According to the business intelligence report titled, ‘Cryptocurrency Market Size By Component (Hardware [Graphical Processing Unit, Field Programmable Gate Array, Application-Specific Integrated Circuit], Software [Mining Software, Trading Software]), By Type (Bitcoin, Binance Coin, Ethereum, XRP, Tether, Cardono), By End-use (E-commerce & Retail, Trading, Peer-to-Peer Payment, Remittance), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, the cryptocurrency market is estimated to witness considerable growth during 2021-2027.

Growing acceptance of cryptocurrencies in established as well as developing economies is the primary factor driving the growth of the cryptocurrency market. Favorable government regulations and rising adoption of digital currency for online transactions are adding to the industry value.

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Furthermore, inflowing venture capital investments, privatization of cryptocurrencies, and rising adoption of digital assets are adding considerable traction to industry development.

Despite the positive industry outlook. the risk of volatile exchange rates may impede the growth in the upcoming years, claims the study.

Based on component, the market is divided into software and hardware. The mining software sub-segment is slated to grow at stable y-o-y rate of 10.5% due to surge in crypto transactions and increase in data mining activities.

The field programmable gate array (FGPA) sub-segment within the hardware division is estimated to record a healthy CAGR of 9% during the analysis timeline owing to reduced demand from cryptocurrency miners. Moreover, capability of FGPA to process data more efficiently than sequential operation systems is adding to the product demand.

Within cryptocurrency market product type landscape, the Binance coin segment is projected to record a robust growth rate due its increasing popularity across industries and versatility as it is embedded with different use cases at its core.

Meanwhile, the Cordano sub-segment is expected to witness a CAGR of more than 11% due to the emergence of smart contracts. Other sub-segments such as Dogecoin and Litecoin are also projected to grow substantially during the assessment timeframe due to increasing investments in such cryptocurrencies.

With respect to the end-user, remittance segment is touted to record 11% CAGR over the analysis period, creditable to rising importance of cryptocurrencies across various industries.

From a regional frame of reference, Middle East and Africa cryptocurrency industry is slated to record a CAGR of 11 % through 2027 due to a favorable regulatory framework and widespread ownership of cryptocurrencies in the region.

The competitive landscape of the market is majorly influenced by key players such as BitGo, NiceHash, Binance, Ledger SAS, and Bitfury Group.