Food And Beverage Industrial Robotics Market Research Insights, 2024

The Food and Beverage Industry dominates the global sector in terms of sales and volume, and robotics is expected to play a vital role in its development. Though the consumer number for industrial robotics in food and beverage is small there has been an increase in the ordering of robotics. The growth rate of adoption of industrial robotics in food and beverage industry is expected to outpace the industrial adoption of robotics in traditional industries like automotive industry and electronics industry and is expected to be so in the forecasted period. The global Industrial Robotics Market In Food And Beverages Industry is expected to grow with an incredible CAGR of 29% through 2019.

In the food and beverage industry various factors that are driving the use of automation over human labor are, hygienic and contamination free production areas, improved speed and efficiency, reduced product damage and the changing sales patterns. Increased productivity and optimized end product are also the key drivers in the use of industrial robots. It also helps in offsetting the associated labor costs related with production, and are a necessity in the market where the competition has intensified, government regulations are becoming stringent and the retailer demands are ever increasing.

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Food and beverages industry has many uses for the industrial robotics including but not limited to packaging, processing and ‘pick and place’. Retail packaging and palletizing are the most sought after uses of robotics of which, the food and beverage industry leads in the retail packaging industry globally. The associated initial investment cost in installment and maintenance, smooth adoption and social concern around use of robots over humans may act as a hindrance to quick adoption of industrial robotics.

The food and beverage industrial robotics market is segmented by application in Palletizing, ‘Packaging and Repacking’, ‘Picking and Placing’ and ‘Production and Processing’. Of these, the palletizing robotics segment holds the largest section of market with almost two of every three applications based on palletizing capability and is expected to grow even further. This is largely made possible by the easy handling of objects and the consistency with which it operates. The Packaging and Repacking segment follows the Palletizing segment in terms of applications and volume it caters to.

On the basis of product, the robotics market is segmented into following segments, Articulated robots, SCARA robots, Delta robots and Cartesian robots. The Articulated robots find most wide spread use amongst others and are expected to maintain their dominance in market share. Articulated robots offer a higher degree of flexibility, and hence are useful in packaging, picking and palletizing and are predicted to maintain their growth at the highest rate.

Segmentation of industrial robotics market based on region is done in five major zones, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. In terms of annual revenue and sales volume the Asia Pacific region leads others and is followed by European region and North American region. The Asia Pacific region is expected to grow strongest owing to the growing market potential of South Asian countries.

The industrial robotics market in food and beverage industry is well diversified with international, regional and local players, yet the majority of market share is held by a few key players. The global key players in industrial robotics market are, ABB Ltd, FANUC Corp., Kawasaki Heavy Industries Ltd., KUKA AG and YASKAWA Electric Corp. There are some other prominent vendors too like, Adept Technology, Dento Robotics, Epson Robotics, Nachi Fujikoshi Robotics Systems Inc., Pari Technology, Staubli Robotics, and Yamaha Robotics.

Intense competition in the market and growing demand is leading vendors to explore new avenues in the industrial robotics market. They are looking for new opportunities and differentiating products from their competitors and increase competitiveness by heavily depending upon R&D. Development of collaborative robots, application specific robots and increased penetration in SMEs maybe the key market drivers in the coming years.

In 2014, FANUC launched Green Collaborative Robot CR-35iA, which does not require a safety fence. These robots can work with human operators and stops when it comes in contact with humans. They are equipped with R-30iB controllers which provide intelligence and networking functions for versatile applications.

In May 2016, TM Robotics and Toshiba Machine Robotics have announced their partnership with M.A.P. services. This will give MAP access to wide range of solutions for its manufacturing and production customers. Toshiba Machine Industrial Robots offer Cartesian, 6-Axis and SCARA robots and they plan to sell top notch robots in Australia.

Related Reports @

China Food Robotics Market: China food robotics market size was valued at USD 109.4 million in 2016 and is expected to grow further over the forecast period.

Service Robotics Market: Adoption of service robots in personal and professional application areas are expected to remain a key driving factor for market growth over the forecast period.

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Global Internet Protocol (IP) Market Share, Segmentation and Trends, 2025

28 March 2019, The global Internet Protocol Market is estimated to observe impressive growth in the years to come due to rapid proliferation of IP-enabled devices. Shift from circuit switched networks to IP-based networks due to advantages, such as faster transfer of video, voice, and other forms of data is a key driving factor in the market. Organizations are increasingly focusing on the implementation of dynamic IP management address solutions as they require IP address for virtual machines, mobile computers, wireless communication devices, point of sale devices, and IP telephony. For instance, Panasonic System Communications launched KX-NSX2000, an IP-based business communications server, in North America. It is intended to provide uninterrupted communication across numerous locations. Moreover, it has the capability to manage up to 2,000 devices with connectivity for up to 32 sites for small- to medium-sized businesses.

Migration of internet protocol addresses from IPv4 to IPv6 is anticipated to fuel the demand for internet protocol address management (IPAM) solutions. These solutions help in improving the effectiveness of IT infrastructure and reducing the overall operational expenses. The IPAM techniques offer quick and exact provisioning of Domain Name Server/Dynamic Host Configuration Protocol (DNS/DHCP) service protocols. DNS/DHCP services offer automated allocation of IP address and host name lookup allows quick service delivery to business. Managing IPv6 with manual techniques has become difficult and hectic for the organizations. This has increased the demand for automated solutions, which is expected to create several opportunities for the market.

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Multi-Protocol Labelled Switching (MPLS) Internet Protocol Virtual private network (VPN) Services is expected to fuel market growth in the years to come. Organizations are increasingly implementing MPLS IP VPN services to improve operational efficiency and reduce costs. Furthermore, aggregation of audio, video, and data onto a single platform from varied sources and the capability to provide scalable bandwidth are expected to fuel the demand for these services. Growing adoption of cloud computing platform is also expected to increase the demand for these solutions. Since MPLS facilitates multipoint full-mesh connectivity, IT departments of government offices and financial institutions can easily maintain their networking and routing related decisions to track security issues. This has, in turn, increased the preference for layer 2 VPN (L2VPN) services. Additionally, organizations that prefer outsourcing their networking and routing solutions generally opt for layer 3 VPNs (L3VPNs). MPLS provides a greater quality of service (QoS), which is a basic need for VoIP and video conferencing. This will, in turn, fuel market growth in the years to come. MPLS IP VPN services offer better bandwidth in order to cater VoIP requirements. Audio conferencing is anticipated to emerge as a leading application in the years to come.

Emergence of internet protocol TV is projected to create several opportunities for the market. Transformation of telecom operators into complement digital service providers (CDSP) due to availability of improved internet infrastructure is anticipated to boost market growth. Telecom operators are adding internet protocol to their service offerings as it offers improved compression and transmission. Internet-based TV consists of services, including HD video calls/conferencing, video games, and smart home applications. High demand for over-the-top (OTT) services is expected to fuel the demand for IPTV. Launch of innovative services, such as 4K UHD IPTV set-top-boxes, which provide better picture quality, can have a positive impact on market growth.

North America is one of the leading regions in the market due to growing trend of IoT and high adoption of big data and cloud computing platform. Asia Pacific is likely to observe high growth due to increasing use of internet and growing penetration of mobile devices.

Some of the leading companies operating in the internet protocol market are Bluecat Network; Cisco Systems, Inc.; Alcatel Lucent; Crypton Computers Ltd.; and Incognito Software Systems, Inc.

For instance, Black Box Corporation developed an IP-Based KVM System called Emerald SE. It offers high-performance and scalable connectivity in traditional as well as virtualized environments, and facilitates customization of features for consumers to fulfill their unique application requirements. Key features of the system include PCoIP Virtual Machine Access, Pixel-Perfect Video Mode of Operation, and Virtual Machine Sharing.

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Network Security Market Size to Register Lucrative Growth till 2025

13 March 2019, The global Network Security Market is anticipated to witness notable growth in the years to come due to advent of internet and expansion of network infrastructure. Increasing use of mobile devices and need to implement network security can drive the market. In addition, rising demand for security solutions based on Software as a Service (SaaS) is expected to bode well for the market. Growing need for regulatory compliance is anticipated to boost the demand for these services. For instance, Plurilock Security Solutions ("Plurilock"), a provider of behavioral-biometric cybersecurity tools, introduced a new SaaS version of its cybersecurity suite. The company added a dedicated product for user behavior analytics (UBA) use cases. The new UBA is compatible with its present endpoint detection and response (EDR) technology. Whereas, the SaaS-based solutions can bring capabilities from its on-premise BioTracker product into the cloud. The company will use these solutions to protect organizations, such as finance and government, which are facing sophisticated threats.

Enterprises are increasingly adopting advanced network security solutions due to rising data opening and development of financially targeted cyber-attacks. In addition, growing need for improved productivity is boosting the implementation of bring your own devices (BYOD) program. Growing trend of BYOD has also increased the use of various mobile devices, such as tablets, laptops, and smartphones. These devices are at high risk of data theft and phishing, which has augmented the need for IT service delivery frameworks and network security tools and solutions to create a secured work environment. For instance, Symantec Endpoint Protection Cloud combines device management and threat protection for PC, servers, mobile devices, and Mac. It provides protection against zero-day threats, ransomware, and other attacks with the help of advanced multi-layered technologies, including machine learning, emulation, and behavior analysis. Its built-in device management enables data protection, device security on the endpoint, and network access policy control.

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Increasing popularity of machine-to-machine (M2M) in enterprises is also expected to create growth opportunities for the market. It closely controls and monitors business processes and assists in real-time decision making. Need for maintaining security in order to ensure data confidentiality is expected to boost market growth in the coming years. Various advanced technologies such as bar codes, radio-frequency identification (RFID), sensors, and global positioning system (GPS) are extensively used in M2M communication. For instance, RFID is employed in the retail industry for tracking goods in supply chain. Additionally, implementation of this technology helps to improve the efficiency of the enterprise, along with ensuring better management and maintenance of the inventory of an organization.

Implementation of hardware network security solutions for computer and network security has witnessed an impressive growth in recent years. However, increased investment in SaaS and cloud-based software, and reduced preference for hardware platforms among end users are likely to decrease the adoption rate of hardware solutions.

North America is leading the market owing to high implementation of network solutions among organizations, which could be attributed to rising incidence of financially targeted cyber-attacks. Presence of numerous financial institutions and large companies, and established infrastructure is likely to positively influence market growth in the region. Moreover, high adoption of technologies, strict regulatory policies, and increasing financially targeted cyber-attacks have increased the need for better network security solutions in the region. The market in Asia Pacific is anticipated to expand swiftly in the years to come. Immense opportunities across numerous industry verticals in emerging economies, such as India and China, are likely to boost market growth in the region. These countries comprise a large number of small and medium-sized companies, which are gradually digitizing their business. Increasing adoption of cloud-based services in the region is expected to support market growth.

Some of the leading companies operating in the network security market are Fortinet Inc.; Juniper Networks Inc.; Cisco Systems Inc.; Check Point Software Technologies Ltd.; and Computer Associates.

For instance, Thycotic announced that it has entered into an OEM agreement with IBM Security. IBM Security will now provide Security Secret Server and privileged access management solution based on Thycotic's technology. The Secret Server is developed to provide security, accountability, and transparency in the organization to protect the users’ accounts since over 80 percent of cybersecurity breaches includes compromised user credentials and passwords.

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Architectural Services Market Research Report, 2022

11 March 2019, The global Architectural Services Market is expected to grow at a considerable rate over the forecast period. Increasing trend of service outsourcing across various industry verticals is expected to drive the industry growth. Contractors rely on the government regulations, which help them deliver the right design to the right person at the right time. Thus, favorable government policies and focus on the sustainable development of the environment and urban designs are likely to fuel the market expansion. Demand is dependent on the investments being made on the buildings and large-scale projects in the metropolitan cities across the globe. Such emerging cities promise immense growth opportunities for the builders and contractors.

The industry includes companies that plan and design institutional, residential, leisure, industrial, and commercial buildings. Some of such major firms hold significant shares of the global industry. The application of design and construction procedures, building codes, zoning regulations, and building materials are some of the techniques utilized to perform architectural services. The industry can be subdivided on the basis of products, industry activities, and potential clients. Some of the industry products include building design, interior design, planning, pre-design, landscape and urban design, and construction project management.

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Major industry activities include basic designing, providing construction phase services, restoration, planning and providing building fit-out services; while potential clients can be home owners, developers, government, and contractors. Home owners segment may account for a major market share due to higher number of residential projects and buildings. The use of Computer-aided Design (CAD) is on the rise due to enhanced global connectivity. The drawings can be transferred electronically to any part of the world making it easier to communicate the changing trends and needs of the customers with other developers or contractors.

Economic slowdown across several regions and increasing focus on sustainable building techniques may challenge the market in the coming years. However, increased consumer purchasing power across many developing regions is anticipated to have a positive impact on the market development. People are able to afford the best designs thereby helping contractors pump huge investments into the business, creating a positive outlook and room for new designs in the future. Thus, increasing investment in the global construction industry is a positive sign for the architectural services market. The value of both residential and non-residential buildings has increased over the past few years. The cost cutting patterns of various companies have also improved the profit margins, which, in turn, is expected to deliver positive Return on Investment (RoI).

This is also anticipated to augment the growth of this market over the years to come. Moreover, people are becoming more aware of their surroundings, such as advanced architectural designs, which is also expected to help boost the market growth. The single-material approach is being adopted to ensure the sustainable balance between the environment and the surrounding. This approach helps in creating an ecological sense; thus, depending on the climatic context, as well as on the usage of single material, waste reduction can be achieved. Passive cooling and lowered life cycle cost and maintenance are some of the factors that make it more favorable and hence promises better prospects in the future.
Using single-material reduces the maintenance cost, which, in turn, helps in creating the desirable result of sustainable future. The global Gross Domestic Product (GDP) is increasing at a steady rate, which indicates good chances of growth. The standard of living are also improving, which is projected to induce the architectural business, as people would tend to invest into better and futuristic homes and designs.
The Chinese government has invested a huge amount of money in the construction of institutional buildings, such as prisons, schools, and hospitals. Futuristic structures, such as the hypnotic bridge, the rotating skyscraper, indoor parks, the invisible architecture, natural disaster-proof forts have opened up numerous of growth opportunities for the industry players.On the other hand, the industry is anticipated to witness a number of mergers and acquisition activities owing to the significant growth opportunities over the next few years.

The recent acquisition of Bury Construction Ltd. by Stantec Inc., a civil engineering firm, would help the latter firm to expand its businesses across the U.S. region.

M. Arthur Gensler Jr. & Associates, Inc. is investing in the Birmingham‘s growing design in the United Kingdom owing to huge growth prospects and opportunities. Moreover, Nikken Sekkei Ltd., a Japanese architecture firm, has reportedly formed an alliance with Krasnoyarsk in Russia and Siberian Federal University to jointly work on the Krasnoyarsk smart city project. Key companies in the market are AECOM; Brickman Group, LLC; M. Arthur Gensler Jr. & Associates, Inc.; HDR; Nikken Sekkei Ltd., Stantec, Inc.; and Skidmore, Owings & Merrill LLP.

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Global Knowledge Process Outsourcing Market Size, 2025

5 March 2019, The Global Knowledge Process Outsourcing (KPO) Market is anticipated to grow at a considerable pace over the forecast period. Increasing need for enhanced flexibility in Service Level Agreements (SLA) is one of the major growth drivers. Rising requirement to process and analyze the vast amount of enterprise data and easy change management are also expected to drive demand for KPO services. However, stringent rules and regulations set by different governments regarding compliance and legal clauses may hinder this growth to an extent.

Owing to various advantages of outsourcing, most companies are looking for third-party specializations and analytical expertise for their businesses. Hence, high preference of enterprises to outsource businesses to third party service providers may bode well for adoption of KPO solutions in near future. However, highly competitive market scenario and increasing globalization may hinder the pace of commercialization of services and products.

BFSI capital markets require investment managers to better and faster strategic decisions. This factor is anticipated to drive demand for middle office outsourcing. It improves cost driven abilities of strategic platforms and allows investment managers to carry out business strategies more efficiently. This, in turn, is expected to have a positive impact on demand for knowledge process outsourcing in the forthcoming years.

Healthcare, BFSI, and retail are the major end users in the global market. Healthcare is anticipated to witness the most significant growth in outsourcing knowledge intensive services. Biotech and pharmaceutical are the sub-industries of healthcare sector for drug discovery and clinical research. Types of services carried out by KPO include consultancy, research and development, legal and medical services, intellectual property research for patent applications, business and market research, and training.

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North America, Asia Pacific, Middle East and Africa, Europe, and Latin America are the major market regions. Emerging economies such as Latin America and Asia Pacific are anticipated to witness impressive growth over the forecast period. Advantages such as favorable business environment, availability of trained professionals, high productivity, and low labor costs are some of the major regional drivers. These benefits are projected to encourage various leading companies to set up businesses in these developing markets.

India is said to have immense growth potential for KPO solutions and services. Presence of highly skilled professionals and workers with particularized expertise in engineering, law, education, publishing, media, entertainment, industrial machinery, textiles, automotive, aerospace, software, electronics, insurance, biotechnology, healthcare, pharmaceuticals, and financial services is poised to bode well for growth of this region.

Healthcare is one of largest sectors in India in terms of volume and revenue. Employment rate in India has increased exponentially and the trend is expected to continue over the forecast period. Healthcare KPO solutions comprise medical devices, hospitals, clinical trials, telemedicine, outsourcing, health insurance, medical equipment, and health insurance. The Indian healthcare sector is growing at a fast pace on account of rising private and public expenditure and strengthening coverage among many other factors.

India’s advantage lies in its abundance of well-trained medical professionals. The country is cost competitive compared to Western nations and other Asian countries. Although India is a KPO destination for companies from Australia, U.K., and North America; growing number of enterprises in Europe is expected to give a fillip to market in the forthcoming years. Numerous U.S.-based including Caterpillar, Inc.; General Motors; Ford Motor Company; United Airlines, Inc.; Morgan Stanley; Reuters, Goldman Sachs Group, Inc.; McKinsey & Company, Citigroup, Inc.; JP Morgan Chase & Co.; Motorola, Inc.; Koninklijke Philips N.V.; Sun Microsystems, Inc.; Texas Instruments, Inc.; Cisco Systems, Inc.; Oracle Corporation, Intel Corporation; Microsoft Corporation; Hewlett-Packard Company (HP); IBM; and GE have successfully ventured into India.

Global pharmaceutical firms such as Eli Lilly and Company, GlaxoSmithKline plc, AstraZeneca plc, Novartis, and Pfizer have moved part of their clinical drug testing units to India to tap into the country’s large number of highly skilled and low wage demanding labors. It can considerably accelerate the time to market for new drugs and can offer potential cost savings of up to 50.0%. This factor is expected to have a positive impact on the market over the forecast period.

Key vendors in the global knowledge process outsourcing (KPO) market include Wipro, RR Donnelley & Sons, Genpact, and Mphasis. Other prominent vendors include Cognizant; Adventity Global Services Pvt. Ltd.; Syntel, Inc.; The Smart Cube Limited; Mu Sigma; Aranca Research; Accenture; EXL Services; Infosys Limited; McKinsey & Company; Pangea3; Pulsar Knowledge Center; Oracle Corporation; SAP SE; TechBooks, Inc; Grail Research; Moody's Corporation; Tata Consultancy Services; WNS Global Services; Pipal Research; RocSearch; and IP Pro.

Investments in digitally-powered business processes through patented processes and operating models for end-to-end, including the back and middle offices can positively influence demand for KPO solutions. Research and development and business collaborations are also expected to propel business opportunities for the companies operating in this market.

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Applicant Tracking System Market - Global Industry Share, Size,Analysis and Trends, 2025

27 February 2019, The global Applicant Tracking System Market is estimated to witness substantial growth in the forthcoming years owing to growing need for better hiring decisions in organizations to reduce recruitment expenses. Applicant tracking system (ATS) is an application or software that manages recruitment process in an organization by collecting and sorting resumes available in database. ATS also collects resumes and provides online view of job seekers after indexing and scanning their resumes. Most of the organizations extensively employ ATS applications to manage job applications. Data related to candidates looking for specific jobs can be collected from social media platforms, such as Facebook, Twitter, or LinkedIn, and internal applications via ATS. The system helps in eliminating requirement of human resource professionals in making recruitment decisions.

Increasing use of social media platforms in recruitment process by candidates and organizations is anticipated to augment the market growth in coming years. In addition, shifting preference for ATS over conventional recruitment methods attributed to reduced cost and time per hire can stimulate the product demand. The system does not require manual scrutinizing or any physical space for conducting interviews, and as a result, is likely to eliminate the need for newspaper ads. It can also be used to post job openings on various job portals and generate interview requests using e-mails. Additional features, such as automated resume ranking, applicant tracking, pre-screening questions, response tracking, and customized input forms save time and cost related to selection of suitable candidates. Moreover, increasing number of job applications are expected to fuel adoption of ATS among organizations to manage data across various storage platforms, such as network file shares, datacenters, hard disks, and local machines.

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Lack of awareness regarding benefits of applicant tracking systems can hamper the market growth in the coming years. In addition, complexity in integration and automation process and growing concerns regarding privacy and data security are likely to hinder the market growth in the forthcoming years.

Rising demand for skill based professionals in various fields to perform specific jobs is likely to present lucrative growth opportunities in the market.

The market can be segregated on the basis of deployment, component, organization size, and application. The key deployment types could be cloud and on premise. Software and services are the two major components available in the market. Based on organization size, the market includes small and large enterprises. Government and public sector, IT and telecommunications, BFSI, manufacturing, and healthcare and life sciences are the leading applications in the market.

North America is a leading region in the market owing to rising adoption of innovative technologies, such as artificial intelligence, among organizations to save time and expenses involved in recruitment process. Moreover, increasing number of organizations using ATS application to shortlist potential candidates can stimulate the market growth in the forthcoming years. For instance, ManpowerGroup Solutions, a prominent workforce solutions company, expanded into an innovative platform called IntelliReach. The platform offers organizations the comparative benchmarks and transparent analytics they require to execute their workforce strategy. In addition, it offers advanced tools and in-depth analytics such as Total Workforce Index.

Asia Pacific is a prominent region in the market. Countries, such as Japan, China, and India are the leading contributors to the market growth. Rising demand for efficient recruitment process and complete data security while operating in cloud, virtual, and physical environment in organizations is anticipated to boost the regional market growth. In addition, increasing focus on improving candidate’s experience during recruitment process and use of analytics metrics to shortlist candidates can augment the market growth in the coming years. Launch of advanced ATS software by manufacturers to support organizations in developing countries is anticipated to propel the market growth. For instance, Freshworks, a leading provider of cloud-based business software, launched Freshteam, a recruitment management software. The software helps companies in their recruitment processes, such as appointment with candidates, organization of talent acquisition function, and alignment of human resources to business goals.

Some of the leading companies operating in the applicant tracking system market are SilkRoad Technology, Oracle, SAP, IBM, Cornerstone, and Greenhouse Software.

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Cryptocurrency Market is Predicted to Exhibit Significant Growth till 2025

15 February 2019 -

The global Cryptocurrency Market is estimated to grow over the forecast period. Cryptocurrency or digital currency is a decentralized system operating on the blockchain technology. Blockchain is a database or distributed ledger shared across public or private computer network. Information stored in the ledger is encrypted and added as fresh block to the chain of historical records. Ease of transferring funds among two parties without any regulatory authorities like bank or financial service company is likely to fuel the demand for cryptocurrency in the coming years. Rising need for secure payment methods due to increasing cases of security breaches and fraudulent transactions is also anticipated to boost the usage of cryptocurrencies as new payment mode, thereby propelling the market growth. In cryptocurrency systems, a transaction is considered valid and complete only when the user verifies it using a private key available with them. This ensures that there are no duplicate transactions while using cryptocurrencies.

This factor is projected to stimulate the market expansion in the next few years. On the other hand, technical limitations and lack of awareness may have a negative impact on the market development. In addition, fluctuations in prices can also hamper market growth. Bitcoin, Peercoin, Litecoin, Ethereum, Namecoin, EOS, and Cardano are some of the popular cryptocurrencies. Bitcoin was introduced by an individual or a group of individuals under pseudonym, Santoshi Nakamoto in 2009 and was announced as new electronic cash system based on peer-to-peer network. The price of this currency is expected to increase in the coming years due to rising demand among corporates for trading purposes. Considering the rising demand for currency, most companies are likely to enter the market and offer trading of Bitcoin. For instance, LedgerX is the first regulated platform, where investors can buy and sell Bitcoins. Institutional investors like hedge funds, banks, and companies dealing in Bitcoins can easily invest in the currency through this platform.

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All these factors are likely to boost the demand for this currency, thereby supporting global market growth. Ethereum is another popular cryptocurrency designed specifically to store and run smart contracts. The value of this cryptocurrency is also expected to increase in the coming years. Considering the popularity of Ethereum among investors, most companies have started using the currency. For instance, Coinbase, a leading platform for buying and trading of bitcoin, added Ethereum to its official website. Geographically, North America is likely to be among the major regional markets for cryptocurrency. This growth can be attributed to the presence of one of the largest cryptocurrency mines in the region, which produces 50 to 70 bitcoins a day. In addition, presence of major market players like Ripple and Coinbase is projected further boost the regional market growth. Asia Pacific region is also projected to expand over the forecast period due to penetration of top companies in the region.

Growing number of cryptocurrency transactions and adoption of digital wallets is expected to be one of the key factors driving the APAC market. Furthermore, the region is expected to be early innovator in developing ecosystem for digital payments. This, in turn, can augment regional market expansion in the forthcoming years. Moreover, integration of Bitcoin payments by multiple companies in Japan, such as Capsule Hotels, Bic Camera, and Peach Airlines, is expected to augment the market growth. Some of the leading companies in the cryptocurrency market are Square, Inc.; LedgerX LLC; Coinbase; CME Group, Inc.; and AngelList.

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