According to the research literature titled ‘Cryptocurrency Market Size By Component, 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 Market Study Report, global cryptocurrency market is projected to showcase an appreciable growth rate during the forecast period 2021-2027.
 

As per the research findings, advancements in financial technology, surge in venture capital investments, rising adoption of digital assets, and favorable government regulations are the major factors driving the global cryptocurrency market growth.
 

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Moreover, increasing acceptance of digital currency for online transactions across various sectors is enhancing the industry outlook. On the contrary, data security concerns and volatile currency exchange rates are negatively impacting the business dynamics.
 

Elaborating further on the subject, cryptocurrency, a form of digital currency, has witnessed widespread adoption over the last decade as it facilitates virtual, secure, and confidential transactions.
 

Based on type, global cryptocurrency market from binance coin segment is grow at a strong pace due to growing popularity across industries as it is highly versatile and has various use cases. Meanwhile, cardoon segment is anticipated to record 11% CAGR through 2027, creditable to growing focus on smart contracts.
 

In terms of component, the industry is split into hardware and software. Under the hardware segment, field programmable gate array (FPGA) is anticipated to register a steady CAGR of 9% over the projected timeline, owing to limited demand from cryptocurrency miners. Meanwhile, mining software segment is projected to grow at y-o-y rate of 10.5% through 2027 due to increasing volumes of crypto transactions.
 

Considering the end-use spectrum, global cryptocurrency industry size from remittance segment is slated to register a CAGR of 11% over the assessment period, attributable to rising importance of cryptocurrencies across various industry verticals.
 

On the geographical front, Latin America cryptocurrency market value is anticipated to multiply at annual rate of over 10% during 2021-2027, largely driven increasing ownership of cryptocurrencies among the populace and presence of a supportive regulatory framework.
 

Speaking of the competitive landscape, Squirrels Research Labs LLC, SatoshiLabs s.r.o., Robinhood Financial LLC, Ripple Labs Inc., Nvidia Corp., Nicehash Ltd., Ledger SAS, IntelliBreeze Software AB, Intel Corp., Ethereum Foundation, Easy Miner, Cudo Ventures Ltd., CB Payments Ltd., Canaan Inc., Bitmain Technologies Ltd., BitGo, Bitfury Group, Binance, and Advanced Micro Devices Inc. are the top contenders in global cryptocurrency market sphere.