The Global Digital Currency Market size is expected to grow from USD 667.54 million in 2022 to USD 949.31 billion by 2030, at a CAGR of 4.5% during the forecast period (2023-2030).
Market Overview:
A cash balance electronically registered 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. Many individuals interpreted Facebook's proposed Libra coin as an attempt to create a new global settlement currency, but many doubted it would succeed.
In the case of Libra, the proposal is to back the digital currency with existing reserve currencies and assets, primarily the dollar, making its value reliant on central banks, particularly the Federal Reserve of the United States.
Top Key Players for the Digital Currency Market:
IBM, Oracle, Accenture, Ripple, Nasdaq Linq, Rubix by Deloitte, Citi Bank, Oklink, Distributed Ledger Technologies, AWS, Qihoo 360, Huawe, ELayaway, SAP, Tecent, JD Financial, HSBC, Bitspark, Baidu, Ant Financial and other major players.
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The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
Market Dynamics and Factors for the Digital Currency Market:
Drivers:
The Growing Popularity of Digital Currencies
The openness of distributed ledger technology, high remittances in developing countries, high cross-border remittance rates, monetary regulations, volatility, and growth in venture capital investments are all major factors driving the digital currency market's growth. Due to benefits such as low transaction fees, fraud prevention, and quick international payments, the digital currency market is expected to see rapid adoption.
Furthermore, the growing popularity of digital currencies such as bitcoins and litecoins is expected to accelerate business expansion.
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Opportunities:
The Openness of Distributed Ledger Technology
Lower transaction fees provided by digital currency are expected to fuel the market's growth in the coming years.
As opposed to other types of payment, digital currency payment reduces transaction costs and saves time.Furthermore, emerging economies such as China, India, and Brazil, as well as developed economies such as the United States, Japan, and Germany, are expected to provide major growth opportunities for digital currency companies.
Segmentation Analysis of the Digital Currency Market:
By Type, Fintech, short for financial technology, is a key player in the digital currency market. It encompasses innovative technologies and services that facilitate digital currency transactions, storage, and management, transforming the way we conduct financial transactions in the modern digital era.
By Application, BFSI, which stands for Banking, Financial Services, and Insurance, heavily relies on the digital currency market. It utilizes digital currencies for efficient cross-border transactions, remittances, and smart contracts, revolutionizing financial services and enhancing accessibility, security, and speed in the industry.
By Type
- IT Solution
- FinTech
- Bank
- Consulting
- Exchange
- Others
By Application
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Manufacturing
- Others
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Regional Analysis of the Digital Currency Market:
North America had the largest market share in the global digital currency market. Because of rising technical advances and the growing adoption of digital currencies by consumers and retailers in the region, North America will continue to dominate the global Digital Currency market.
Furthermore, the market in North America is dominated by major players in the area.
By Region
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In December 2021, HSBC and IBM announced the successful test of an advanced token and digital wallet settlement capability encompassing direct transactions between two central bank digital currencies (CBDC) in a hybrid cloud environment. Several previous initiatives have individually demonstrated support for CDBCs, securities, and/or foreign exchange.
The experiment, which was designed and implemented within four months, was successfully executed across ledgers in support of such a complex multi-asset transactional scenario.
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