As per a recent report published by MarketsandMarkets, it shows that by the year 2024 the cryptocurrency market shall grow into a $1.4 billion industry. The research group forecasts a 6.18% annual growth for the digital assets space.
As per the reports, the main driving forces behind the growth would be high remittances in developing countries, Increasing distributed ledger technology (DLT) transparency, growth in venture capital investments and fluctuations in monetary regulations.
The report has been published earlier in the month, titled: “Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, E-commerce, and Retail), and Geography-Global Forecast to 2024.”
According to the finding of the report, the people who will benefit the most from the development of DLT transparency would be start-ups, small and medium enterprises and entrepreneurs.
The report goes on to acknowledge the untapped potential of blockchain and its ability to provide affordable cross-border payments, along with other benefits, however it also addresses the various challenges that lay ahead for the digital assets space, mostly laying emphasis on the general population’s lack of understanding of the technical complexities and the lack of regulatory certainty.
MarketsandMarkets also highlights several issues like the lack of accessibility, specifically for non-tech savvy individuals along with other issues like security, privacy and scaling issues.
However, in the latter part of the report, it shows that those concerns are being handled, although the process of adopting a friendlier attitude towards crypto innovation is being slowed down due to regulations imposed by US Securities and Exchange Commission (SEC) and other financial watchdogs.
These projections are in line with the view that blockchain technology and cryptocurrency are the most beneficial solutions for unbanked populations, as well as regions with unstable currencies and poor documentation. According to MarketsandMarkets, it claims that those particular regions present the best opportunities for growth in the sector.
The report shares similar views with some of the most prominent crypto investors as it suggests that 2019 would be a watershed year for digital assets. Also, in a recent interview with CNBC, Wall Street veteran Ric Edelman went on to say that many institutional players are getting attracted towards the cryptocurrency space as financial regulators from all across the world have begun approving trading schemes and adopting regulations.