Global Bitcoin Payments Market to Hit $3,788.2 Bn by 2031: Allied Market Research
Growing demand for improving operational efficiency and transparency in payment systems to boost the global bitcoin payments market trends. A prominent surge in demand for bitcoin in banks and other financial institutions will open new growth avenues for the global market. Based on region, Asia-Pacific contributed the largest market share in 2021, accounting for nearly two-fifths of the global Bitcoin Payments market share.
Portland, OR, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Bitcoin Payments market accrued revenue worth $850.6 billion in 2021, and will reach $3,788.2 billion by 2031, registering a CAGR of 16.3% from 2022 to 2031. The market research report offers a comprehensive analysis of oscillating industry trends, top segments, value chains, major investment business scenarios, regional landscape, and competitive space. The study is a major source of information for giant players, entrepreneurs, owners, and managers in creating new business plans for the future and taking steps to improve their market position. The report demonstrates an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $850.55 Billion |
| Market Size in 2031 | $3,788.2 Billion |
| CAGR | 16.3% |
| No. of Pages in Report | 283 |
| Segments Covered | Keys, Component, Application, and Region. |
| Drivers | Growing demand for improving operational efficiency and transparency in payment systems. |
| Surge in demand for remittances in emerging economies. | |
| A prominent need for strong data security and need for optimizing capital. | |
| Opportunities | A prominent surge in demand for bitcoin in banks and other financial institutions. |
| Untapped growth potential in emerging economies. | |
| Restraints | High deployment costs and low awareness pertaining to use of bitcoin and block chain technologies in emerging economies. |
Covid-19 Scenario
- The COVID-19 outbreak moderately impacted global Bitcoin Payments market growth due to huge demand for cryptocurrencies such as bitcoin during the COVID-19 pandemic.
- However, there were huge losses incurred by business persons trading in bitcoins and many people did not receive bitcoin payments. This adversely impacted the global market during the COVID-19 pandemic.
The report offers an in-depth division of the global Bitcoin Payments market based on Keys, Component, Application, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.
Based on keys, the private keys segment contributed the largest market share in 2021, accounting for three-fourths of the overall share of the global Bitcoin Payments market. Moreover, this segment is predicted to retain its dominant status during the forecast timeline. However, the public keys segment is slated to register the highest CAGR of nearly 20.3% from 2022 to 2031.
In terms of component, the hardware segment accounted for the highest share of the global market in 2021, contributing more than half of the overall share of the global Bitcoin Payments market. Moreover, this segment is predicted to contribute the highest market share by 2031. Furthermore, the services segment is anticipated to register the fastest growth with a CAGR of nearly 19.8% during the forecast timeframe.
On basis of the application, the e-commerce segment accounted for a major share of the global market in 2021, contributing more than two-fifths of the global Bitcoin Payments market share. Moreover, the segment is set to maintain its dominance during the forecast period. However, the retail segment is anticipated to record the fastest CAGR of nearly 20.2% from 2022 to 2031.
Based on region, Asia-Pacific contributed the largest market share in 2021, accounting for nearly two-fifths of the global Bitcoin Payments market share. The region is predicted to continue its market dominance by 2031. Moreover, the North America Bitcoin Payments market is set to register the fastest CAGR of 18.6% during the assessment period.
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Major players of the global Bitcoin Payments market profiled in the research report include B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc.
The report evaluates these key participants in the global Bitcoin Payments industry. These participants have executed a slew of major business plans such as the extension of the consumer base, technology innovation, strategic partnerships, and collaborations for enhancing penetration of new technologies in the global markets and establishing strong market growth globally. The market study report helps in monitoring the performance of each segment along with examining the effect of new technology launches on the overall market earnings.
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