Bitcoin Technology Market

GMI Research analysis indicates that the Bitcoin Technology Market is slated to register a high CAGR over the forecast period, till 2029.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing adoption of digital currencies, growing disposable income among middle income group, and growing integration of blockchain technology with business processes and supply chain management applications are expected to drive the growth of the bitcoin technology market. In addition, growing adoption of bitcoin by SMEs, online merchants and start-up companies owing to its several advantages including low risk of inflation, low transaction fees for bitcoin payments, low infrastructure costs and transparency is further expected to boost the industry growth. Moreover, according to a report by the Federation of American Scientists (FAS) organization, as of March 2020, there were more than 5,100 different cryptocurrencies and approximately 18.3 million Bitcoins were in circulation globally. This rapid growth in the adoption of bitcoin is expected to boost the growth of the bitcoin market size over the forecast period.

Restraint in the Bitcoin Technology Market

However, strict government regulation related to the use of bitcoin in several countries including Vietnam, Iran, Australia, Bangladesh and India owing to the possibility of negative impacts on the national currency, concerns about fraud, and the implications of its use for taxation is expected to restraint the market growth.

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Service – Segment Analysis

Based on service, the payment & wallet segment is expected to grow at a significant rate during the forecast period. This can be attributed to its several benefits including low transaction fees, easily accessible, online payments through smartphones, anonymity of the users, and no taxes on transaction. Various companies including Wikipedia, Microsoft Corporation, AT&T, Inc., Burger King, and KFC among other accept the digital currency bitcoin as a payment option.

End-Use Industry – Segment Analysis

Based on end-use industry, BFSI segment is expected to hold a significant share in the market owing to the various advantages of blockchain-based cryptocurrency payment systems that include faster transaction times, lower fees, elimination of third parties such as payment processors from the transaction process. Moreover, increasing adoption of payment systems based on digital currencies including bitcoin by various financial institutions including National Bank of Canada, Revolut, UBS Group AG, and Barclays Plc is further supporting the market growth.

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Regional – Segment Analysis:

Based on region, North America is anticipated to account for a major share in the bitcoin technology market during the forecast period. This can be attributed to the increasing adoption of bitcoin technology among banks, financial institutions, e-commerce companies, and entertainment industry. Moreover, presence of some of the leading blockchain development companies including International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others are further supporting the bitcoin technology market growth in the region.

Top Market Players

Several Leading players operating in the market, include, Blockstream Corporation Inc., Coinbase, Coinify ApS, Bitstamp Ltd., Bitpay, Gemini Trust Company, LLC, Robinhood, Binance.com, Payward, Inc., and Digital Currency Group Inc., among others. 

Key Developments:

• • In 2020, -Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, today announced the acquisition of Luno, a leading cryptocurrency exchange.

Segments covered in the Report:

The global Bitcoin Technology Market has been segmented on the basis of service, end-use industry, and key regions. Based on service, the market is segmented into exchanges, remittance services, and payment & wallet. Based on end-use industry, the market is segmented into BFSI, e-commerce, media & entertainment, and hospitality. 

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Key questions answered in this research report:

• • At what pace is global Bitcoin Technology Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Bitcoin Technology Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Bitcoin Technology Market?
  • Which service generated maximum revenues in 2021 and identify the most promising service during the forecast period?
  • What are the various end-use industries of global Bitcoin Technology Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Bitcoin Technology Market by Service

• • Exchanges
  • Remittance Services
  • Payment & Wallet

Global Bitcoin Technology Market by End-Use Industry

• • BFSI
  • E-Commerce
  • Media & Entertainment
  • Hospitality

Global Bitcoin Technology Market by Region

• • North America Bitcoin Technology Market (Option 1: As a part of the free 25% customization)
    • By Service
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Bitcoin Technology Market (Option 2: As a part of the free 25% customization)
    • By Service
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Bitcoin Technology Market (Option 3: As a part of the free 25% customization)
    • By Service
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Bitcoin Technology Market (Option 4: As a part of the free 25% customization)
    • By Service
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Bitcoin Technology Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Blockstream Corporation Inc.
  • Coinbase
  • Coinify ApS
  • Bitstamp Ltd
  • Bitpay
  • Gemini Trust Company, LLC
  • Robinhood
  • com
  • Payward, Inc.
  • Digital Currency Group Inc.