Cryptocurrency market to hit 4.94 billion USD by 2030

Allied Market Research published a report, titled, Cryptocurrency market. As per the report, the global cryptocurrency market valued at 1.49 billion USD in 2020, will hit 4.94 billion USD by 2030. This entail a CAGR of 12.8 percent from 2021 to 2030.

The main drivers for the growth of the global cryptocurrency market is the need for increased transparency in the payment system especially in remittances. Another recent for growth is the lack of awareness about cryptocurrencies as well as the untapped potential in emerging economies. .

Based on offering, the hardware segment contributed to more than three-fourths of the global cryptocurrency market share in 2020, and is expected to lead the trail by the end of 2030. Increase in need to enhance the efficiency of financial payment tools promotes the demand for hardware component, thereby driving the segment growth. The software segment, on the other hand, would cite the fastest CAGR of 14.2% throughout the forecast period, due to the fact that it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.

Based on process, the crypto mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020, and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain. The transaction segment, on the other hand, would cite the fastest CAGR of 14.6% during the forecast period. This is because cryptocurrency transactions allow users with more autonomy over their own money than that of fiat currencies and users are able to control their money without dealing with an intermediary authority such as a bank or government.

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market. The same segment would also portray the fastest CAGR of 14.5% from 2021 to 2030. This is due to increase in number of Bitcoin exchange across Asia, which brings a certain healthy competition in the industry.

Key Players in the Industry