The global cryptocurrency market will hit $4.94 Bln by 2030, which is expected to triple its estimated size of $1.49 Bln in 2020, consistent with a new study.
The report by Allied market research outlined earlier on Tuesday projects a compound annual rate of growth of 12.8% between 2021 & 2030.
The main drivers are going to be increased demand for international remittances and more transparency in global payments systems, Allied Market explained.
More than two-thirds of the industry’s 2020 size was due to the mining segment, which is predicted to retain this position of dominance through 2030.
Moreover, the transaction segment will see the fastest growth, the report found.
Allied Market forecast that the Asia-Pacific crypto industry is going to be the fastest-growing due to increased competition from a growing number of cryptocurrency exchanges.
The report largely echoes another recent study by a similar company into the crypto asset-management market, which it projects will grow to $9.4 Bln in 2030 from $670 Mln in 2020. That also identified the Asia Pacific as the region for the foremost significant growth due to the massive numbers of cryptocurrency mining enterprises there, driving demand for asset-management solutions to assist manage their business processes.