Additionally, a favorable digital infrastructure across the region is poised to propel market growth.

Cryptocurrency Market Share

The global cryptocurrency market has witnessed several strategic acquisitions and branding initiatives. For instance, in February 2021, xSigma Corporation, a subsidiary company of ZK International Group Co., Ltd., rebranded its online contract and Crypto Trading Platform (CFD) as xSigma Trading. Through this cloud-native platform, the company offers multiple crypto-related options. This also helped the company to cater to customers engaged in cryptocurrency trading activities, enhancing its market position and offering an advanced platform solution.

Some of the key players operating in the market are

Advanced Micro Devices Inc.
Binance, com.
Bitfury Group Limited
BitGo Inc.
BitMain Technologies Ltd.
Canaan Inc.
Coinbase (CB Payments Ltd.)
CudoMiner (Cudo Ventures Ltd.)
EasyMiner
Ethereum Foundation
Intel Corporation
IntelliBreeze Software AB (Awesome Miner)
Ledger SAS
NICEHASH Ltd.
Nvidia Corporation
Ripple Labs Inc.
Robinhood Financial LLC
SatoshiLabs s.r.o. (Trezor)
Squirrels Research Labs Inc.

This market research report on cryptocurrency includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

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Market, By Component

Hardware
- Graphical Processing Unit (GPU)
- Field Programmable Gate Array (FPGA)
- Application-Specific Integrated Circuit (ASIC)
Software
- Mining Software
- Trading Software
- Others

Market, By Type

Bitcoin
Binance Coin
Ethereum
XRP
Tether
Cardono
Others

Market, By End-use

E-commerce & retail
Trading
Peer-to-peer payment
Remittance
Others

The above information has been provided for the following regions and countries:

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Italy
- Netherlands
Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry for cryptocurrency was valued at USD 900 million in 2020 and is anticipated to strike at a CAGR of 10% up to 2027.

The regional revenue share from the trading software segment reached USD 6.66 million in 2020 and will grow with an inclining need for enhanced security as well as flexibility in cryptocurrency transactions.

The bitcoin cryptocurrency industry size in the Canadian region was responsible for close to 30.4% of revenue share in 2020 and is expected to grow exponentially by 2027.

Asia Pacific accounted for over 20% of the cryptocurrency industry share in 2020 and will witness significant growth with proliferating volumes of cryptocurrency transactions in the region.

Cryptocurrency Market Scope

Cryptocurrency Market Size

Cryptocurrency Market Analysis

Cryptocurrency Market Share

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Premium Report Details

Base Year: 2020
Companies covered: 19
Tables & Figures: 368
Countries covered: 19
Pages: 270

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