Selbyville, Delaware, May 04, 2021 (GLOBE NEWSWIRE) — Global Market Insights Inc. has recently added a new report on the cryptocurrency market which estimates the market valuation for cryptocurrency will cross US$ 1.8 billion by 2027. The growing demand for digital assets and secure transactions is expected to contribute significantly to market growth.
The need for low-cost digital currency payment systems across enterprises is one of the drivers accelerating the cryptocurrency market growth. Cryptocurrencies along with the distributed ledger technology enable improved trading and tracking capabilities. Several technology enterprises across the globe are also focusing on the development of blockchain-based financial systems. Similarly, companies are emphasizing on digital assets to gain a competitive edge in the market. This is anticipated to contribute to the development of innovative cryptocurrency software and hardware components to support industry adoption.
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The Graphical Processing Unit (GPU) segment is projected to grow at a CAGR of above 10% over the forecast timeline. Cryptocurrency miners use GPUs over traditional CPUs for optimized performance in the mining process. The need for high-performance efficiency in processing repetitive computations is addressed through GPUs. In addition, the availability of advanced Arithmetic Logic Units (ALUs) assures high extended output in crypto mining applications.
The demand for Ethereum across enterprises is witnessing a significant rise owing to a growing emphasis on decentralized finance and the emergence of smart contracts. Ethereum is one of the major cryptocurrencies and features enhanced cryptography & payment capabilities. The cryptocurrency is also developed based on Ethereum Corporation’s financial system that allows individuals to trade Ethereum for ETH-backed tokens.
The e-commerce & retail market is anticipated to grow at a exponential rate from 2021 to 2027. Technology enterprises are focusing on the development of advanced solutions & services to enable cryptocurrency transactions in e-commerce applications. For instance, in March 2021, RocketFuel Blockchain Inc. unveiled its secure API solution that enables consumers and merchants to support their e-commerce applications. The solution also allows individuals to pay from a wide array of cryptocurrencies on goods purchased online.
North America is projected to grow substantially in the global cryptocurrency market and is projected to account a significant share in 2027. The growth is attributed to the widespread presence of multiple technology enterprises and consistent technological developments. Several technology enterprises are also emphasizing on enhancing cryptocurrency mining capabilities. For instance, in March 2021, Marathon Digital Holdings Inc. planned to launch its bitcoin mining pool across the region. The…
Read more:Cryptocurrency Market revenue to hit $1.8 Bn by 2027; Global Market Insights Inc.
