Cryptocurrency Market to be Worth $11.71 Billion by 2030: Grand View Research, Inc.

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Apr 03, 2023, 05:50 ET

SAN FRANCISCO, April 3, 2023 /PRNewswire/ -- The global cryptocurrency market size is expected to reach USD 11.71 billion by 2030, registering a CAGR of 12.5% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The market growth is anticipated to be fueled by the increasing demand for better data security, operational transparency, and the incorporation of blockchain technology in digital payment systems. Additionally, the legalization of the purchase, sale, and trading of digital currencies in several developed countries, such as the U.S., is fostering industry expansion.

Key Industry Insights & Findings from the report:

The hardware segment is estimated to dominate the market in 2022. The dominance can be attributed to the increasing demand for cryptocurrency mining devices to mine new coins and include them in the supply chain.
The graphics processing unit (GPU) segment is expected to witness the fastest growth during the forecast period. The growth can be attributed to the rising demand for GPU in crypto mining as it consumes less energy and offers high-speed processing.
The wallet segment is anticipated to witness the fastest growth during the forecast period. The growing demand for cryptocurrency wallets for trading, sending, and receiving cryptocurrencies is anticipated to fuel the segment's growth.
The mining segment is estimated to dominate the market in 2022. The dominance can be attributed to the growing investment by several companies to build crypto mining farms.
The bitcoin segment has dominated the market in 2022 and is anticipated to grow at the fastest CAGR through the projection period. The growth can be attributed to the increasing popularity of Bitcoin. Moreover, acceptance of Bitcoin by several emerging countries, such as El Salvador, is anticipated to spur the growth of the segment.
The retail & e-commerce segment is anticipated to grow at the fastest CAGR through the projection period. The growing acceptance of cryptocurrencies by several retail &e-commerce stores is anticipated to aid the growth of the segment.
The Asia Pacific is expected to register rapid growth during the forecast period. The presence of crypto mining companies in the region is predicted to propel regional market growth.

Read 180 page full market research report for more latest industry insights, "Cryptocurrency Market Size, Share & Trend Analysis Report By Component, By Hardware, By Software, By Process (Mining, Transaction), By Type, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Cryptocurrency Market Growth & Trends

The cryptocurrency industry is anticipated to grow owing to the rising global popularity of digital currencies such as bitcoin, Ethereum, and Litecoin. This growing popularity can be credited to the capacity of cryptocurrencies to provide quick, transparent, safe, and effective payment to users. As stated by Crypto.com, there were 295 million crypto owners in December 2021 as compared to 228 million in July 2021.

The market for cryptocurrencies is anticipated to be positively impacted by the recent advancements in artificial intelligence. Numerous businesses have been motivated to concentrate on their development as a result of the increased popularity of AI-based cryptocurrency platforms. For instance, in August 2021, Los Alamos National Laboratory researchers reported that they had created an artificial intelligence algorithm to recognize unauthorized cryptocurrency miners who utilize research computers for cryptocurrency mining.

The COVID-19 pandemic adversely impacted market growth in 2020, while 2021 saw a steady uptick. The sales of cryptocurrency mining hardware were slowed down by the global supply chain slowness caused by the border closures in 2020, which restrained the market's expansion. Moreover, owing to the COVID-19 consequences blockchain companies were compelled to reduce their staffing levels and budgets in 2020. For instance, Cipher Trace decreased its advertising and market department jobs, and Elliptic lay off employees in the U.S. as well as the U.K.

Cryptocurrency Market Segmentation

Grand View Research has segmented the global cryptocurrency market based on the component, hardware, software, process, type, end-use, and region.

Cryptocurrency Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

Hardware
Software

Cryptocurrency Market - Hardware Outlook (Revenue, USD Million, 2017 - 2030)

Central Processing Unit
Graphics Processing Unit
Application-Specific Integrated Circuit
Field Programmable Gate Array

Cryptocurrency Market - Software Outlook (Revenue, USD Million, 2017 - 2030)

Mining Software
Exchange Software
Wallet
Payment
Others

Cryptocurrency Market - Process Outlook (Revenue, USD Million, 2017 - 2030)

Mining
Transaction

Cryptocurrency Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Bitcoin
Bitcoin Cash
Ethereum
Litecoin
Ripple
Others

Cryptocurrency Market - End-Use Outlook (Revenue, USD Million, 2017 - 2030)

Banking
Gaming
Government
Healthcare
Retail & E-commerce
Trading
Others

Cryptocurrency Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany

Asia Pacific

China
South Korea
Japan

Latin America

Brazil

Middle East & Africa (MEA)

List of Key Players in Cryptocurrency Market

Advanced Micro Devices, Inc.
Binance
Bit fury Group Limited
BitGo, Inc.
Bit Main Technologies Holding Company
Intel Corporation
NVIDIA Corporation
Ripple
Xapo Holdings Limited
Xilinx, Inc.

Check out more related studies published by Grand View Research:

Crypto Wallet Market - The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, registering a CAGR of CAGR of 24.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Crypto wallets help users to store their private keys securely and use them while carrying out any transactions in cryptocurrency. Increasing use of cryptocurrency for individual and commercial use, growing demand for enhanced security in crypto transactions, expanding use of smartphones, and internet penetration are the factors expected to drive the growth of crypto wallets during the forecast period.
Cryptocurrency Exchange Platform Market - The global cryptocurrency exchange platform market size is expected to reach USD 264.32 billion by 2030, growing at a CAGR of 27.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising awareness about cryptocurrencies and their advantages, such as flexibility and security, is driving the industry's growth. The strong emphasis on secure and decentralized networks owing to the emergence of blockchain technology also bodes well with the market growth. Several market players have invested in research and development activities to introduce advanced innovative exchange platforms. For instance, in July 2022, Billium, an exchange based in Dubai, announced the launch of a new-age platform to carry out decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named 'Billium Copy Trading', which will allow novice users to follow the trades of the professionals.
Cryptocurrency Payment Apps Market - The global cryptocurrency payment apps market size is expected to reach USD 2.15 billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing adoption of blockchain technology is anticipated to drive the growth of the market. The increased emphasis cryptocurrency payment app providers are putting on offering enhanced payment solutions also bodes well for the growth of the market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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