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Product Overview
Digital currency refers t- all the monetary assets available in digital form. Digital currency is als- referred t- as electronic money, electronic currency, or cybercash. Digital currencies are transacted via designated software, networks, and applications in digital form. Digital currency exhibits similar properties t- physical currencies, however, it can allow immediate transactions and borderless transfer-of-ownership. Examples of digital currency include cryptocurrencies, virtual currencies, and digital money at the central bank. Digital money can either be centralized where there is a central control point over the supply of money (for example, a bank) or decentralized where control over the supply of money is predetermined or democratically decided upon.
Market Highlights
Global Digital Currency Market is expected t- project a notable CAGR in 2030.
Global Digital Currency Market t- surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of XX.X% in the coming years, i.e., 2021-30. The digital Currency Market is anticipated t- witness significant adoption owing t- advantages such as low transaction fees, fraud protection, and simple international payments. Additionally, the increasing popularity of digital currencies such as bitcoins and litecoins is predicted t- drive market growth. Other factors driving the market growth include technological advancement which allows more secure and seamless use of digital currency. Digital currency can be exchanged and transferred with technologies like credit cards, smartphones, and online cryptocurrency exchanges.
Global Digital Currency Market: Segments
Bitcoin segment t- grow with the highest CAGR during 2021-30
Global Digital Currency market is segmented by type int- Bitcoin, Cryptocurrency, Bitcoin Cash, Litecoin, Ethereum, and Others. Bitcoin, the segment held the largest market share of XX.X% in the year 2020. Bitcoin is a form of decentralized digital currency, without a central bank or single administrator, that can be sent from user t- user on the peer-to-peer bitcoin network without the need for intermediaries. Rising demand for trading, compliance-free remittance, and ease of cross-border transactions are the major factors mounting the adoption of bitcoins. Ethereum is another kind of Digital Currency that is used as a payment method for investing, accounting, decentralized programs, and implementing smart contracts.-
Bank segment t- grow with the highest CAGR during 2021-30
Global Digital Currency market is divided by End Users int- IT solutions, FinTech, Bank, Consulting, Exchange, and Others. Bank, the segment held the largest market share of XX.X% in the year 2020 and will continue t- dominate the market in the coming years. Increasing number of banks and other financial service companies enable digital currency transfers and other online transactions that transfer money between parties across long distances. Digital currency eliminates the need t- physically transfer money; additionally, banking is made much more convenient by allowing people t- perform their personal banking without even the need t- visit a physical branch or carry cash.
Market Dynamics
Drivers
Increasing adoption of digital currency
Digital currencies such as bitcoins, litecoins, and others are gaining popularity which is expected t- drive the market in the near future. Digital currency offers easy and flexible transactions due t- which people from developed countries are adopting it. The popularity of digital currency as an exchanging medium led the central bank t- support the digital currency. Various companies like Facebook Inc. are expanding their business by providing cryptocurrencies. The increasing popularity and acceptance of digital currencies are projected t- have a positive influence on market growth.
Lower Transaction Cost
Digital currency offers lower transaction fees which are projected t- boost the growth of the market in the forthcoming years. Payment with digital currency reduces transaction costs, and time is shortened compared t- other forms of payment. In addition t- that, emerging economies such as China, India, and Brazil and developed nations such as US, Japan, and Germany are estimated t- offer substantial growth opportunities for the companies operating in the digital currency market. The adoption of digital currency owing t- faster transfer, lower fees, and smooth and compliance-free transactions is projected t- drive the market.- -
Restraint
Concerns regarding security and privacy
Digital currencies raise security issues. Regardless of improving encryption techniques, the loss or leakage of authentication information is still possible and can cause great losses t- digital currency owners. These factors are anticipated t- impede market growth in the near future.
Global Digital Currency Market: Key Players
IBM
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Ripple
Rubix by Deloitte
Accenture
Distributed Ledger Technologies
Oklink
Nasdaq Linq
Oracle
AWS
Citi Bank
ELayaway
HSBC
Ant Financial
JD Financial
Qiho- 360
Tencent
Other Prominent Players
Global Digital Currency Market: Regions
Global Digital Currency Market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Digital Currency Market in North America held the largest market share of XX.X% in the year 2020. North America will continue t- dominate the global Digital Currency market owing t- increasing technological advancements and mounting adoption of digital currencies by consumers as well as by retailers in the region. Besides, the presence of major players in the region is dominating the market in North America.
Global Digital Currency Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Digital Currency Market report als- contains analysis on:
Digital Currency Market Segments:
By Type
Bitcoin
Cryptocurrency
Bitcoin Cash
Litecoin
Ethereum
Others
By Application
Government
Enterprise
By End Users
IT Solution
FinTech
Bank
Consulting
Exchange
Others
Digital Currency Market Dynamics
Digital Currency Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints