Bitcoin is the dominating currency among other cryptocurrencies and is holding the major market cap.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Worldwide Cryptocurrency and Blockchain Technology Market – Drivers, Opportunities, Trends, and Forecasts: 2016–2022” (December 2016).
According to Infoholic Research, cryptocurrency is a new revenue stream in the digital finance world. Globally, more than 100 genres of cryptocurrencies exist, but only a few types of cryptocurrencies are well-known in the market – bitcoin, ripple, dogecoin, litecoin, peercoin, etc. Among these, bitcoin is dominant in the cryptocurrency ecosphere.
The world is witnessing a major shift with consumers moving towards wallet apps for monetary transactions owing to fast and secure transfers, which are globally accepted. In this space, mobile based cryptocurrency wallets are gaining demand in the market. The prime drivers of the cryptocurrency market include proper security, authentication, and ease of transactions. These drivers are inevitably pushing the cryptocurrency market growth. According to Infoholic Research, the market is expected to grow at a CAGR of 35.2% during the forecast period 2016–2022 to touch an aggregate of $42.16 billion by 2022.
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The cryptocurrency and blockchain technology market is analyzed based on two segments – verticals and regions. The regions covered in the cryptocurrency and blockchain technology market report are Americas, Europe, Middle East & Africa, and Asia Pacific. In the Americas region, the US, Canada, Brazil, Mexico, and Argentina are set to be the leading countries for the market growth and the Americas market revenue is expected to reach $15.60 billion by 2022. Europe is set to be the second most leading region, which is expected to hold more than 35% of the market share by 2022. In Asia Pacific, India is set to be the most attractive country for the players and holds huge business opportunities. Meanwhile, the MEA region will be an emerging market in the next 5–6 years for cryptocurrency and blockchain technology market.
The verticals covered in the cryptocurrency and blockchain technology market report are BFSI, retail, media & entertainment, gaming industry, healthcare, travel & tourism, transportation & logistics, education, and others. Alongside individual customers, rising online business and usage of mobile based wallets in industries are fueling the market expansion. The retail industry market revenue is expected to reach $10,447.2 million by 2022 along with healthcare and education industries being projected to be the emerging verticals for the market growth.
“Nowadays, enterprises are moving towards the digitalization due to which, security breaches are gradually increasing. The adoption of blockchain technology can be a key element to reduce the security issues.” – Jaydeep Bhattacharjee, Group Head at Infoholic Research
“The cryptocurrency and blockchain technology market is at a nascent stage. The awareness about the blockchain and cryptocurrencies is growing among the enterprises and consumer landscape. The market is anticipated to see a double-digit growth and developing countries are set to be an untapped market for the players to capture the revenue.” – Bhavya H, Senior Research Analyst at Infoholic Research
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Further, the report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides the complete details about the various types of cryptocurrency overview
- Provides the complete details about the analysis of top 16 players
- Provides industry outlook including current and future market trends and drivers, restraints and emerging technologies
- Market is analyzed by countries – the US, Germany, Canada, Argentina, the UK, Germany, Poland, Italy, France, China, Japan, India, Singapore, Vietnam, GCC Countries, Africa, and Others
Ms. Sunanda Ganguli
Infoholic Research LLP