The global cryptocurrency market size is forecasted to reach $11.71 billion by 2030, at a CAGR of 12.2 percent. The growth will be majorly fuelled by the growing adoption of blockchain technology for digital payments, increasing demand for transparency and operational security, and other factors.
Global Crypto Market Size Expected to Expand
The year 2022 has been described by experts as one of the darkest periods so far in the 13-year history of Bitcoin (BTC), with the digital assets market downturn forcing several market participants to either downsize significantly or close shop completely.
According to the Global Cryptocurrency Market Size, Share & Trend Analysis Report 2022, released by ResearchAndMarkets.com on October 31, the crypto asset market is forecasted to experience significant growth in the next few years, hitting $11.71 by 2030, at a CAGR of 12.2 percent during the forecast period.
For the uninitiated, the crypto market size should not be confused with the market cap of the industry, since they are two different things. At the time of writing, the combined market capitalization of Bitcoin (BTC) and altcoins stands at $1.02 trillion, according to CoinMarketCap.
Factors Fostering Crypto Markets Growth
As of 2021, there were more than 300 million global cryptocurrency users, and that number is expected to grow exponentially in the coming years, thanks to the growing use cases of these innovative assets.
The report cites the growing adoption of established crypto assets like Bitcoin, Ether (ETH), and Litecoin, amongst others, for superfast, safe, and cost-efficient payments, as one of the key drivers of the global crypto markets growth.
Furthermore, the researchers have hinted that the market growth will also be fueled by the increasing demand for better data security, operational transparency, the increased integration of the underlying distributed ledger technology into payment systems, and the legalization of crypto trading in several developed nations.
What’s more, the research report notes that the recent technological advancements in the artificial intelligence (AI) sector are expected to have a positive effect on the crypto markets. A section of the report reads:
“Numerous businesses have been motivated to concentrate on their development as a result of the increased popularity of AI-based crypto platforms. For instance, in August 2021, Los Alamos National Laboratory researchers reported that they had created an AI algorithm to recognize unauthorized crypto miners who utilize research computers for cryptocurrency mining.”
Bitcoin to Lead the Charge
Though the crypto winter has managed to wipe out a large chunk of Bitcoin’s gains since its all-time high last November, the report has made it clear that the Bitcoin segment of the crypto market is anticipated to grow at the fastest CAGR during the forecast period, thanks to the increasing acceptance of BTC by several emerging nations.
Other important segments of the global crypto markets forecasted to contribute significantly to the industry’s market size include hardware mining, graphics processing unit (GPU), crypto wallets, and retail & e-commerce.
In terms of jurisdictions, the Asia Pacific region is expected to witness rapid growth during the forecast period. The researchers attribute this growth to the presence of cryptocurrency mining companies in the area.