MarketandMarkets has released a report revealing the crypto market will grow 6.18% annually to $1.4 billion by 2024. It also notes that the most significant market growth will be from the crypto hardware sector.
“The market for payment through cryptocurrency is likely to register the highest growth during the forecast period,” the report reads. “Moreover, a large number of players are investing in developing payment gateways and platform for the payment process of their currencies, thereby increasing adoption of cryptocurrency for the payment.”
The various advantages
MarketsandMarkets says that payment with crypto has various advantages: “Enhanced transactional security, protection from fraud, decentralised system, low fees, protection from consumer chargebacks, and quick international transfers.”
It also states that the greatest beneficiaries of Distributed Ledger Technologies (DLT) are small and medium enterprises, startups, and entrepreneurs, who have already experienced a positive effect from the cryptocurrency market.
Market drivers include high remittances in developing countries, fluctuations in monetary regulations and growth in venture capital investments.