Greater Demand for Payment Technologies Offering Cross-border Transactions in APAC: A Technavio Report
FREMONT, CA: Technavio, a technology research and advisory company, announces the “Global Digital Coin Market 2016-2020” report. This report covers the market outlook and growth prospects of the digital coin market for 2016-2020.
The digital coin market is expected to grow at a CAGR of more than 7% during the forecast period. The market is analysed in terms of total supply of digital coins of the top companies that operate from the key regions, including the Americas, APAC, and EMEA. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market.
EMEA: Largest digital coin market
With a market share of close to 50% in 2015, EMEA emerged as the largest market for digital coins. In Europe, the European Securities and Markets Authority (ESMA) hasundertaken investigations of blockchain technologies and digital currencies. Concurrently, the intervention by the ESMA is likely to boost demand for various investment products, which include derivative products. Various market participants can monitor and analyze the development of virtual currencies to understand its scope beyond regular payment systems.
Monetary system for the US Market
The US government is trying to revamp the monetary system with the help of digital currencies. The use of these may help to qualify users to make real-time transactions in the online space. The US government is supporting the dollar-based monetary system so that customers can also make use of digital coins. The report forecast that the US government will use digital coins to hedge against inflationary economies.
Banking and other financial institutions to leverage the digital coin platform in APAC
The emergence of cryptocurrency technologies has brought changes in the financial economy. Cryptocurrency is a form of digital currency that is independent of any centralized bank. Most vendors and consumers are adopting cryptocurrency owing to the ease of transaction, which is one of the prime drivers for the cryptocurrency market. Corporations in APAC will leverage the presence of financial technology firms, increasing the scope of cryptocurrency in the financial services sector.
Key vendors in the market reported are Bitcoins, Ethereum, Ripple, Litecoin, Dogecoin while listing Dash, Factom, MaidSafeCoin, Peercoin, Novacoin, Namecoin, and Novacoin are other prominent vendors.