III. Industry Analysis

An increase in the need for operational efficiency and transparency in financial payment systems, a rise in demand for remittances in developing countries, an increase in data security, and an improved market cap are the major factors that drive the growth of the global cryptocurrency market. The global cryptocurrency market size was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.¹ 

As of March 2021, the number of wallet users on Blockchain.com, which enables the acquisition of Bitcoin, exceeded 70 million. User figures for multiple cryptocurrency apps worldwide grew significantly in 2021, as is revealed when comparing download figures from Coinbase, Blockchain Wallet, Crypto.com, BRD, Trust, Luno, Binance, Bitcoin Wallet, Bitcoin Wallet by Bitcoin.com, and Coinbase Wallet apps.²
The global crypto asset management market is anticipated to grow at a CAGR of 21.5%, reaching $1.2 billion by 2026 from $400 million in 2021. Anticipated growth in the crypto asset management market is attributed to several key factors, including the increasing amount of remittances in emerging markets, rising venture capital investments, the demand for secure management of cryptocurrency assets, and the widespread adoption of blockchain technology.³  

1.https://www.alliedmarketresearch.com/crypto-currency-market#:~:text=The%20global%20cryptocurrency%20market%20size,12.8%25%20from%202021%20to%202030.
2.https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/
3.https://www.marketsandmarkets.com/Market-Reports/crypto-asset-management-market-201925303.html