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To achieve this, most cryptocurrency firms are developing payment gateways and platforms for payment processes, noted TMR.
Along with this, players are undertaking collaborations, mergers and product launches to strengthen their market position.
Prominent players operating in the global cryptocurrency market include Bitmain, Xilinx, NVIDIA, Intel, Ripple Labs, Advanced Micro Devices, Ethereum Foundation, Coinbase, Bitfury Group, and BitGo.
Based on geography, Europe is likely to account for a larger market share in the forecast period, mainly due to the existence of numerous cryptocurrency mining pools in the region.
Cryptocurrency Market to Expand Owing to Faster Transaction Ability
According to the report, payment through cryptocurrency allows for enhanced transactional security, protection from fraud, decentralized system, low fees, protection from consumer chargebacks, and quick international transfers.
For some developing regions, the cryptocurrency market has not taken any definite shape, mainly because of the ambiguity among consumers regarding authenticity of cryptocurrency.
Trading cryptocurrency has been banned by some governments in developing regions. TMR believes this is because of the lack of awareness and technical understanding of cryptocurrency.
However, TMR states the cryptocurrency market depicts a lucrative avenue throughout the forecast period.
Owing to these factors, the cryptocurrency market could attracted extensive venture funding from key players in future.