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 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 because of 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 because of the large numbers of crypto mining enterprises there, driving demand for asset-management products and services to help manage their business processes.