The latest report by Persistence Market Research (PMR) titled “Cryptocurrency Market: Global Industry Trend Analysis 2012 to 2017 and Forecast 2017-2025”, provides an in-depth analysis and forecast of the global cryptocurrency market. The report focuses on the key drivers and trends influencing the global market for the cryptocurrency. Today, customers are looking for more simple and convenient financial services. Hence, increasing number of customers are moving towards online transactions such as cryptocurrency.
Cryptocurrency is a virtual currency and a medium of exchange using cryptography in order to secure transactions. The cryptocurrency address is established using private and public keys. Moreover, cryptocurrency is not bound by any regulations or rules by any specific government, or interest rate, exchange rate or any country to country transaction fee, making international transaction faster. It also provides faster operation and has very low transaction fees.
Compared to other payment methods, cryptocurrency is more secure as it removes the chances of identity theft and other such problems as currently faced in electronic payment infrastructure.
Key Drivers and Challenges in Cryptocurrency Market
One of the key drivers of cryptocurrency market is that it provides proper authentication, secure and easy transaction. It allows the user to send what he wants without any requirement for further information. Moreover, with increasing use of mobile phone for transaction there has been an increase in online transaction. Fast and easy transaction and less transaction fees are driving the growth of cryptocurrency market. Along with these, rising use of mobile wallets and increasing online businesses are also factors contributing to the growth of the market.
However, lack of awareness among the people about cryptocurrency, lack of adoption and capacity limits are some of the factors restricting the growth of cryptocurrency market.
Europe and North America are expected to dominate cryptocurrency market, owing to the increasing adoption of cryptocurrency. Meanwhile, the Middle East and Africa (MEA) and Asia Pacific will also witness growth in coming years. Moreover, the use of various cryptocurrencies in the countries like Africa and India is also expected to increase.
The report also provides detailed profile of some of the leading market players such as Bitstamp Ltd., Coinbase, Litecoin, Coinsecure, Poloniex Inc., Bitfury Group Limited, Zeb IT Service Pvt Ltd., Unocoin, Bitfinex, Ripple, Global Area Holding Inc., Digital Limited, IBM Corp., Microsoft Corp., and BTL Group Ltd. Along with these key market players, there are a lot of new entrants in the market as it holds lot of opportunities.
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