The global Bitcoin Technology Market is estimated to surpass $42.3 billion mark by 2026 growing at an estimated CAGR of more than 8.6% during the forecast period 2021 to 2026. The driving factors encompass low risk during inflation, comparatively low transaction fee as opposed to credit card or debit card purchase. These are some factors that drive SME’s to buy Bitcoins with the limited budget.
The Bitcoin system is created to the sole purpose of being finite in a digital ledger. Thus, it reduces the risk of inflation, and without the possibility of issuing excess currency the risk comes down to zero.
Increasing adoption of digital and cryptocurrency has also improved the growth of market. Improving disposable income among the developing countries propels the growth of market. These factors are set to boosts the market growth for Bitcoin Technology during the forecast period 2021-2026.
Bitcoin Technology Market Segment Analysis - By End User
BFSI takes the maximum market share of 46.5% in 2020. Bitcoin payments are faster and safer in many countries. Banks utilise the opportunity for secured transactions, reduce the cost of transaction and process cost. Bitcoin technology has affected capital market and other financial services for betterment of the market. Costs have been reduced in paying the bank to verify the transaction, signing a document.
The factors like rising crypto currencies and Initial Coin Offerings, Rapid transactions will propel the adoption of bitcoin technology. By integrating blockchain with banks, consumers can see their transactions processed in less than 10 minutes.
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Bitcoin Technology Market Segment Analysis - By Services
Bitcoin Payment & wallets are wallets in which bitcoins are stored and bitcoin holder will have a private key corresponding to the Bitcoin address of that wallet. Bitcoin wallets facilitate the sending and receiving of Bitcoins and give ownership of the Bitcoin balance to the use. There are four types of bitcoin wallet available they are desktop, mobile, web and hardware. Ease of use has anticipated the market growth for the segment Payment and wallets which are projected to grow at 6.6% CAGR through 2026.
Bitcoin Technology Market Segment Analysis - By Geography
North America is the fastest growing market for Bitcoin mining and vending services at 9.3% through 2026. US have the highest share and became number one in the Bitcoin crypto currency exchange by volume by 2026. Businesses in North America have identified the potential of the technology in delivering the improved quality of customer experience. APAC stands the next position in the market growth. ROW has the least growth among other region during the forecast period as the hesitancy by governments in this region to regulate and allow usage of bitcoin technology will hinder adoption.
Bitcoin Technology Market Drivers
Safer and faster transaction
The driving factors of Bitcoin Technology Market include factors like safer and faster transaction also cheaper. It can be used as a storing value in many countries. No regulatory need from the central authority allows a decentralized network with minimal transaction speed. Banks utilized the opportunities like reduced transaction cost and other paper cost. Rising awareness about benefits of bitcoin technology and its increasing adoption by most of the online merchants and SME’s companies is creating numerous opportunities for the market.
Rising Operational Transparency
Bitcoin payment transfers maintain transparency as all transaction-related details is registered on a centralized digital database known as the blockchain. All modifications in the blockchain can be presented freely by both stakeholders, thereby ensuring transparency in operations. In fact, these records are unchangeable, ensuring that it cannot be reversed or erased. This non - repudiation depends on proof-of - work to protect a given block by formidable computing resources and analysis, which, in effect, benefits auditors and enables bitcoin transactions through enhancing data protection.
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Bitcoin Technology Market Challenges
Changing Regulatory Landscape
The challenges in Bitcoin Technology Market are entry in to the market, spending and acquiring the bitcoin. Purchasing is mostly the existing bitcoins rather than mining. Many countries regulatory bodies are sceptical about the bitcoins and thus this technology is not accepted in exchanging market. It paves the way for many illegal trading and activities in the blockchain network which has resulted in growing regulatory focus on limitation. Government regulations concerns many companies while bitcoin decentralized network grows. Many Governments have made it illegal to own crypto currencies in their networks thus limiting market growth.
Bitcoin Technology Market Landscape
The Bitcoin market is fragmented with start-ups. The market is consolidated with the players Blockstream Corporation Inc., Coinbase Inc., Coinify ApS, Gocoin, Bitpay Inc. These are the players who have taken advantage cut down the overhead cost compared to debit and credit card transactions. They use product launches, acquisitions, and joint ventures as key strategies.
Acquisitions/Technology Launches/Partnerships
In December 2020, Facebook announced its new Libra cryptocurrency, which will let users make purchases or send money to people with virtually no fees.
In October 2020, PayPal confirmed its entry into the cryptocurrency market. Paypal talks to buy the crypto firm Bitcoin and BitGo.
In April 2019, Blockstream entered a joint venture called Crypto Garage with Japanese fintech industry heavyweights Digital Garage and Tokyo Tanshi.
Key Takeaways
Bitcoin technology enables the new payment system of digital money. BFSI sector is one of those sectors which take complete advantage of Bitcoin technology in payments which is easier and faster.
Bitcoin wallet is expected to grow during the forecast period due to its ease of use and safer transaction.
North America is the fastest growing region in Bitcoin mining and expected to grow due to rising vending services in the forecast period.
Related Reports :
A. Bitcoin Payments Ecosystem Market
https://www.industryarc.com/Report/46/global-bitcoin-payments-ecosystem-market-analysis.html
B. Crypto Atm Market
https://www.industryarc.com/Research/Crypto-Atm-Market-Research-505294
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