The virtual currency global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Virtual Currency Market, 2024The virtual currency global market report 2024
Market Size – The virtual currency market size has grown rapidly in recent years. It will grow from $2.41 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to cryptocurrency dominance in developed countries, the growing need for efficiency and convenience in payment methods, the presence of prominent digital payment companies, increasing investments from institutional investors, and demand for the coin, its utility, scarcity
The virtual currency market size is expected to see rapid growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to an increasing substantial node count, favorable government regulations, investment by private venture companies, increasing acceptance of virtual currencies by consumer businesses, and increasing usage of blockchain technology. Major trends in the forecast period include the adoption of digital currency e-rmb, the launch of the bitcoin exchange-traded fund (ETF), the emergence of new cryptocurrencies, advancement in blockchain technology, and investment in innovative startups.
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Scope Of Virtual Currency MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Virtual Currency Market Overview
Market Drivers -The rising demand for digital payments is projected to foster the growth of the virtual currency market in the near future. Digital payments encompass any form of monetary transactions conducted electronically, and the increasing adoption of these payment methods is driven by their convenience, security, and speed compared to traditional methods. Digital payment systems facilitate the adoption of virtual currency by providing seamless and secure transaction methods that integrate with various digital wallets and platforms. For example, in October 2023, data from the Canadian Payments Association, a payment regulation and settlement organization based in Canada, showed that Canadian payment transactions via online transfers increased from 1,007 million in 2021 to 1,118 million in 2022, representing an 11% rise. Therefore, the rising demand for digital payments is significantly contributing to the growth of the virtual currency market, with market size values for 2023, 2024, and projections for 2028 demonstrating this trend.
Market Trends – Major companies operating in the virtual currency market are focusing on developing advanced financial infrastructure, such as institutional-grade solutions, to enhance security and integration for digital assets. Institutional-grade solutions refer to advanced financial systems designed to meet the high security, compliance, and operational standards required by large institutional investors. For instance, in October 2022, BNY Mellon, a US-based financial services company, launched a digital asset custody platform in the US, enabling a select group of clients to securely hold and transfer Bitcoin and Ethereum. It is the first multi-asset platform to integrate the custody of digital and traditional assets, providing an innovative solution enabling institutional clients to manage cryptocurrencies such as Bitcoin and Ethereum alongside their conventional financial assets.
The virtual currency market covered in this report is segmented –
1) By Type: Centralized Virtual Currency, Decentralized Virtual Currency
2) By Component: Hardware, Software
3) By Usage: Trading, E-Commerce And Retail, Remittance, Payment, Other Usages
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Regional Insights – Asia-Pacific was the largest region in the virtual currency market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual currency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Binance Inc., Xilinx Inc., Coinbase Inc., Robinhood Inc., Gemini Space Station LLC, Bitstamp Inc., Bit fury Group Limited, Bitpay Inc., Elliptic Inc., Block.one Inc., Bit Go Inc., Xapo Holdings Limited, Bit Main Technologies Holding, Coinjar Inc., Cointelegraph Inc., Gocoin Inc., Millipay Systems, Safello Inc., Unicoin DcX, HTX Global
Table of Contents 1. Executive Summary2. Virtual Currency Market Report Structure3. Virtual Currency Market Trends And Strategies4. Virtual Currency Market – Macro Economic Scenario5. Virtual Currency Market Size And Growth…..27. Virtual Currency Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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