As per the latest Fortune Business Insights report, the crypto market size is projected to reach $1,758.0 million by 2027. The nascent industry is predicted to exhibit a Compound annual growth rate (CAGR) of about 11.2% during the forecast period.
The rising acceptance of crypto assets such as Bitcoin, Ether, Tether, and Litecoin, presents a unique opportunity for merchants and vendors in the industry.
One of the key drivers of this growth is the widespread acceptance of the digital assets class in developed countries, especially in North America.
For instance, BTCâ€™s popularity in the US has risen steadily from $250.9 million in 2019 and is projected to proliferate in the coming years. Other regionsÂ driving growthÂ in the nascent crypto industry include Europe, Asia Pacific, and Latin America.
As per the report, more individuals are expected to gravitate toward virtual currency exchange methods, a factor that will have a major impact on the crypto market during the forecast period.
Moreover, blockchain tech integration will bolster the healthy adoption of crypto by facilitating fast, secure and effective transactions.
The future looks bright for the crypto market, despite the emergence of Covid-19 that has brought an unprecedented impact on all sectors and threatens to sway market potential.
Eminent Industry Players Will Foster Crypto Market Growth
According to the Fortune Business Insights report, existential industry players have a major role in augmenting the growth of crypto markets.
The research found that the major eminent players in the current market include Ripple Labs, Coinbase, Bitgo, Intel corporation, and mining giant Bitmain. Other players expected to foster the acceptance of digital coins include Bitfury Group Limited, NVIDIA, and BTL Group LTD.
These major companies and many more will facilitate the crypto marketâ€™s speedy expansion by channeling massive investments intoÂ blockchain techÂ and digital assets.Â
Moreover, central banks worldwide are also taking an interest in digital currencies, primarily due to the easy and flexible transactional method the asset class offers. As such, more financial regulators are looking to roll out Central Bank Digital Currency (CBDC) activity provisions.
AsÂ reported, central banks such as the Bank of Thailand and many more have already applied for the toolkit to their CBDC evaluation process. This functionality will aid regulators in analyzing the suitability of digital assets as a medium of exchange.
The Impact of Collaborations Among Industry Players
Strategic partnerships among key players are also predicted to positively influence the market by introducing accessible trading platforms and unique digital currencies.
Among the key developments in the industry is Binance exchangeâ€™sÂ acquisitionÂ of WazirX Bitcoin exchange in 2019, which will augment the growth and adoption of crypto.The Facebook-ledÂ Libra associationÂ is also pushing for the development of its stablecoin, which will enable millions of customers to make purchases at numerous vending points globally.