Cryptocurrency is defined as a digital currency that uses the encryption algorithm to secure the processes involved in generating units (coins) and conducting transactions. Cryptocurrency does not have any physical representation and is not regulated by any government body or financial institution. The entire transaction is conducted online.

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and adoption of growth strategies. This quadrant receives high scores for the most evaluation criteria. They have a strong service portfolio, a robust market presence, and effective business strategies across the world. The cryptocurrency market is moderately dominated by Tier 1 players. These players have a broad product offering catering to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Most of the dynamic players are classified as companies which focus on specifically one or two technologies, however, hold a fair position in the market along with a presence in various regions globally. These players have low product offerings with stronger business strategies. The vibration monitoring market has many companies operating since the past decade, which are largely dependent on their competitive R&D activities.

The need for innovative technologies to modernize access control offerings has resulted in innovations in the access control market. Innovators demonstrate substantial product innovations compared with their competitors. These players have wide product portfolios. However, they lack effective growth strategies for their overall business.

Emerging companies are those that have niche service offerings and are slowly gaining traction in the market. They do not have effective business strategies compared to other established players. They might be new entrants in the market and require more time to establish their position in the market. The emerging companies do not have a wide market presence. The cryptocurrency market poses a moderate threat to new entrants in establishing their footprint as there are many players providing hardware and software products in the cryptocurrency market to diverse clientele groups globally.