Portland, OR, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Bitcoin Payments market accrued revenue worth USD 850.6 billion in 2021, and will reach USD 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 fluctuating industry trends, top segments, value chains, large investment companies, regional landscape and competition space. The study is an important 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 developing market.
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Report coverage and details:
| Report coverage | Details |
| Forecast period | 2022-2031 |
| Foundation year | 2021 |
| Market size in 2021 | 850.55 billion dollars |
| Market size in 2031 | 3,788.2 billion dollars |
| CAGR | 16.3% |
| Number of pages in the report | 283 |
| Segments covered | Keys, component, application and region. |
| Drivers | Increasing demand for improving operational efficiency and transparency in payment systems. |
| Increased demand for remittances in emerging economies. | |
| A prominent need for strong data security and the need to optimize capital. | |
| Possibilities | A prominent increase in demand for bitcoin in banks and other financial institutions. |
| Unexploited growth potential in emerging economies. | |
| Limitations | High distribution costs and low awareness associated with the use of bitcoin and blockchain technologies in emerging economies. |
Covid-19 scenario
- The COVID-19 outbreak moderately affected the global Bitcoin Payments market growth due to high demand for cryptocurrencies such as bitcoin during the COVID-19 pandemic.
- However, there were large losses incurred by business people trading bitcoins and many people did not receive bitcoin payments. This adversely affected the global market during the COVID-19 pandemic.
The report offers a thorough segmentation of the global Bitcoin Payments market based on key, component, application, and region. It provides an in-depth examination of each segment and sub-segment in tables and figures where consumers can gain insight into market trends. The market report analysis helps organizations, investors and entrepreneurs to know which sub-segments to explore to achieve massive growth in the subsequent years.
Based on keys, the private keys segment contributed the largest market share in 2021, accounting for three-quarters of the total 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 projected 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 total 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 expected to register the fastest growth with a CAGR of nearly 19.8% during the forecast period.
Based on the filing, 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. Furthermore, the segment is set to 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.
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 in 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 number of major business plans such as expanding the consumer base, technology innovation, strategic partnerships and collaborations to increase the penetration of new technologies in the global markets and establish strong market growth globally. The market study report helps monitor the performance of each segment along with examining the effect of new technology launches on the overall market revenue.
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Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded approach to providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional business 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 utmost accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the concerned domain. Our secondary data sourcing methodology includes deep online and offline research and discussion with knowledgeable industry professionals and analysts.
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