Chicago, Dec. 12, 2022 (GLOBE NEWSWIRE) -- cryptocurrency market by offer (hardware and software), process (mining and transaction), type, application (trade, remittances, payment: peer-to-peer, e-commerce and retail), and geography"Get an overview of the report structure, market segmentation and market size, company analysis, and regional opportunities covered in the report
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Scope of the cryptocurrency industry
| report metric | Details |
| Market growth rate | CAGR of 7.1% |
| Expected value | USD 2.2 billion by 2026 |
| Estimated value | USD 1.6 billion in 2021 |
| Region with the highest participation | APAC |
| Market size available by years | 2015-2026 |
| base year | 2020 |
| forecast period | 2021-2026 |
| units | Value (USD) |
| segments covered | Supply, process, type and geography |
| Geographic Regions Covered | North America, APAC, Europe and Rest of the World |
| companies covered |
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Growth dynamics of the cryptocurrency market
Driver: Transparency of distributed ledger technology
Issues related to lack of transparency arise when transactions are made without the knowledge of the interested parties, especially in Asian countries, where various cases of fraudulent or unwanted transactions, such as deduction of scheduled charges, are frequently observed.
This can be due to human error, machine error, or data manipulation during the transaction process, and can cause clients to lose large amounts of money. Also, in most cases, financial institutions do not accept their fault. This lack of transparency in the current monetary system generates discontent among the public.
Constraint: uncertain regulatory status
The cryptocurrency market is not yet regulated. Currently, the lack of regulations and the uncertainty regarding them are among the main factors that restrict the adoption of cryptocurrencies.
While financial regulators around the world are working to find common standards for cryptocurrencies, regulatory acceptance remains one of the biggest challenges. As distributed ledger technology is still in its infancy, it raises a number of questions for regulators and policy makers nationally and internationally.
Opportunity: Significant growth opportunities in emerging and developed markets
Emerging economies (such as India, China, and Brazil) and developed countries (such as the US, Germany, and Japan) are expected to offer significant growth opportunities for companies operating in the cryptocurrency market.
For example, in 2020, Brazilian crypto companies signed a self-regulation code that aims to legitimize and boost the adoption of crypto assets in the country. The document was signed under the auspices of Abcripto, the country's association of cryptocurrency companies.
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software developed by
IBM is a leading multinational company in the development of hardware and software technologies for computer systems and in the provision of consulting services. It is a leading provider of cognitive solutions and has artificial intelligence capabilities for data and analytics. IBM offers IBM Cloud products categorized as IBM Bluemix PaaS, IBM Cloud IaaS, and IBM SaaS. These categories include products such as computing, networking, storage, management, security, and databases. The company innovates new platform models based on cloud computing and has become a world leader in enterprise hybrid cloud solutions. It has a strong global presence in North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. The company serves various verticals, including automotive, aerospace and defense, healthcare, government, insurance, retail, telecommunications, and media and entertainment.
Oracle operates in cloud and licensing, hardware and services businesses. Oracle's cloud and licensing offerings include application, database, and middleware software offerings. The Hardware Offerings segment includes engineered systems, servers, storage, and industry-specific products and services for its customers and partners. Oracle develops database platforms, middleware software, application software, cloud infrastructure systems, computer servers, storage, and network products.
Oracle offers Oracle Cloud which is further classified into Oracle Cloud PaaS, Oracle Cloud SaaS, and Oracle Cloud Infrastructure (OCI). Oracle PaaS is an integrated platform that enables customers to seamlessly and cost-effectively build, deploy, and manage application workloads. Oracle Cloud SaaS provides customers with faster, more innovative services in a complete, secure, and connected cloud suite. OCI encompasses compute, storage, network, container services, and migration tools. Oracle offers a broad portfolio of cloud solutions for business functions, including ERM, HCM, customer experience, SCM, and Field Service Management (FSM).
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Recent developments in cryptocurrency market trends
- In March 2018, NVIDIA announced a series of new technologies and partnerships that expand its potential inference market to 30 million hyperscale servers worldwide, while dramatically lowering the cost of delivering services based on the deep learning.
- In February 2018, AMD launched the EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor that offer high performance, exceptional integration, and on-chip security.
How will the increasing adoption of cryptocurrency for mining affect the growth rate of the overall market? The Mining Process market is estimated to grow at a higher CAGR during the forecast period. Mining is an integral process for the generation, transmission and validation of cryptocurrency transactions. It ensures a stable, safe and secure spread of currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.
Related reports:
the Crypto ATM Market it is expected to reach $144.5 million by 2023 from $6.8 million in 2017, at a CAGR of 54.7% over the forecast period.
the Microprocessor and GPU market estimated at USD 103 billion in 2020 and expected to reach USD 138.2 billion in 2025; at a CAGR of 6.1%.
