Overview:
Cryptocurrency is a digital currency that uses cryptographic techniques to secure transactions and limit the creation of additional units of currency. The cryptocurrency is decentralized and there are no third parties / central bodies / governing bodies involved in producing new currency, verifying transactions and protecting the currency supply. The blockchain serves as a ledger that shows transactional activity between peers. Cryptocurrency opts as a future revenue stream in the world of digital finance. Furthermore, the cryptocurrency is not bound by any rules or regulations of any specific government or exchange rates, interest rates and country-to-country transaction fees, which makes international transactions faster. The main drivers of the cryptocurrency market include adequate security, authentication and ease of transactions. Cryptocurrency and Blockchain technology allows users to send exactly what they want without third party involvement. Globally, over 70% of mobile phone users prefer transactions on their phones, which is one of the main drivers of the growth of the cryptocurrency market.
Market analysis:
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The “global cryptocurrency and blockchain technology market” is estimated to see a CAGR of 35.2% during the 2016-2022 forecast period. The cryptocurrency market is analyzed based on two segments: verticals and regions. The rise in online transactions, lower transaction fees, quick and easy transactions, the changing consumer and business landscape have driven demand for market growth.
Regional analysis:
The regions covered in the report are the Americas, Europe, Asia Pacific, the Middle East and Africa; together with the analysis of the main countries of each region. The Americas are set to become the leading region for the growth of the cryptocurrency market, followed by Europe. Asia Pacific and the MEA will be the emerging regions. India is expected to be the most attractive destination and in Africa, the popularity and use of various cryptocurrencies is expected to increase in the coming years. MEA market revenue is expected to reach $ 3.02 billion by 2022. The main countries covered in this report are the United States, Canada, Argentina, United Kingdom, Germany, Italy, France, Poland, China, Japan, Singapore, Vietnam, GCC countries, Africa and others.
Vertical analysis:
Day after day, consumer demands are changing and they are looking for the best and least time consuming services to make their life easier. With these changes, industry players have started to move towards online business services and are adopting mobile-based technology in their business units to meet the demands of their customers. In the current market scenario, the rise in online transactions has brought demand for the cryptocurrency and blockchain technology market. The main vertical sectors covered are BFSI, retail, media and entertainment, gaming industry, healthcare, travel and tourism, transportation and logistics and education. Globally, industry players are showing interest in accepting blockchain and cryptocurrency and are forging a partnership and discussing with value chain players to understand the benefits of blockchain technology. Furthermore, few of the verticals have already begun to accept cryptocurrencies (e.g. Bitcoin) as a payment option. Specifically, the retail sector is set to become the leading vertical after BFSI for cryptocurrency acceptance, and retail market revenue is expected to reach $ 10,447.2 million by 2022.
Key players:
Zebpay, Coinsecure, Coinbase, Bitstamp Ltd., Litecoin, Poloniex Inc., Bitfury Group Limited, Unocoin, Ripple, Bitfinex, Global Area Holding Inc., BTL Group Ltd., Digital Limited, IBM Corp., Microsoft Corp. and others predominate and niche players.
Competitive analysis:
In the current market scenario, the cryptocurrency and blockchain technology market is in a nascent stage. However, many new players are entering the market as it offers huge business opportunities. In particular, new start-ups with new products / services are coming to the market and they expect to see double-digit growth in the coming years. In this space, venture finance in this market is expected to grow and collaborations, mergers and acquisitions activities will continue.
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Benefits:
The report provides comprehensive details on the usage and adoption rate of cryptocurrency and blockchain technology across various verticals and regions. With this, key stakeholders can learn about the main trends, drivers, investments, vertical player initiatives, government initiatives towards the adoption of the cryptocurrency market in the coming years. On the other hand, the report provides details on the main challenges that will impact market growth. In addition, the report provides full details on key business opportunities to key stakeholders to expand their business and capture revenue in specific verticals. Additionally, each vertical provides the key reason for cryptocurrency adoption, key opportunities, and information about government entities. This will help key stakeholders to analyze before investing or expanding business in this market.
