According to a new report published by Allied Market Research, titled, “Bitcoin Payments Market,” The bitcoin payments market was valued at $850.55 billion in 2021, and is estimated to reach $3788.2 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.
Bitcoin Payments Market by Keys (Private Keys, Public Keys), by Component (Hardware, Software, Services), by Application (E-commerce, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Top impacting factors
Rise in need for transparency in the payment system
The bitcoin payment market is rapidly growing owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors. The use of bitcoin across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose. For instance, PayPal, an American-based company, operating in an online payment systems entered into the bitcoin payment market on October 21, 2020 and announced that customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.
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In addition, Mastercard with the partnership of Island Pay launched the world’s first CBDC-linked Card on February 10, 2021. Thus, number of such developments across the major players drives the growth of the market. Furthermore, innovative blockchain distributed technology protocols are expected to replace the need for certain organizational solutions and allow diverse players to share payment transparently across the company. Such systems bring transparency to supply chains, helping in elimination of environmental crimes and others. Therefore, these factors boosts the adoption bitcoin payment.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bitcoin payment market analysis from 2021 to 2031 to identify the prevailing bitcoin payments market outlook.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bitcoin payments market share segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global bitcoin payments market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global bitcoin payments market trends, key players, market segments, application areas, and market growth strategies.
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Bitcoin Payments Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 3788.2 billion |
| Growth Rate | CAGR of 16.3% |
| Forecast period | 2021 – 2031 |
| Report Pages | 283 |
| Keys | Private KeysPublic Keys |
| Component | HardwareSoftwareServices |
| Application | E-commerceRetailOthers |
| By Region | North America (U.S., Canada)Europe (UK, Germany, France, Italy, Rest Of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest Of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | B2BinPay, Binance, Bitpay, Circle, Coingate, Coinpayments, Coinspaid, MoonPay, OpenNode, Paxful, Paypal, SpectroCoin, Utrust, Verifone, Zebpay |
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