Published Date : May 30, 2016
ALBANY, NY, May 30, 2016: A recent market research report added to the market research report portfolio of MarketResearchReports.biz gives a detailed outline of the present state of the global market for digital coins. The report is titled “Global Digital Coin Market 2016-2020.” The document presents a comprehensive overview of the major growth drivers, trends and challenges that are influencing the growth of the market. It states that the global digital coin market will exhibit a healthy 7.33% CAGR from 2016 through 2020.
The global digital coin market is primarily driven by Bitcoin, the leading vendor in the market. Over the past few years, the bitcoin network has gained significant acceptance on a global front as investors have started perceiving it as a safe investment option owing to the huge market shares and relatively higher rate of acceptance compared to other digital currencies.
As the popularity of bitcoin continues to rise at a favorable pace, many companies have started launching a bitcoin network in their mainstream economy. Many companies are also trying to leverage digital currencies with a view of streamlining international money transfer. When implemented on a large scale, this will allow investors to engage actively in the foreign exchange market without having to incur huge transaction costs.
Many organizations are also formulating long-term strategies pertaining to the use of digital coins to ensure secure and fast transactions. Moreover, the implementation of digital coin networks will also enable cross-border payments along with foreign exchange. Thus digital coin networks will speed up the process of money transfer across several financial services.
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From a geographic standpoint, the global market for digital coins has been segmented into EMEA, Americas, and APAC. Of these, EMEA is currently the largest regional market, and is expected to account for over 52% in the global digital coin market by 2020. The European Securities and Markets Authority (ESMA) has undertaken a thorough investigation of reliability of digital currencies and blockchain technologies. This has boosted the rate of investment in digital currencies in the region.
The report states that the market will witness significant growth over the report’s forecast period owing to the substantial rise in investments in digital coins by developers and entrepreneurs. Owing to the decentralized nature of the market, vendors will be able to focus on product innovations and developing better versions of digital coins in the future years. The constant rate at which innovations are hitting the market will also lead to immense growth opportunities in the market over the forecast period. Major vendors in the market are focusing on the development of newer modes of payment to augment their market share.
Some of the major vendors operating in the global digital coin market are Ethereum, Ripple, Litecoin, Dogecoin, Bitcoin, Factom, Peercoin, MaidSafeCoin, Novacoin, Dash, and Namecoin.
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