The global cryptocurrency market reached a value of US$ 1,782 billion in 2021. Looking forward, the market is projected to reach US$ 32,420 billion by 2027, exhibiting a CAGR of 58.4% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Increasing digitization across industries represents one of the key factors driving the growth of the market. In line with this, easy accessibility to and rising penetration of high-speed internet connectivity in daily activities is also creating a positive outlook for the market.
Furthermore, legalization and approval of purchase, sale or trade of virtual currencies in various developed countries are also driving the market growth. With the immense transparency of distributed ledger technology or blockchain, there is minimal risk of fraudulent or unwanted transactions due to human or machine error or data manipulation. This enables all the parties to monitor any changes that are being made during the transaction in real-time, thereby offering enhanced data security and immutability of the transactions.
Additionally, convenient access to online trading platforms that can be used through smartphones is contributing to the market growth.
Other factors, including growing market capitalization or market cap of the industry, along with the advent of bitcoin cash and bitcoin lite, are anticipated to drive the market further.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global cryptocurrency market, along with forecasts at the global, regional and country level from 2022-2027. The report has categorized the market based on type, component, process and application.