Cryptocurrency Industry Data Book Covers Cryptocurrency Mining Hardware Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Markets.
The global cryptocurrency market generated over USD 40.09 billion in 2021 and is expected to grow at a CAGR of 26.8% over the forecast period.
Cryptocurrency Exchange Platform Market Growth Trends
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.
The growing popularity of cryptocurrencies led several financial services companies to collaborate with cryptocurrency exchanges to enhance their service offerings. For instance, in March 2021, Visa, Inc. announced to settle transactions in U.S. Dollar Coin (USDC) on Ethereum with cryptocurrency partners. In March 2021, Visa, Inc. accepted its first settlement in USDC from its crypto wallet partner Crypto.com. Such developments are expected to propel industry growth over the forecast period. The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the industry over the forecast period. Investors worldwide have shifted their interest toward cryptocurrencies as the cryptocurrency segment is decentralized. In addition, as it is not governed by any central authority, it eliminates the political influence during troubled times, such as the pandemic.
Crypto Wallet Market Growth Trends
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.
Crypto wallets allow users to send, store and receive cryptocurrencies such as Bitcoin, Ethereum, and Ripple. Crypto wallets store the private keys for cryptocurrency and keep them safe. Increasing traction about the met averse and Web 3.0 is expected to drive future demand for cryptocurrencies and crypto wallets. Cryptocurrencies are expected to act as a primary tool for trading, buying, or moving in the met averse.
The growing internet penetration and smartphone usage are the factors expected to fuel demand for crypto wallets. Internet users worldwide increased from 4,585 million to 4,901 million from 2020 to 2021. The increasing internet usage is contributing to the adoption of cryptocurrencies across the globe. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrency, which is easily accessible, and downloadable software. The increasing smartphone penetration is driving mobile crypto wallet downloads, thereby contributing to the market’s growth.
Businesses across the globe realize the importance of cryptocurrencies. Apart from personal use, cryptocurrencies are increasingly used as a store of value and medium of a trade by businesses. Cryptocurrencies are being used as a new avenue to enhance traditional financial activities, such as enabling real-time, fast payment transactions and managing risks and opportunities of engaging in digital investments. The growing adoption of cryptocurrencies for commercial use is driving adoption of the crypto wallets, thereby driving the market’s growth.
COVID-19 had a positive impact on the crypto wallet market. In the face of financial extremities and economic meltdowns created due to the pandemic, cryptocurrencies have proved more resilient. During these economic downturns, technologically inclined investors sought cryptocurrencies as a steadier store of value, which created a boom in the cryptocurrency market.
Moreover, the rapid digitization and high-speed internet infrastructure growth fueled by the pandemic created a rich environment for digital currency. All these factors are expected to contribute to the growing crypto wallet market in the future.
Access the Global Cryptocurrency Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory technological framework studies
Cryptocurrency Payment Apps Market Growth Trends
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.
Services that merge bitcoin with conventional bank-based payments are expanding and providing crypto users flexibility. For instance, in June 2022, the cryptocurrency exchange Coincoinx introduced a service named Coinpago that would let customers pay in Venezuela without having to exchange their cryptocurrency for fiat. Coinpago is expected to enable customers to make purchases at any merchant or store in the nation.
The growing acceptance of cryptocurrency as an alternative to fiat currencies is anticipated to propel the market’s expansion during the forecast period. For instance, in August 2022, Gucci with the integration of BitPay, becomes the first prominent brand to accept payments via ApeCoin. With this, customers across the U.S. will be able to buy products from its stores through ApeCoin via BitPay’s payment infrastructure.
Over the course of the projection period, the COVID-19 outbreak is anticipated to significantly contribute to the growth of the market for crypto payment apps. The rising emphasis on digitalization and the growing popularity of contactless payments since the outbreak is anticipated to provide new opportunities for the growth of the market. In addition, the rising demand for faster checkouts and flexibility to choose from multiple payment methods at physical payment terminals is expected to accentuate the market’s growth.
Crypto ATM Market Growth Trends
The global crypto ATM market size is expected to reach USD 5,450.9 million by 2030, registering a CAGR of 62.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the cryptocurrency ATM market can be attributed to the growing usage of cryptocurrencies for making payments at several retail stores. At the same time, crypto ATMs enable users to convert cryptocurrency into fiat cash by selling cryptocurrency is also one of the major factors driving the growth of the market.
The rising awareness and adoption of cryptocurrencies among retailers, such as Walmart and Circle K, are expected to drive the growth of the crypto ATM market over the forecast period. Furthermore, according to the survey of Bitstamp in 2022, a cryptocurrency exchange service provider, it is found that 75% of retail investors and 88% of institutional investors believe that cryptocurrencies will see mainstream adoption over the next ten years. In addition, several businesses, including restaurants and commercial spaces, are involved in installing crypto ATMs to earn extra revenues, which is expected to further fuel the market’s growth.
Growth in the acceptance of bitcoin payments has also led to a rise in bitcoin ATM installations globally. According to the data provided by Coin ATM Radar, a bitcoin ATM information provider, nearly 23 bitcoin ATMs are installed each day globally. Moreover, earlier in December 2021, around 1,970 crypto ATMs were installed across the globe. Thus, the rising bitcoin ATM industry is further expected to create growth opportunities for the crypto ATM market over the forecast period.
The outbreak of the COVID-19 pandemic is expected to impact the growth of the market positively. Users across the globe are demanding more advanced software in crypto ATMs so that the process of storing, buying, and selling cryptocurrencies can be made easy. Furthermore, crypto ATM providers are also focusing on launching advanced software to simplify the process of crypto ATMs for transactions.
Order your copy of the Free Sample of “Cryptocurrency Industry Data Book - Cryptocurrency Mining Hardware Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 - 2030” Data Book, published by Grand View Research
Competitive Landscape
Key players operating in the cryptocurrency industry are –
- BlockFi International Ltd
- Coinmama
- eToro
- Coinbase
- Binance
- Canaan Inc.
- INTELION (Halong Mining)
- ASICminer Company
Grand View Research’s cryptocurrency industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Go through the table of content of Cryptocurrency Industry Data Book to get a better understanding of the Coverage Scope of the study
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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