Cryptocurrency Industry | Forecast 2030
The global cryptocurrency market generated over USD 40.09 billion in 2021 and is expected to grow at a CAGR of 26.8% over the forecast period. The cryptocurrency is segmented in various end uses such as trading, government, gaming, banking, healthcare, retail & e-commerce, and others. Cryptocurrency uses distributed ledger technology such as blockchain to validate transactions. The increasing adoption of distributed ledger technology is anticipated to propel the market growth during the forecast period. Moreover, increasing usage of cryptocurrencies for cross-border remittances is expected to fuel market expansion due to the reduction in consumer fees and exchange charges.
One of the key elements influencing the growth of digital currency is the rising need for better transparency and operational efficiency in digital payments systems, increase in data security, and integration of blockchain technology. Additionally, the growing adoption of digital currency by major corporations such as MasterCard Inc. and Tesla Inc. is anticipated to boost industry expansion. Binance, Bit fury Group Limited, Ripple, and Intel Corporation are some of the key players spearheading the growth of these applications.
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Cryptocurrency Exchange Platform Market Insights
The global cryptocurrency exchange platform market size was valued at USD 30.18 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2022 to 2030. The growing popularity of digital assets, such as cryptocurrencies and Non-Fungible Tokens (NFTs), is anticipated to increase the demand for cryptocurrency exchange platforms. People in developed countries, such as the U.S. and Canada, are rapidly adopting digital currency owing to its flexibility and ease of transaction. In addition, the rising acceptance of mobile-based trading platforms is expected to create opportunities for the industry. Furthermore, cryptocurrencies use blockchain technology for decentralization and efficient transactions.
Blockchain technology offers fast, secure, decentralized, transparent, and reliable transactions; hence, the companies are investing in blockchain and collaborating to deliver quality services to the consumers. For instance, in July 2022, KuCoin, one of the prominent cryptocurrency exchange platforms, announced its partnership with Coinrule Ltd., a trading bot for cryptocurrency platforms, to provide automated trading to its customers. In addition, traders using Kucoin’s platform are able to trade margin options, cryptocurrency futures, and perpetual swaps through Coinrule API. The growing popularity of cryptocurrencies as a medium of exchange for products and services led the central banks to support and accept digital currencies across the globe.
Crypto Wallet Market Insights
The global crypto wallet market size was estimated at USD 8.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 24.8% from 2023 to 2030. One of the fundamental growth drivers for the market is the widespread adoption of cryptocurrencies as a legitimate asset class. As cryptocurrencies gain recognition from both individual investors and institutional players, the need for secure and user-friendly storage options has become increasingly evident. This recognition has spurred the development and utilization of crypto wallets worldwide. Another significant driver is the growing awareness of cybersecurity’s critical role in the crypto space. With the rising value of digital assets, individuals are becoming more concerned about the safety of their investments.
Crypto wallets provide a secure and private method for safeguarding cryptocurrencies, offering a compelling alternative to centralized exchanges that are vulnerable to hacking and cyberattacks. As cybersecurity threats evolve, the demand for robust crypto wallet solutions is expected to remain strong.
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Cryptocurrency Payment Apps Market Insights
The global cryptocurrency payment apps market size was valued at USD 545.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2030. The emergence of Web3 and blockchain technology created the need for cryptocurrency payment apps to enable individuals to conduct seamless transactions. These systems are integrated with blockchain technology, enabling users to transact across regions with enhanced security. In addition, cryptocurrency transaction payment apps charge lower fees than traditional payment systems. These are some of the major factors that are driving the market of crypto payment apps market.
The growing adoption of cryptocurrencies globally is the key driver for the market’s expansion. People are encouraged to use cryptocurrency payment platforms owing to the decentralized nature of the blockchain, which eliminates mediators like banks from the payment processing system. It reduces the processing time and accelerates the transaction speed, consequently adding up to the increasing popularity of such platforms. In addition, the growing prevalence of cryptocurrencies as an investment option among millennials is also fueling the market’s growth.
Crypto ATM Market Insights
The global crypto ATM market size was estimated at USD 116.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The market’s growth can be attributed to the growing adoption of cryptocurrencies among people who do not have a bank account and prefer using cash. Emerging as an attractive alternative, customers can purchase cryptocurrencies using cash at crypto ATMs. Furthermore, crypto ATMs allow customers to remit money abroad without needing a bank account, convert cryptocurrency into fiat currency, and allow cash withdrawal through ATMs. Furthermore, the legalization of cryptocurrency across several countries is also one of the major factors that bode well for the growth of the market for crypto ATMs.
