Global Bitcoin Payments Market to Grow 16.3% Annually Between 2022 and 2031
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Allied Market Research published a report on October 24 on the expansion in the private key and hardware drive sectors. The report suggests around 16.3 percent compound annual growth rate between 2022 and 2031. The report suggests a positive outcome for the Bitcoin payments sector. According to this report, the global Bitcoin payment market could reach around $3.7 by 2031.
The banking industry and emerging economies are one of the biggest markets for the global dominance of Bitcoin payments. The payment systems require the security and transparency that the adoption of this payment method can give a business. Emerging economies require efficient and secure platforms for increasing remittances facilitated by Bitcoin payments.
“Additionally, rise in demand for bitcoin among banks and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the expansion of the bitcoin payment market during the forecast period,” the report said.
Moving on to the segregation of private keys and the hardware sector of the Bitcoin payment market, the report mentions that private keys will continue to dominate the sector. It currently accounts for around three quarters of the entire business. By 2031, it will contribute 20.3 percent of the total business generated.
The hardware sector will also grow by 19.8 percent every year until 2031. The e-commerce part will also grow by 20.2 percent in the same duration. The North American region is projected to grow at a CAGR of 18.6 percent, while Asia Pacific continues to dominate the Bitcoin payment market. The e-commerce segment accounted for a significant share of the global market in 2021, accounting for more than two-fifths of the global Bitcoin Payments market share.
The news isn’t all rainbows and unicorns; it also says that global ignorance and high distribution costs are why Bitcoin payments may need help expanding. Although, despite the challenges, Bitcoin continues to grow in the payments sector. This suggests a green signal for Bitcoin’s dominance in the banking industry and the financial market.
B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Paypal, Spectro Finance OU, Utrust, VerFone, ZebPay, CONFIRMO, Plisio are among the major players profiled in the research report .
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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