Product Code: PM2234
The global cryptocurrency market size is expected to reach USD 3141.32 million by 2032, according to a new study by Polaris Market Research. The report "Cryptocurrency Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware and Software); By Type; By End-Use; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The worldwide cryptocurrency market is significantly impacted by the growing number of users of cryptocurrencies. The total number of cryptocurrency users worldwide hit 106 Mn in January 2021, according to crypto.com (a supplier of crypto exchanges). The increase in bitcoin exchange service providers, the adoption of DeFi, and the growing acceptance of cryptocurrencies by financial institutions worldwide are all factors contributing to the rise in cryptocurrency users.
For instance, in March 2021, Morgan Stanley, an American investment bank, started to offer access to bitcoin funds to its wealth management clients. This enabled the company to improve its offerings. A significant amount of funds that are being raised by various venture capital firms in the market are expected to offer lucrative growth opportunities.
Among all types, bitcoin holds the largest market share. During the forecast period, it is anticipated that the emergence of Bitcoin Exchange Traded Funds (ETFs) will increase the volume of global bitcoin trades. For instance, the Purpose Bitcoin ETF in Canada saw the greatest inflow of USD 207 million in May 2022.
Many players are doing strategic partnerships and collaborations to expand their offerings. In November 2021, Ripple collaborated with Palau to investigate the country's first national digital currency and application scenarios for the XRP Ledger. This partnership helps to develop cross-border payments and USD-backed digital currency for Palau.
Cryptocurrency Market Report Highlights
The hardware segment dominated the cryptocurrency market in 2022 and is expected to maintain its leading position in the foreseeable future. As there are numerous companies that offer hardware solutions for cryptocurrency mining.
The Ethereum segment is anticipated to exhibit the fastest growth rate. Ethereum is a decentralized blockchain platform that enables the development of dApps and smart contracts.
The trading segment held the largest market share in 2022. Cryptocurrency trading involves taking a financial position based on the price direction of individual cryptocurrencies against the US dollar or against other cryptocurrencies.
North America is the dominant region in the global cryptocurrency industry, and it is expected to continue its dominance in the foreseeable future. The growth of the regional market is driven by the increasing utilization of cryptocurrencies in NFTs and their acceptance as a form of wealth storage. Investments are being made in blockchain technology and cutting-edge cryptocurrency mining equipment in the region.
The global key market players include BITMAIN Technologies Holding Company, NVIDIA Corporation, Bitfury Group Limited, Kraken, BitGo, BlockFi, Xilinx (AMD), Gemini Trust Company, LLC, Ledger SAS, Intel Corporation, AirSwap, Binance Holdings Ltd., Ripple, and Coinbase Global Inc.
Polaris Market Research has segmented the cryptocurrency market report based on component, type, end-use, and region:
Cryptocurrency, Component Outlook (Revenue - USD Million, 2019 - 2032)
Cryptocurrency, Type Outlook (Revenue - USD Million, 2019 - 2032)
- Bitcoin
- Ethereum
- Tether
- Binance Coin
- XRP
- Other
Cryptocurrency, End-Use Outlook (Revenue - USD Million, 2019 - 2032)
- Banking
- Gaming
- Government
- Healthcare
- Retail & E-Commerce
- Trading
- Other
Cryptocurrency, Regional Outlook (Revenue - USD Million, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Cryptocurrency Market Insights
- 4.1. Cryptocurrency Market - End-Use Snapshot
- 4.2. Cryptocurrency Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rise in need for transparency in the payment system
- 4.2.1.2. Increase in flow of remittances from foreign countries
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Lack of awareness about cryptocurrency among people
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Cryptocurrency Market End-Use Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Cryptocurrency Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 5.3. Hardware
- 5.3.1. Global Cryptocurrency Market, by Hardware, by Region, 2019-2032 (USD Million)
- 5.4. Software
- 5.4.1. Global Cryptocurrency Market, by Software, by Region, 2019-2032 (USD Million)
6. Global Cryptocurrency Market, by Type
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 6.3. Bitcoin
- 6.3.1. Global Cryptocurrency Market, by Bitcoin, by Region, 2019-2032 (USD Million)
- 6.4. Ethereum
- 6.4.1. Global Cryptocurrency Market, by Ethereum, by Region, 2019-2032 (USD Million)
- 6.5. Tether
- 6.5.1. Global Cryptocurrency Market, by Tether, by Region, 2019-2032 (USD Million)
- 6.6. Binance Coin
- 6.6.1. Global Cryptocurrency Market, by Binance Coin, by Region, 2019-2032 (USD Million)
- 6.7. XRP
- 6.7.1. Global Cryptocurrency Market, by XRP, by Region, 2019-2032 (USD Million)
- 6.8. Other
- 6.8.1. Global Cryptocurrency Market, by Other, by Region, 2019-2032 (USD Million)
7. Global Cryptocurrency Market, by End-Use
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 7.3. Banking
- 7.3.1. Global Cryptocurrency Market, by Banking, By Region, 2019-2032 (USD Million)
- 7.4. Gaming
- 7.4.1. Global Cryptocurrency Market, by Gaming, By Region, 2019-2032 (USD Million)
- 7.5. Government
- 7.5.1. Global Cryptocurrency Market, by Government, By Region, 2019-2032 (USD Million)
- 7.6. Healthcare
- 7.6.1. Global Cryptocurrency Market, by Healthcare, By Region, 2019-2032 (USD Million)
- 7.7. Retail & E-Commerce
- 7.7.1. Global Cryptocurrency Market, by Retail & E-Commerce, By Region, 2019-2032 (USD Million)
- 7.8. Trading
- 7.8.1. Global Cryptocurrency Market, by Trading, By Region, 2019-2032 (USD Million)
- 7.9. Other
- 7.9.1. Global Cryptocurrency Market, by Other, By Region, 2019-2032 (USD Million)
8. Global Cryptocurrency Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Cryptocurrency Market Assessment, By Geography, 2019-2032 (USD Million)
- 8.3. Cryptocurrency Market - North America
- 8.3.1. North America: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.3.2. North America: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.3.3. North America: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.3.4. Cryptocurrency Market - U.S.
- 8.3.4.1. U.S.: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.3.4.2. U.S.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.3.4.3. U.S.: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.3.5. Cryptocurrency Market - Canada
- 8.3.5.1. Canada: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.3.5.2. Canada.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.3.5.3. Canada: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4. Cryptocurrency Market - Europe
- 8.4.1. Europe: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.2. Europe.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.3. Europe: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.4. Cryptocurrency Market - UK
- 8.4.4.1. UK: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.4.2. UK.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.4.3. UK: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.5. Cryptocurrency Market - France
- 8.4.5.1. France: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.5.2. France.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.5.3. France: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.6. Cryptocurrency Market - Germany
- 8.4.6.1. Germany: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.6.2. Germany.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.6.3. Germany: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.7. Cryptocurrency Market - Italy
- 8.4.7.1. Italy: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.7.2. Italy.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.7.3. Italy: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.8. Cryptocurrency Market - Spain
- 8.4.8.1. Spain: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.8.2. Spain.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.8.3. Spain: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.9. Cryptocurrency Market - Netherlands
- 8.4.9.1. Netherlands: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.9.2. Netherlands.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.9.3. Netherlands: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.4.10. Cryptocurrency Market - Russia
- 8.4.10.1. Russia: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.4.10.2. Russia.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.4.10.3. Russia: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5. Cryptocurrency Market - Asia Pacific
- 8.5.1. Asia Pacific: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.2. Asia Pacific.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.3. Asia Pacific: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.4. Cryptocurrency Market - China
- 8.5.4.1. China: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.4.2. China.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.4.3. China: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.5. Cryptocurrency Market - India
- 8.5.5.1. India: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.5.2. India.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.5.3. India: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.6. Cryptocurrency Market - Malaysia
- 8.5.6.1. Malaysia: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.6.2. Malaysia.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.6.3. Malaysia: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.7. Cryptocurrency Market - Japan
- 8.5.7.1. Japan: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.7.2. Japan.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.7.3. Japan: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.8. Cryptocurrency Market - Indonesia
- 8.5.8.1. Indonesia: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.8.2. Indonesia.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.8.3. Indonesia: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.5.9. Cryptocurrency Market - South Korea
- 8.5.9.1. South Korea: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.5.9.2. South Korea.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.5.9.3. South Korea: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.6. Cryptocurrency Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.6.2. Middle East & Africa.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.6.3. Middle East & Africa: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.6.4. Cryptocurrency Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.6.4.2. Saudi Arabia.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.6.4.3. Saudi Arabia: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.6.5. Cryptocurrency Market - UAE
- 8.6.5.1. UAE: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.6.5.2. UAE.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.6.5.3. UAE: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.6.6. Cryptocurrency Market - Israel
- 8.6.6.1. Israel: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.6.6.2. Israel.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.6.6.3. Israel: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.6.7. Cryptocurrency Market - South Africa
- 8.6.7.1. South Africa: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.6.7.2. South Africa.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.6.7.3. South Africa: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.7. Cryptocurrency Market - Latin America
- 8.7.1. Latin America: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.7.2. Latin America.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.7.3. Latin America: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.7.4. Cryptocurrency Market - Mexico
- 8.7.4.1. Mexico: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.7.4.2. Mexico.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.7.4.3. Mexico: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.7.5. Cryptocurrency Market - Brazil
- 8.7.5.1. Brazil: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.7.5.2. Brazil.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.7.5.3. Brazil: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
- 8.7.6. Cryptocurrency Market - Argentina
- 8.7.6.1. Argentina: Cryptocurrency Market, by Component, 2019-2032 (USD Million)
- 8.7.6.2. Argentina.: Cryptocurrency Market, by End-Use, 2019-2032 (USD Million)
- 8.7.6.3. Argentina: Cryptocurrency Market, by Type, 2019-2032 (USD Million)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. BITMAIN Technologies Holding Company
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. NVIDIA Corporation
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Bitfury Group Limited
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Kraken
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. BitGo
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. BlockFi
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Xilinx (AMD)
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Gemini Trust Company, LLC
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Ledger SAS
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Intel Corporation
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. AirSwap
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Binance Holdings Ltd
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Ripple
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Coinbase Global Inc.
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development