Cryptocurrency Market Worth $1.40 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, October 22, 2018 /PRNewswire/ --

According to the new market research report on "Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography - Global Forecast to 2024", published by MarketsandMarkets, the Cryptocurrency Market is projected to reach USD 1.40 billion by 2024 from USD 1.03 billion in 2019, at a CAGR of 6.18% during the forecast period. Major drivers for market growth are the transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. The major factors restraining the growth of the market are uncertain regulatory status, lack of awareness and technical understanding regarding cryptocurrency.

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Hardware market for cryptocurrency to hold largest market during forecast period 

The hardware market is expected to hold the largest share for cryptocurrency. The need to run and validate huge cryptocurrencies transactions, in turn, creates a need for mining hardware in the cryptocurrency market. These factors help drive the growth of the market for hardware. Recently, major hardware vendors, such as NVIDIA, Intel, and AMD, have started offering mining hardware. Moreover, many start-ups such as Bitfury, GateHub, and Bitmine provide application-specific hardware solutions for cryptocurrency mining.

Peer-to-peer payment to grow at highest CAGR during forecast period 

Of all the types of payment application, the peer-to-peer expected to grow at the highest CAGR in the cryptocurrency market. Recently, the value of cryptocoins has surged. Its adoption has grown owing to the growing awareness toward cryptocurrency, especially for payments related to small contracts, salaries, and donations. This would help drive the growth of the market for peer-to-peer payment at the highest CAGR during the forecast period.