Rising awareness among investors about cryptocurrency is expected to drive the growth of the Asia Pacific cryptocurrency market. According to TechSci Research report, “Asia Pacific Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Country, Competition, Forecast & Opportunities, 2025”, Asia Pacific cryptocurrency market is expected to witness a formidable CAGR during the forecast period.
The Important Elements of the Asia Pacific Cryptocurrency Market
The growing requirement for transparency is one of the major factors accounting for the growth of the Asia Pacific cryptocurrency market. In the context of cryptocurrency, once the data transaction’s information has been written on a blockchain, it enters the distributed ledger and there can be no alterations, not even by the system administrator, thereby creating transparency. Moreover, minimal ownership cost, safer, and quicker transactions are expected to bode well for the growth of the Asia Pacific cryptocurrency market through the forecast period. In addition to this, the increasing adoption of digital currency by several traders in the region is projected to positively influence the growth of the Asia Pacific cryptocurrency market in the years to come.
Also, transparency and immutability of distributed ledger technology are making headway in the growth of the Asia Pacific cryptocurrency market. Along with this, increased investment in blockchain technology supposedly provides favorable opportunities for advancements in the cryptocurrency industry, thereby anticipated to drive market growth in the next five years. However, there are some factors that might act as major impediments to the growth of the Asia Pacific cryptocurrency market through 2025 including lack of regulations and uncertainty regarding the same. Moreover, due to concerns in terms of standardization and interoperability, the regulatory status of cryptocurrency remains uncertain, which might hamper the growth of this market through 2025.
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Asia Pacific cryptocurrency market can be segmented based on offering, process, type, end user, company, and country. Based on type, the market can be categorized into Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, and others. Out of these, the Bitcoin segment dominated the market until 2019 and is expected to grow at the highest CAGR during the forecast period on account of growing awareness among investors along with the availability of larger returns. In addition to this, Bitcoin’s advantage of being the pioneer in the field because of which it is accepted worldwide is further contributing to the growing trend. Moreover, Ethereum witnessed significant growth until 2019 which can be accredited to the advantages offered by Ethereum over Bitcoin, which includes electronic cash, smart contract technology, and proof-of-stake. This is expected to drive the growth of the market for Ethereum. In terms of process, the market is fragmented into mining & transaction. Among them, the transaction segment is estimated to dominate the market in the next 5 years on account of several advantages it provides, such as enhanced transactional security, a decentralized system, protection from fraud, and low fees. Furthermore, factors such as quick international transfers and protection from consumer chargebacks are further boosting the growth of the segment.
The Major companies involved in Asia Pacific Cryptocurrency Market
- Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation
- Xilinx, Inc.
- Advanced Micro Devices, Inc.
- AlphaPoint Corporation
- Amazon.com, Inc.
- BitGo
- BTL Group Ltd. (Blockchain Tech)
- BitFury Group
- Coinbase UK, Ltd.
- 21 Inc.
- Ripple Labs Inc., among others, is the leading player operating in the Asia Pacific cryptocurrency market. The leading players are adopting several growth strategies to enhance the market scenario of cryptocurrency.
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“Asia Pacific cryptocurrency market is forecast to register high growth in the market during the next five years on account of the rising number of internet users in the region. Furthermore, the availability of venture capital funding is further expected to boost the market growth for cryptocurrency over the coming years. In addition to this, favorable government regulations in the region are further estimated to propel the market growth through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia Pacific Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Country, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Asia Pacific cryptocurrency market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia Pacific cryptocurrency market.
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