Global Cryptocurrency and Blockchain Market Scope Report

Global Cryptocurrency and Blockchain Market Highlights Over 2023 - 2035

The global cryptocurrency and blockchain market is estimated to garner a revenue of ~ USD 5 billion by the end of 2035 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 2 billion in the year 2022. The effectiveness of blockchain technology in verifying and tracing multistep transactions, has resulted in an increased spending on and adoption of the same, driving the market growth. For instance, the worldwide expenses on blockchain solutions is projected to reach ~USD 20 billion by 2024.

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Blockchain technology is inevitable for most of the cryptocurrencies for their want for a central authority, unlike national currency. Blockchain reduces the risk of bitcoin transactions by spreading the operations across a network of computers. It also eases compliance costs by eliminating many transactions and processing fees and accelerates processing data transfer.

Global Cryptocurrency and Blockchain Market: Growth Drivers and Challenges

Growth Drivers

• Gradual Adoption for Cryptocurrency Among Banks and Financial Institutions – As of 2022, ~81% of central banks worldwide are estimated to be planning to launch their cryptocurrencies. As digital currencies are secure from hacks and thefts, well-established banks can use them to boost their customer’s confidence in them. Though cryptocurrency is a way for the unbanked to access financial services without a traditional bank account, bank supervision should benefit these digital currencies by fostering the notion to the majority that cryptocurrency transactions are safe.

• Soaring Demand for Remittances in Developing Nations – According to the World Bank, the flow of officially recorded remittances to low- and middle-income nations amounted to ~ USD 541 billion in 2020.

• Grave Concern Over Cybersecurity – It is estimated that in 2022, ~69% of business leaders are concerned about the increasing risks to their cybersecurity.

• Significant Presence of Bitcoin Friendly Nations – As of 2022, there are more than 110 nations around the world where cryptocurrencies and especially Bitcoins are legally recognized.

Challenges

• High Costs Involved in Implementation

• Lack of Familiarity with Cryptocurrency

• Negative Narratives as a Result of Lack of a Regulatory Body

The global cryptocurrency and blockchain market are segmented and analyzed for demand and supply by type into bitcoin, ether, Litecoin, ripple, ether classic, and others. The high adoption of bitcoin from among the digital currencies makes it the segment to hold a significant market size by 2035. The segmental expansion could be attributed to the restricted supply and rising demand for bitcoins. The maximum supply of Bitcoin is confined to 21 million coins to regulate price fluctuations that should arise from too many Bitcoins in the market. As of 2022, Bitcoins are owned by more than 64% of cryptocurrency users.

Global Cryptocurrency and Blockchain Market Regional Synopsis

Regionally, the global cryptocurrency and blockchain market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2035. The large-scale adoption of cryptocurrencies by the nations in the region is evident from how over 30% of worldwide transactions of cryptocurrencies in mid-2019 and mid-2020 took place in East Asia. This broad use of these digital currencies has also resulted in over 599 crypto and blockchain businesses being headquartered in Southeast Asia. The prevalent digital transformation, mobile payments, presence of young investors, and the unbanked population are significant motivations for cryptocurrency usage in the region. Further, China has a dedicated approach toward blockchain technology by including it in its five-year plan.

Market Segmentation

Our in-depth analysis of the global cryptocurrency and blockchain market includes the following segments:

Key Companies Dominating the Global Cryptocurrency and Blockchain Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global cryptocurrency and blockchain market that are included in our report are International Business Machines Corporation (IBM Corp.), Microsoft Corporation, The Linux Foundation, Seeking Alpha Ltd, Chain, Inc., Circle Internet Financial Limited, Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., Monax Industries, Ltd, and others.

Global Cryptocurrency and Blockchain Market: Latest Developments

• June, 2022: Deloitte Touche Tohmatsu Limited – announced in coalition with NYDIG, a strategic alliance aiming to help all enterprises to carry out digital asset capabilities in the businesses.

• June, 2022: Circle Internet Financial Limited – announced entering into a definitive agreement to acquire CYBAVO, a Taiwan-based crypto technology company to progress in the adoption of Web3 and USDC.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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