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Latin America cryptocurrency market is estimated to see notable growth at a CAGR of more than 10% due to rising investments and trading in cryptocurrencies. Increasing adoption of cryptocurrencies for various purposes is projected to boost regional market expansion.
Middle East & Africa cryptocurrency market is estimated to expand at a sizable CAGR of above 11% due to a significant portion of the population owning cryptocurrencies. Additionally, supportive regulatory framework for cryptocurrencies will also foster regional market outlook in the forecast period.
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The cryptocurrency market is expected to register notable growth by 2027, mainly driven by the increasing popularity of cryptocurrencies in both established and developing markets. Moreover, favorable government regulations and rising investments in cryptocurrencies will also have a positive impact on market expansion through the forecast period.
Cryptocurrency is a form of digital currency that has witnessed wide-ranging adoption over the last decade due to its numerous benefits as a virtual, secure, and confidential payment method. Digital currency is an intangible asset, secured with sophisticated encryption, allowing users to carry out easier, faster, and safer transactions online.
Increasing dependence on digital currency for online transactions across various sectors is predicted to benefit the cryptocurrency market outlook through the assessment timeframe. The cryptocurrency market has been segmented based on component, type, end-use, and regions.
Based on component, the cryptocurrency market is categorized into software and hardware. The software sub-segment has been divided into mining software, trading software, and other. Mining software segment is projected to grow at a CAGR of over 10.5% through the forecast period due to rising volumes of crypto transactions.
Use of mining software is also increasing with the growing importance of data mining by organizations and researchers to process and extract useful data, which is also expected to fuel mining software adoption in the coming years.
The other software sector is anticipated to grow at a CAGR above 10% owing to the escalating adoption of payment and wallet software.
In terms of hardware, field programmable gate array (FPGA) is anticipated to witness a steady CAGR of over 9% through the analysis timeline due to limited demand from cryptocurrency miners. FPGA offers various benefits over sequential operation systems through its parallel processing of data that processes the ever-increasing amount of data more efficiently
Other types of cryptocurrency, such as Dogecoin and Litecoin, among others, will also see a substantial CAGR of 10% through the projected period attributing to the rapidly rising investments in such cryptocurrencies.
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Based on end-use, the remittance sub-segment in cryptocurrency market is expected to grow at a CAGR of over 11% due to the growing significance of cryptocurrencies across various industries.
Other end-uses are anticipated to observe sizable growth due to increasing penetration across different industry verticals, including BFSI, real estate, and hospitality, and rising adoption of digital currency across diverse sectors.
The other hardware sector is estimated to grow significantly with the rising demand for hardware wallets and infrastructure components.
Based on type, the Binance coin sub-segment in cryptocurrency market is witnessing lucrative growth owing to its rising popularity across industries. Binance coins have several diverse use cases embedded in the core and are highly versatile, which would augment its adoption through the analysis period.
The Tether sub-segment is expected to expand steadily, driven by consistent growth opportunities. Furthermore, the Cardono sub-segment is expected to witness a considerable rate of growth of over 11% owing to rising focus on smart contracts.
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