The cryptocurrency market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2022 to 2030, according to a report by Research and Markets.

The report attributes the growth to a number of factors including increased acceptance of digital currencies, monetary regulation fluctuations and emerging opportunities in both developed and emerging markets.

Driving growth

One major factor driving the growth of crypto markets is the high level of remittances in developing nations, according to R&M. The use of crypto for cross-border transfers offers a more efficient and less costly method to payments across borders while also eliminating the need for third parties such as banks or credit card companies, according to the report.

Venture Capital investments have also entered the crypto industry, sparking new developments and innovations are being made in the field. This is evident in light of companies and industries increasingly accepting digital currencies, such as retail giant Walmart:

“For instance, the US Patent and Trademark Office, according to a filling the retailing giant Walmart applied for a patent to use digital coin integrated with fiat currency which will allow for faster and cheaper transactions.”

The report states that despite growing popularity and adoption, cryptocurrencies still face barriers to growth including regulatory uncertainty, lack of awareness and concerns regarding security control and privacy.

Overall, the global cryptocurrency market shows strong growth potential, with increasing adoption and acceptance of digital currencies, R&M reported.