The global Digital Currency market size is accounted at USD 820 million and is anticipated to grow exponentially by 2026, with at 4.25% CAGR over the forecast period.
Digital currency is a relatively recent phenomenon, originating in the 1990s dot-com period. Due to solvency issues and money services business (MSB) licensing conditions, the US government shut down early introductions from eGold and Liberty Reserve. A cash balance electronically tracked on a stored-value card or other devices is referred to as digital currency. It has properties identical to physical currencies, but it allows for instant transactions and ownership transfer across borders. At the central bank, virtual currencies, coins, and digital money are examples.
Any currency, money, or money-like asset that is primarily controlled, stored, or exchanged on digital computer systems, particularly over the internet, is referred to as digital currency (digital money, electronic money, or electronic currency). Cryptocurrencies, virtual currencies, and central bank digital currencies are examples of digital currencies. Digital currency may be stored in a distributed internet database, a centralized electronic computer database operated by a corporation or bank, digital files, or even a stored-value card.
The transparency of distributed ledger technology, high cross-border remittance rates, monetary regulation, high remittances in developing countries, volatility, and the rise in venture capital investments are all major factors driving the global digital currency market's development. Digital currency's lower transaction fees are expected to accelerate the market's growth in the coming years.
The Digital Currency Market is segmented by Product Type (IT Solution, FinTech, Bank, Consulting, Exchange and Other), by Application (BFSI, Retail, Healthcare, IT & Telecom, Manufacturing, Government & Education, Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- North America had the largest market share in the global digital currency market by the year 2020. Consumers and retailers in the area are increasingly adopting digital currencies as a result of technological advancements.
- The Bitcoin segment is expected to expand the most in the coming years. It is a decentralized digital currency that can be sent directly from one user to another on the peer-to-peer bitcoin network.
- The rising popularity of digital currencies like bitcoin and litecoin is expected to hasten business development.
Key Participants like IBM, Oracle, Accenture, Ripple, Nasdaq Linq, Rubix by Deloitte, Citi Bank, Oklink, Distributed Ledger Technologies, AWS, Qihoo 360, Huawei, ELayaway, SAP, Tecent, JD Financial, HSBC, Bitspark, Baidu, Ant Financial.
For this report, Introspective Market Research have segmented the Digital Currency Market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM