Cryptocurrency Market Analysis by Growth Strategies and Comprehensive Forecast to 2027

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Sep 12, 2022 (Market Insight Reports) — North American cryptocurrency market outlook is expected to be bolstered significantly, owing to the vast presence of technology enterprises and persistent technological progress in the region. many technology companies are also making efforts to improve cryptocurrency mining capacities, which could foster favorable market trends in the region.

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Burgeoning demand for secure transactions and digital assets will contribute heavily to cryptocurrency market dynamics over the forecast spell. Recent years have observed a significant rise in the need for cost-effective, digital currency payment systems across the commercial spectrum, which is expected to propel industry progress in the years ahead. Cryptocurrencies, coupled with distributed ledger technologies, are designed to facilitate better tracking and trading capabilities.

Myriad technology businesses worldwide are emphasizing the advancement of financial systems based on blockchain. Companies are also vying for a competitive position in the global market space, by promoting the use of digital assets, which could, in turn, augment cryptocurrency market adoption, via the development of sophisticated cryptocurrency hardware and software components.

Based on component, the cryptocurrency industry is categorized into hardware and software. The hardware segment is further bifurcated into Application-Specific Integrated Circuit, Field Programmable Gate Array, and Graphical Processing Unit (GPU). Of these, the GPU segment is anticipated to exhibit a 10% CAGR through 2027. This growth is credited mainly to the use of GPUs for performance optimization in the cryptocurrency mining process.

These components can address and cater to the need for high-performance efficiency in the processing of repetitive computations. Furthermore, the rising availability of sophisticated ALUs (Arithmetic Logic Units) will also contribute to more extended output in cryptocurrency mining activities.

Based on type, Ethereum is expected to garner significant market demand, as a result of the intensifying focus on decentralized finance as well as the establishment of smart contracts. Ethereum is a prominent digital currency, with robust payment and cryptography capabilities. It is built on the financial system of the Ethereum Corporation, which enables users to trade Ethereum for ETH-backed tokens.

With respect to application, the e-commerce and retail cryptocurrency market is set to amass substantial gains over the forecast period. Several technology businesses are working towards developing cutting-edge solutions and services that could facilitate cryptocurrency usage in e-commerce transactions. For example, in March 2021, RocketFuel Blockchain Inc. introduced a secure APU for e-commerce support, which could allow users to choose from an array of cryptocurrencies to pay for products purchased online.

Nvidia Corporation, Advanced Micro Devices Inc., Intel Corporation, Canaan Inc., and Bitmain Technologies are the key players strengthening the global cryptocurrency market outlook. These companies are placing increasing focus on expanding the operational capacities of their products, as well as adding new products to their existing portfolios, to secure a strong position in the competitive business landscape.

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Partial Chapter of the Table of Content

Chapter 6. Cryptocurrency Market, By Type

6.1. Key trends, by type

6.2. Bitcoin

6.2.1. Market estimates and forecast, 2016 – 2027

6.3. Binance coin

6.3.1. Market estimates and forecast, 2016 – 2027

6.4. Ethereum

6.4.1. Market estimates and forecast, 2016 – 2027

6.5. XRP (Ripple)

6.5.1. Market estimates and forecast, 2016 – 2027

6.6. Tether

6.6.1. Market estimates and forecast, 2016 – 2027

6.7. Cardono

6.7.1. Market estimates and forecast, 2016 – 2027

Chapter 7. Cryptocurrency Market, By End-use

7.1. Key trends, by end-use

7.2. E-commerce & retail

7.2.1. Market estimates and forecast, 2016 – 2027

7.3. Trading

7.3.1. Market estimates and forecast, 2016 – 2027

7.4. Peer-to-peer payment

7.4.1. Market estimates and forecast, 2016 – 2027

7.5. Remittance

7.5.1. Market estimates and forecast, 2016 – 2027

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The MarketWatch News Department was not involved in the creation of this content.