Selbyville, Delaware, May 4, 2021 (GLOBE NEWSWIRE) – Global Market Insights Inc. recently added a new report on the cryptocurrency market that estimate the stock market valuation for cryptocurrency will exceed US $ 1.8 billion by 2027. The growing demand for digital assets and secure transactions is expected to contribute significantly to the growth of the market.
The need for low cost digital currency payment systems in businesses is one of the driving forces accelerating the growth of the cryptocurrency market. Cryptocurrencies as well as distributed ledger technology help improve trading and tracking capabilities. Several tech companies around the world are also focused on developing blockchain-based financial systems. Likewise, companies are emphasizing digital assets to gain a competitive advantage in the market. This is expected to contribute to the development of innovative cryptocurrency software and hardware components to support adoption by the industry.
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Graphics Processing Unit (GPU) segment is expected to grow at a CAGR above 10% during the forecast period. Cryptocurrency miners use GPUs on traditional processors for optimized performance in the mining process. The need for high performance efficiency in processing repetitive calculations is met by GPUs. In addition, the availability of advanced ALUs (Arithmetic Logic Units) ensures high extended throughput in crypto-mining applications.
The demand for Ethereum in businesses is experiencing a significant increase due to the growing emphasis on decentralized finance and the emergence of smart contracts. Ethereum is one of the leading cryptocurrencies and offers enhanced crypto and payment capabilities. Cryptocurrency is also developed on the basis of Ethereum Corporation’s financial system which allows individuals to exchange Ethereum for tokens backed by ETH.
The e-commerce and retail market is expected to grow at an exponential rate from 2021 to 2027. Tech companies focus on developing advanced solutions and services to enable cryptocurrency transactions in e-commerce applications . For example, in March 2021, RocketFuel Blockchain Inc. unveiled its secure API solution that enables consumers and merchants to support their e-commerce applications. The solution also allows individuals to pay from a wide range of cryptocurrencies on goods purchased online.
North America Expected to See Substantial Growth global cryptocurrency market and is expected to represent a significant share in 2027. The growth is attributed to the widespread presence of multiple technology companies and constant technological developments. Several tech companies are also focusing on improving cryptocurrency mining capabilities. For example, in March 2021, Marathon Digital Holdings Inc. planned to launch its bitcoin mining pool in the region. The company ensures compliance with OFAC and anti-money laundering standards.
Companies operating in the industry are focused on expanding the operational capabilities of their products and adding new products to their portfolio. For example, in April 2020, NGRAVE.io launched NGRAVE ZERO, a robust cryptocurrency wallet. The hardware portfolio has been developed by combining advanced capabilities in low cost manufacturing, industrial cryptography and nanoelectronics. The company launched shipping of these wallets in October 2020. This launch has helped the company maintain its position in the market and serve diverse clients.
Some of the key findings of the cryptocurrency market report include:
- Growing developments in distributed hyper ledgers and blockchain-based financial technologies are supporting technological developments in the market.
- Europe generated the maximum revenue in the global market in 2020 and is expected to remain dominant throughout the forecast period.
- The major players operating in the cryptocurrency market are Advanced Micro Devices Inc., Bitmain Technologies, Canaan Inc., Intel Corporation, and Nvidia Corporation.
- Companies operating in the market focus on new technology development activities to gain a foothold in the fragmented market.
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Partial chapters of the report table of contents (TOC):
Chapter 2. Executive summary
2.1. 360 ° synopsis of the cryptocurrency industry, 2016 – 2027
2.2. Trade trends
2.3. Regional trends
2.4. Component trends
2.5. Type trends
2.6. End-use trends
Chapter 3. Overview of the Cryptocurrency Industry
3.2. Industry segmentation
3.3. Impact of the COVID-19 epidemic
3.3.1. By region
184.108.40.206. North America
220.127.116.11. Asia Pacific
18.104.22.168. Latin America
22.214.171.124. Middle East and Africa
3.3.2. Industry value chain
126.96.36.199. Cryptocurrency providers
188.8.131.52. Marketing and distribution channels
3.3.3. Competitive landscape
184.108.40.206. Distribution network
220.127.116.11. Business growth
3.4. Analysis of the cryptocurrency ecosystem
3.4.1. Software vendors
3.4.2. Hardware component suppliers
3.4.3. System integrators
3.4.4. Third party service providers
3.4.5. End users
3.5. Evolution of cryptocurrency
3.6. Technology and innovation landscape
3.6.2. Distributed ledger technology
3.7. Regulatory landscape
3.7.1. Securities and Exchange Commission (United States)
3.7.2. Canadian Securities Administrators (CSA) have published CSA Staff Notice 46-307 on Cryptocurrency Offerings
3.7.3. The 5th anti-money laundering and anti-terrorist financing directive “5AMLD”
3.7.4. Law amending the Anti-Money Laundering and Counter-Terrorism Financing Law of 2017
3.7.5. Normative Instruction No. 1 888/19 (Brazil)
3.8. Investment portfolio
3.9. Industry impact forces
3.9.1. Growth engines
18.104.22.168. Increase in fintech developments
22.214.171.124. Growing adoption of digital assets
126.96.36.199. Soaring venture capital investment
188.8.131.52. Growing market capitalization of cryptocurrencies
3.9.2. Pitfalls and challenges of the industry
184.108.40.206. Volatile exchange rate
220.127.116.11. Data security concerns
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.