Report: Crypto Industry Will Be Valued at $1.4 B in 2024
The report issued recently by MarketsandMarkets states that the crypto market will be at $1.40 billion in 6 years time with a CAGR of 6.18%. However, this growth could be decelerated by vague procedural demands. The report also demonstrates that the market will be more transparent due to the use of better DLT. The market will also witness an increase of globalized exchange in the less developed countries.
Expansion of the Hardware Encryption Industry
MarketsandMarkets issued a new report that forecasts the crypto market up until 2024 in terms of its processes, geography, applications, offerings, etc. The report indicates that the biggest market in the next six years will be hardware for digital currencies. This is due to the fact that cryptocurrencies have been mainstreamed, which has created a demand to facilitate an escalating amount of exchanges and by extension a need for crypto mining hardware. The growth of the mining hardware is evident in the number of suppliers. Some of the suppliers are specialized in mining, such as Bitfury or GateHub; while other are computing hardware suppliers, such as Intel or NVIDIA.
This surge will not only affect hardware, but its effect will also manifest in crypto payments on a peer-to-peer basis during the next six years. They will reach their highest compound annual growth rate by 2024. This will be caused by the escalation in the value of cryptos, as well as the increase in the number of people using cryptocurrencies to pay for donations or salaries.
The Asia Pacific Region in the Lead
Other reports published by MarketsandMarkets have stated that APAC countries will play a rather significant role in the progress of the crypto industry as they will own the most shares in the market between 2019 and 2024. Their hold on the market will be augmented by the fact that Japan adopted the systems earlier than most countries and that China has significantly lower costs of electricity.
Due to its fine climate, lower electricity costs, the easy accessibility of assets for projects, as well as the existence of some of the best mining companies; such as Canaan or Bitmain, will assist China in holdinga majority of shares as compared to other APAC countries. This will make China one of the world’s top cryptocurrency markets.
It is interesting to note that while APAC will be the world’s leading region, its growth will not reach the maximum CAGR until 2024. Also, while the rest of the world will reach the maximum CAGR, its growth is not regulated properly and this would allow governments to interfere in the business. The market’s expansion can be hindered by a number of factors, the most significant of which is vague procedures and rules, ignorance, and a lack of technical knowledge when it comes to cryptocurrency.