Virtual Currency Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 - 2025

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Virtual Currency market size is forecast to reach $1.48 billion by 2025 and set to grow at a CAGR of 6% during 2020-2025. Virtual currencies facilitate an innovative method of payment. Bitcoin is one among such elevating digital currencies with ever-growing adoption, worldwide, as a developed payment method. Now-a-days, virtual money are gaining more traction from online retailers. An increase in the proliferation of malicious software and recognition of virtual currencies by developed countries are driving the growth of the global virtual currency market.  
 
Key Takeaways
  • Europe occupied a notable share in the global virtual currency market owing to the increasing demand for digital money by cryptocurrency companies. They are engaged in buying digital virtual currency online.
  • The growing popularity of bitcoin, as virtual currency is an unregulated digital money, which is used in transitions without the involvement of banks and provides worldwide financial integration, is likely to aid in the market growth of virtual currency.
  • The countries with less developed financial infrastructure and high smartphone usage for example, nearly 50% of Kenya’s GDP is functioned by digital currency. Hence, this act as a beneficial opportunity for the virtual currency trading.

Type - Segment Analysis

Bitcoin segment occupied the largest share in the virtual currency market as of 2018. The prevalence of unregulated nature of bitcoins is increasing the demand for Bitcoin market. The rise in a number of online transactions due to the widespread application of wireless communication is set to drive the bitcoin share in the virtual currency market. Bitcoin is a novelty in the financial sector which enables transparent and efficient global commerce. 

In this contemporary world, start-ups, entrepreneurs, small, medium-sized and large enterprises are turning to revolutionary cryptocurrency, as there are no credit card fees. Hence cryptocurrency solution vendors are concentrating on venture capital investments, partnerships, and collaborations to provide end-to-end solutions. People are buying bitcoins as an investment, using them to purchase merchandise. These transactions are recorded in a public log that does not disclose the names of buyers and sellers. This the use of bitcoins has become lucrative for online drug buyers and people who all engage in illicit activities such as fund transfer. 

Cryptocurrency plays a prominent role in the blockchain technology. Cryptocurrencies solve the issues of micro-payments in the gaming industry. In addition to this, features such as cryptocurrency and micro-payments in blockchain games will boost the revenues in the global gaming industry.

Geography - Segment Analysis

Europe dominated the virtual currency market share, which accounts for more than 40%, followed by North America and APAC. In Europe, especially Germany is contributing a significant share in the cryptocurrency market. Increasing adoption of the digital currency by several traders such as semiconductor and electronics manufacturers, banking and finance organizations, software solutions providers, e-commerce companies, research organizations, financial consulting companies along with the presence of a wide number of mining pools in this region are burgeoning the revenue of virtual currency market. All these factors together boosting the Europe cryptocurrency market. In North America, the eminent countries such as the U.S. and Canada are representing increasing adoption rates for cryptocurrencies. Market contributors namely Expresscoin, Coinbase Inc., ANXBTC Bitcoin Exchange, and BitPay presence coupled with a large number of bitcoin mining activities in this region are highlighting it as a hub for virtual currency market growth.  

Drivers – Virtual Currency Industry Outlook

  • Growing Digital Coin importance is fuelling the virtual currency market growth
Currently, the digital coin market is witnessing strong growth, mainly driven by Bitcoin. Investors are preferring the Bitcoin network, as a safe option for investment globally, this is because of their huge market share and increasing adoption rate when compared with other digital currencies. Thus, this has become a primary growth driver of the global digital coin market. In recent years, the growing usage of different cryptocurrencies has had a significant impact on the global e-commerce market. This is because of the ease of transactions without repetitive authentication and zero service charges from the bank during transactions made it popular.

  • Cryptocurrency dominance in developed countries 
Acceptance of virtual as an international means for the transaction, and is not bound to any of the interest rates in any of the countries. This saves both time and money, in so doing increasing the size of the virtual currency market. Miners are focusing on the expansion of large-scale dedicated rigs in order to increase the profitability of their cryptocurrency mining ventures. Therefore, this profitability of cryptocurrency mining ventures is projected to be one of the primary growth factors for the virtual currency market. 

Challenges – Virtual Currency Industry

  • Growing Security Issues during Digital Money Transactions – Uncertain Regulatory Status of Virtual Currency
However, the lack of financial measures and yet to be sorted security, privacy and control issues are shrinking the standards of the virtual currency, thereby restraining the growth of the virtual currency market. Additionally, the rising criminal activity using this currency has become a challenging task for central banks, departments of finance, financial regulators, fiscal authorities and statistical authorities. Economic statistics, tax leakage, anti-money laundering, payment systems and settlement infrastructure, monetary and exchange rate policy, consumer protection, and impact of financial regulation on financial service providers are some of the regulatory challenges posed by virtual currencies. For Instance, the Internal Revenue Service (IRS), announced a regulation to tax all virtual currencies such as bitcoins as a property. So, it has become mandate for the users to maintain a record of all bitcoin purchases made during the year. This increased accounting complexity is leaving a negative impact on the bitcoin market growth. 

Market Landscape

Product launches are key strategies that are highly adopted by the players to mark their position in the virtual currency marketplace. In 2018, the market of virtual currency has been consolidated by the top five players accounting for 34% of the share. Bitpay, Coinbase, Coinjar, Elliptic, Gocoin, Millipay Systems, Ripple, Safello, Unicoin, and Xapo are the virtual currency top 10 companies. 

Product Launch
  • In December 2017, NVIDIA announced a product launch of TITAN V. It is a powerful GPU for PC which is driven by the advanced GPU architecture, NVIDIA Volta. TITAN V is an ideal option for scientific simulation, due to its computational processing and extreme energy efficiency. This GPU is widely used in mining of the cryptocurrency, thus, it is participating in driving the virtual currency revenue.
1. Virtual Currency Market - Overview
        1.1 Definitions and Scope
2. Virtual Currency Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Virtual Currency Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Virtual Currency Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Virtual Currency Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Virtual Currency Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Virtual Currency Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Virtual Currency Market - By Type (Market Size -$Million / $Billion)
        8.1 Market Size and Market Share Analysis
        8.2 Application Revenue and Trend Research
        8.3 Product Segment Analysis
            8.3.1 Bitcoin
            8.3.2 Litecoin
            8.3.3 Dash
            8.3.4 Peercoin
            8.3.5 Dogecoin
            8.3.6 Primecoin
9. Virtual Currency Market - By Product Type (Market Size -$Million / $Billion)
10. Virtual Currency - By Application (Market Size -$Million / $Billion)
        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
11. Virtual Currency- By Geography (Market Size -$Million / $Billion)
        11.1 Virtual Currency Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 Virtual Currency- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 Virtual Currency- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 Virtual Currency - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 Virtual Currency - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. Virtual Currency Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Virtual Currency Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at a global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Virtual Currency Market - Key Company List by Country Premium
15. Virtual Currency Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Bitpay
        15.3 Coinjar
        15.4 Elliptic
        15.5 Gocoin
        15.6 Millipay System
        15.7 Ripple
        15.8 Safello
        15.9 Unicoin
        15.10 Xapo
        15.11 Company 10
        15.12 Company 12 & More
*Financials would be provided on a best efforts basis for private companies
16. Virtual Currency Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Virtual Currency Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

LIST OF TABLES

1.Global Virtual Currency Market, By Type Market 2019-2024 ($M)
1.1 Bitcoin Market 2019-2024 ($M) - Global Industry Research
1.2 Litecoin Market 2019-2024 ($M) - Global Industry Research
1.3 Dash Market 2019-2024 ($M) - Global Industry Research
1.4 Peercoin Market 2019-2024 ($M) - Global Industry Research
1.5 Dogecoin Market 2019-2024 ($M) - Global Industry Research
1.6 Primecoin Market 2019-2024 ($M) - Global Industry Research
2.Global Virtual Currency Market, By Type Market 2019-2024 (Volume/Units)
2.1 Bitcoin Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Litecoin Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Dash Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Peercoin Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Dogecoin Market 2019-2024 (Volume/Units) - Global Industry Research
2.6 Primecoin Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Virtual Currency Market, By Type Market 2019-2024 ($M)
3.1 Bitcoin Market 2019-2024 ($M) - Regional Industry Research
3.2 Litecoin Market 2019-2024 ($M) - Regional Industry Research
3.3 Dash Market 2019-2024 ($M) - Regional Industry Research
3.4 Peercoin Market 2019-2024 ($M) - Regional Industry Research
3.5 Dogecoin Market 2019-2024 ($M) - Regional Industry Research
3.6 Primecoin Market 2019-2024 ($M) - Regional Industry Research
4.South America Virtual Currency Market, By Type Market 2019-2024 ($M)
4.1 Bitcoin Market 2019-2024 ($M) - Regional Industry Research
4.2 Litecoin Market 2019-2024 ($M) - Regional Industry Research
4.3 Dash Market 2019-2024 ($M) - Regional Industry Research
4.4 Peercoin Market 2019-2024 ($M) - Regional Industry Research
4.5 Dogecoin Market 2019-2024 ($M) - Regional Industry Research
4.6 Primecoin Market 2019-2024 ($M) - Regional Industry Research
5.Europe Virtual Currency Market, By Type Market 2019-2024 ($M)
5.1 Bitcoin Market 2019-2024 ($M) - Regional Industry Research
5.2 Litecoin Market 2019-2024 ($M) - Regional Industry Research
5.3 Dash Market 2019-2024 ($M) - Regional Industry Research
5.4 Peercoin Market 2019-2024 ($M) - Regional Industry Research
5.5 Dogecoin Market 2019-2024 ($M) - Regional Industry Research
5.6 Primecoin Market 2019-2024 ($M) - Regional Industry Research
6.APAC Virtual Currency Market, By Type Market 2019-2024 ($M)
6.1 Bitcoin Market 2019-2024 ($M) - Regional Industry Research
6.2 Litecoin Market 2019-2024 ($M) - Regional Industry Research
6.3 Dash Market 2019-2024 ($M) - Regional Industry Research
6.4 Peercoin Market 2019-2024 ($M) - Regional Industry Research
6.5 Dogecoin Market 2019-2024 ($M) - Regional Industry Research
6.6 Primecoin Market 2019-2024 ($M) - Regional Industry Research
7.MENA Virtual Currency Market, By Type Market 2019-2024 ($M)
7.1 Bitcoin Market 2019-2024 ($M) - Regional Industry Research
7.2 Litecoin Market 2019-2024 ($M) - Regional Industry Research
7.3 Dash Market 2019-2024 ($M) - Regional Industry Research
7.4 Peercoin Market 2019-2024 ($M) - Regional Industry Research
7.5 Dogecoin Market 2019-2024 ($M) - Regional Industry Research
7.6 Primecoin Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Virtual Currency Market Revenue, 2019-2024 ($M)
2.Canada Virtual Currency Market Revenue, 2019-2024 ($M)
3.Mexico Virtual Currency Market Revenue, 2019-2024 ($M)
4.Brazil Virtual Currency Market Revenue, 2019-2024 ($M)
5.Argentina Virtual Currency Market Revenue, 2019-2024 ($M)
6.Peru Virtual Currency Market Revenue, 2019-2024 ($M)
7.Colombia Virtual Currency Market Revenue, 2019-2024 ($M)
8.Chile Virtual Currency Market Revenue, 2019-2024 ($M)
9.Rest of South America Virtual Currency Market Revenue, 2019-2024 ($M)
10.UK Virtual Currency Market Revenue, 2019-2024 ($M)
11.Germany Virtual Currency Market Revenue, 2019-2024 ($M)
12.France Virtual Currency Market Revenue, 2019-2024 ($M)
13.Italy Virtual Currency Market Revenue, 2019-2024 ($M)
14.Spain Virtual Currency Market Revenue, 2019-2024 ($M)
15.Rest of Europe Virtual Currency Market Revenue, 2019-2024 ($M)
16.China Virtual Currency Market Revenue, 2019-2024 ($M)
17.India Virtual Currency Market Revenue, 2019-2024 ($M)
18.Japan Virtual Currency Market Revenue, 2019-2024 ($M)
19.South Korea Virtual Currency Market Revenue, 2019-2024 ($M)
20.South Africa Virtual Currency Market Revenue, 2019-2024 ($M)
21.North America Virtual Currency By Application
22.South America Virtual Currency By Application
23.Europe Virtual Currency By Application
24.APAC Virtual Currency By Application
25.MENA Virtual Currency By Application
26.Elliptic, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Ripple, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Bitpay, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Safello, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Xapo, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Millipay System, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Coinjar, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Gocoin, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Unicoin, Sales /Revenue, 2015-2018 ($Mn/$Bn)