Cryptocurrency Market 2021 - Trends, Competitor Analysis and Regional Share Report to 2027

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Cryptocurrency Market 2021 2027 Geography
Insights and Recent Developments Analysis

• 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.
• Rapid progress in blockchain-powered financial
  technologies and distributed hyper ledgers will
  therefore create favorable opportunities for
  cryptocurrency market growth over the projected
  timeline. As per estimates from a Global Market
  Insights, Inc. study, the cryptocurrency market
  size is set to surpass 1.8 billion by 2027.
  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.

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• 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.

• 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.

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• Regional Analysis

• From a regional perspective, the North American
  cryptocurrency industry 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.

• Competitive Analysis

• Nvidia Corporation, Advanced Micro Devices Inc.,
  Intel Corporation, Canaan Inc., and Bitmain
  Technologies are the key players strengthening
  the global cryptocurrency industry 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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