- BTC/USD 11046.07
- ETH/USD 543.0005
- BCH/USD 1648.1377
- BTG/USD 678.0000
- DASH/USD 1331.8100
- XRP/USD 5.1956
- ZEC/USD 6.1956
The global digital banking market size was valued at $803.8 Billion in 2018, and is anticipated to reach $ 1610 Billion by 2027, growing at a CAGR of 8.9% during the forecast period. The North America digital banking market reached nearly $376.2 Billion in 2019 and should reach $721.3 Billion by 2027, at a compound annual growth rate (CAGR) of 8.30% for the period of 2019-2027.
Due to increasing investments across blockchain and cryptocurrency, the sector is anticipated to develop considerably throughout the projection period. Governments worldwide are putting in helpful place regulatory frameworks, including anti-money laundering, to help the business grow even faster. Cryptocurrencies and other comparable digital assets are being considered as investments by corporations. Cryptocurrencies’ inexpensive processing fees and high-performance characteristics facilitate market expansion.
The increasing importance of cryptocurrencies as payment methods makes the crypto industry rise at a CAGR of over 10% throughout the forecast period. Several businesses in a variety of industries are already accepting cryptocurrency as payment. For example, Kessler Enterprise, Inc. collaborated with BitPay, a digital payment service provider, in March 2021. The hospitality company pioneered the acceptance of several cryptocurrencies such as bitcoin, ether, and dogecoin due to this collaboration. The total market is rising due to the increasing adoption of these technologies.
By 2027, the Application Specific Integrated Circuit (ASIC) market is expected to have more than 20%. ASICs’ superior transaction processing capability has aided the segment’s development compared to GPUs, CPUs, and other processors. Companies can mine certain coins at a high hash rate using ASIC hardware components, specifically mining equipment.ASIC cryptocurrency mining equipment is available from several firms in the market, including Bitmain Technologies Ltd.
Over the projection period, the XRP sector is expected to increase at an exponential rate. XRP is a cryptocurrency created particularly for use as a payment system and powered by the XRP ledger, a decentralized blockchain technology. One of the critical elements leading to the industry’s popularity is the faster transaction settlement time when compared to other cryptocurrencies. Its widespread acceptance has been fuelled by regular governance and platform technology updates, which have aided industry development.
Peer-to-peer payment is expected to increase considerably in the end-use segment from 2021 to 2027. Individuals interact with one another without the use of a middleman in peer-to-peer transactions. Enterprises are launching P2P trade and payment platforms that handle cryptocurrencies in response to increased performance and scalability among users. For example, OKEx.com launched its peer-to-peer platform in India in August 2020, with the capacity to exchange around 15 cryptocurrencies at no cost. It aided the firm in strengthening its market position and catering to a broad audience.
Due to widespread cryptocurrency ownership and an improved regulatory environment, Europe is anticipated to account for more than USD 500 million in the global value market. Several firms around the area are beefing up their operations in response to the increasing demand for high-performance transactions. Argo Blockchain PLC, for example, deployed roughly 4,500 mining machines in February 2021, including Bitmain Antminer S19 and S19 pro from Celsius Network. The firm gained around 430 petahash of processing power as a result of this project. It also aided the firm in improving its mining operations and meeting market demand.
Companies involved in the cryptocurrency industry concentrate their efforts on collaborative projects aimed at developing improved mining technologies. DMG Blockchain Solutions Inc., for example, teamed up with Argo Blockchain Plc in March 2021 to launch Terra Pool, an integrated bitcoin mining pool powered by renewable energy. The firms focused on minimizing bitcoin mining on natural resources and built a strong mining pool. DMG was able to move consumer interest toward sustainable technology solutions due to this launch, and it was able to differentiate its product in the market. Advanced Micro Devices Inc., Binance, com., Bitfury Group Limited, BitGo Inc., BitMain Technologies Ltd are some of the essential players in the cryptocurrency market.