Summary
The global Digital Currency Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Digital currency is a type of currency available in digital form. Virtual currencies, cryptocurrencies, and central bank digital currency are examples of digital currency. There are two types of digital currencies: hard digital currency and soft digital currency. Hard electronic currency does not allow reversal of a transaction, whereas in soft digital currency payments can be reversed. Some of the examples of hard digital currencies include Western Union, KlickEx, and Bitcoin. PayPal and any type of credit card are examples of soft currencies.
Increasing the adoption of blockchain technology is expected to propel the growth of the global digital currency market. Blockchain can facilitate the integration of multiple users or companies and allow near real-time transactions with certainty. Moreover, various banks are in line to launch digital currencies, which is also expected to aid in the growth of the market. For instance, in February 2020, Bank of Canada announced that the bank has in the pipeline a prototype of digital currency.
Several countries are testing digital currencies for an expected launch in the near future. For instance, in February 2020, Sweden has begun testing e-krona, a digital currency, under a pilot program that is expected to be operational until February 2021.
However, the reluctance of banks to provide cryptocurrency services is expected to hinder the growth of the market. Moreover, regulations in several countries prohibiting the use of cryptocurrencies are also expected to limit the growth of the market. For instance, countries such as China, India, and Russia have imposed a ban on the use of cryptocurrencies.
The market is witnessing the closure of several blockchain companies. For instance, in February 2020, Bitspark, Hong Kong-based blockchain remittance startup, announced to shut down its services on March 4, 2020.
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in November 2019, Distributed Ledger Technologies Pte. Ltd. partnered with IFFCO Singapore Pte Ltd. to launch the latter’s new enterprise-grade blockchain platform. Similarly, in June 2019, Ripple partnered with MoneyGram International, Inc., a money transfer company based in the U.S., to collaborate on cross-border payments and foreign exchange settlements with digital assets.
Key Takeaways:
- Increasing adoption of blockchain technology to augment the growth of the global digital currency market
- Ban on cryptocurrencies in several countries is expected to hinder the growth of the market
- Major players operating in the global digital currency market include IBM, Ripple, Rubix by Deloitte, Accenture, Distributed Ledger Technologies Pte. Ltd., Nasdaq Linq, Oracle, AWS, Citi Bank, ELayaway, HSBC, Ant Financial, JD Financial, Qihoo 360, Tecent, Baidu, Huawei, Bitspark, and SAP
The Digital Currency Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Digital Currency Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- IBM
- Ripple
- Rubix by Deloitte
- Accenture
- Distributed Ledger Technologies
- Oklink
- Nasdaq Linq
- Oracle
- AWS
- Citi Bank
- ELayaway
- HSBC
- Ant Financial
- JD Financial
- Qihoo 360
- Tecent
- Baidu
- Huawei
- Bitspark
- SAP
By the Product Type, the market is primarily segmented into:
- IT Solution
- FinTech
- Bank
- Consulting
- Exchange and Other
By Applications, the market is segmented into:
The report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Digital Currency Market Report:
- To assess the size of the market by value and volume
- Analyze the Digital Currency Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Digital Currency Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact the growth of the Digital Currency Market
The Digital Currency Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Digital Currency Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type, and application, 2019 are considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into the specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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