Global Bitcoin Payments Market Will Reach $3.7 Billion By 2031
According to Allied Industry Research, the worldwide Bitcoin payments market will reach $3.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector to rise.
According to the study, the primary causes driving development in the industry in the next years are operational demand for efficiency and transparency in payment systems, the increase in data security services, and a spike in demand for remittances in emerging nations. In addition, the study stated:
“Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period.”
According to the report, the private keys segment accounted for three-fourths of the overall Bitcoin payments market share in 2021, and the segment is expected to maintain its dominant position throughout the forecast period, with nearly 20.3% CAGR until 2031, followed by the hardware sector, which is expected to grow 19.8% during the same period.
In terms of constraints and difficulties, the research admits that high implementation costs and a lack of worldwide understanding of the usage of Bitcoin might stymie the sector’s expansion. It stated:
“Distributed ledger technology has spread from cryptocurrency to a wide number of applications in the financial and government industry. However, numerous people and financial & government industries across developing nations such as India, Africa, and Australia are less aware regarding transactions made using bitcoin payment, which hampers growth of the bitcoin payment market across the globe.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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