Global Cryptocurrency Market : Global Opportunity Analysis and Industry Forecast, 2021–2025

From 2021 through 2025, the global cryptocurrency industry is expected to increase at a CAGR of 12.8 percent, from $1.49 billion in 2020 to $4.94 billion in 2030. The term "virtual currency" refers to cryptocurrency. It is a type of currency that solely exists in the digital realm and has no central issuing or regulatory authority. The transactions are authenticated using blockchain technology. Blockchain is a decentralised technology that handles and records transactions across numerous computers. Furthermore, it is a peer-to-peer system that allows users to send and receive payments from anywhere in the globe without relying on banks to authenticate transactions.

Furthermore, the cryptocurrency market expansion is hampered by high implementation costs and a lack of knowledge among consumers in underdeveloped countries. Additionally, rising demand for cryptocurrencies among banks and financial institutions, as well as untapped potential in emerging nations, are likely to present attractive opportunities for market expansion throughout the projection period.

Because of the increased need for software upgrades and to improve the effectiveness of financial payment tools, the hardware segment has gained a significant portion of the cryptocurrency market. During the cryptocurrency market forecast period, however, the software category is predicted to grow at the fastest rate, as it helps to handle the huge volume of data being generated for relevant insights and better-informed decisions.

Asia-Pacific dominated the cryptocurrency market in 2020, and it is projected to continue to do so during the projection period. Because of the growing number of Bitcoin exchanges in Asia, the cryptocurrency business is becoming more mature and competitive. Chinese banks are hiring blockchain expertise as the government pushes for the deployment of the technology that underpins bitcoin to improve financial sector transparency and combat fraud. The bitcoin market in the region is growing as a result of these causes.