Portland, OR, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Bitcoin Payments market accumulated 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 an important source of information for giant players, entrepreneurs, owners and managers to create new business plans for the future and take 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 developing market.
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Report coverage and 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% |
| Number of pages in report | 283 |
| Segments covered | Keys, Component, Application and Region. |
| Managers | Growing demand for improving operational efficiency and transparency in payment systems. |
| Increase in demand for remittances in emerging economies. | |
| A prominent need for strong data security and need for the optimization of capital. | |
| Opportunities | A prominent increase in demand for bitcoin in banks and other financial institutions. |
| Untapped growth potential in emerging economies. | |
| Restrictions | High deployment costs and low awareness regarding the use of bitcoin and blockchain technologies in emerging economies. |
Covid-19 Scenario
- The COVID-19 outbreak had a moderate impact on the global Bitcoin Payments market growth due to the high demand for cryptocurrencies such as bitcoin during the COVID-19 pandemic.
- However, there were huge losses suffered by business people trading in bitcoins and many people did not receive bitcoin payments. This adversely affected the global market during the COVID-19 pandemic.
The report provides an in-depth breakdown of the global Bitcoin Payment market based on key, component, application and region. It provides an in-depth examination of each segment and sub-segment in tables and figures through which consumers can gain insights into market trends. The analysis of the market report helps organizations, investors and entrepreneurs to know which sub-segments should be explored to achieve massive growth in the subsequent years.
On the basis of keys, the private key segment contributed the largest market share in 2021, accounting for three-quarters of the overall share of the global Bitcoin Payments market. Moreover, this segment is predicted to maintain its dominant status during the forecast timeline. However, the public key segment will register the highest CAGR of nearly 20.3% from 2022 to 2031.
In terms of component, the hardware segment accounted for the largest share of the global market in 2021, contributing more than half of the overall share of the global Bitcoin payment market. Moreover, this segment is predicted to contribute the highest market share by 2031. Furthermore, the services segment is expected to register the fastest growth with a CAGR of nearly 19.8% during the forecast timeframe.
Based on the application, the e-commerce segment accounted for a large share of the global market in 2021, contributing more than two-fifths of the global Bitcoin Payments market share. Moreover, the segment will maintain its dominance during the forecast period. However, the retail segment is expected to register the fastest CAGR of nearly 20.2% from 2022 to 2031.
On the basis of 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 payment industry. These participants executed a series of major business plans, such as expanding the consumer base, technology innovation, strategic partnerships and collaborations to improve the penetration of new technologies in the global markets and establish strong market growth worldwide. The market study report helps monitor the performance of each segment along with examining the effect of new technology launches on the overall market earnings.
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Allied Market Research (AMR) is a full service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relationship with various companies and this helps us to dig out market data which helps us to generate accurate research data tables and confirms the extreme accuracy in our market forecast. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients succeed in every possible way. Every data contained in the reports published by us is extracted through primary interviews with top officials of leading companies of the relevant domain. Our secondary data acquisition methodology includes deep online and offline research and discussion with knowledgeable industry professionals and analysts.
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