The global cryptocurrency market will hit $4.94 billion by 2030, more than triple its estimated size of $1.49 billion in 2020, according to a new study.
- The report by Allied Market Research published Tuesday projects a compound annual growth rate of 12.8% between 2021 and 2030.
- The main drivers will be increased demand for international remittances and more transparency in global payments systems, Allied Market said.
- More than two-thirds of the industry’s 2020 size was attributable to the mining segment, which is expected to retain this position of dominance through to 2030.
- However, the transaction segment will see the fastest growth, the report found.
- Allied Market forecast that the Asia-Pacific crypto industry will be the fastest growing due to increased competition from a growing number of exchanges.
- The report largely echoes of another recent study by the same company into the crypto asset-management market, which it projects will grow to $9.4 billion in 2030 from $670 million in 2020. That also identified Asia Pacific as the region for the most significant growth due to the large numbers of crypto mining enterprises there, driving demand for asset-management solutions to help manage their business processes.
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