The bitcoin technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bitcoin Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bitcoin technology market size has grown rapidly in recent years. It will grow from $14.36 billion in 2023 to $16.99 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to initial interest from tech enthusiasts, increased public awareness and interest, economic uncertainty, increasing acceptance by merchants as a payment method, and institutional investment.
The bitcoin technology market size is expected to see rapid growth in the next few years. It will grow to $33.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to institutional adoption, regulatory clarity, growth in exchanges, global adoption, and a shift towards sustainable mining practices. Major trends in the forecast period include security innovations, decentralized finance, technological advancements, integration with traditional financial systems, and adoption of online gaming.
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Scope Of Bitcoin Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bitcoin Technology Market Overview
Market Drivers –
The increasing acceptance of cryptocurrency as a payment method is expected to propel the growth of the bitcoin technology market going forward. Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central authority or government. The growing acceptance of cryptocurrencies by businesses and financial institutions is a major driver of their popularity. Additionally, increased awareness and understanding of cryptocurrencies among the general public and institutional investors drive their adoption. Bitcoin technology facilitates the increasing acceptance of cryptocurrency as a payment method by providing a decentralized, secure, and efficient means for conducting transactions without intermediaries. For instance, in June 2023, according to a report published by the Financial Conduct Authority, a UK-based financial regulatory body, in a survey of 2,337 UK adults, 91% of UK adults were aware of crypto assets in August 2022, up from 78% in 2021. Additionally, 9% of adults—4.97 million—owned crypto assets, a significant increase from 2.3 million or 4.4% in 2021. Therefore, increasing acceptance of cryptocurrency as a payment method will drive the growth of the bitcoin technology market.
Market Trends –
Major companies operating in the bitcoin technology market are focusing on security enhancements with cryptocurrency transactions security technology to strengthen the protection of digital assets and bolster user trust in cryptocurrency transactions. Cryptocurrency transaction security technology includes measures, protocols, or technologies implemented to enhance the security of cryptocurrency transactions and storage against threats such as hacking and fraud. For instance, in October 2022, Mastercard Inc., a US-based multinational payment card services corporation, launched Crypto Secure, an innovative technology solution to enhance security and confidence in the digital ecosystem. Crypto Secure uses CipherTrace data and technology to assist card issuers in navigating the complicated regulatory landscape surrounding digital assets. It helps issuers better examine the risk profiles of virtual asset service providers (VASPs) and make educated decisions about allowing bitcoin transactions. This personalized approach enables issuers to reduce fraud risks without imposing broad limitations that may impede genuine transactions with crypto businesses.
The bitcoin technology market covered in this report is segmented –
1) By Component: Application And Solution, Infrastructure And Protocols, Middleware
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Other Applications
4) By End User: Financial Services, Government, Healthcare, Media And Entertainment, Retail, Transportation And Logistics, Travel, Other End Users
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Regional Insights –
North America was the largest region in the bitcoin technology market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the bitcoin technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bitcoin technology market are Binance Holdings Limited, Coinbase Global Inc., eToro Group Ltd., BitPanda GmbH, Luno Pte. Ltd., Bitstamp Limited, CoinDesk Inc., Gemini Trust Company LLC, Payward Inc. (Kraken), Huobi Global Limited, Okcoin USA Inc., Uphold Europe Limited, Wirex Limited, iFinex Inc. (Bitfinex), Bittrex Inc., CoinMarketCap LLC, BitPay Inc., BitFlyer Inc., Polo Digital Assets Ltd. (Poloniex), ShapeShift AG, BTCC Pool Limited, Unocoin Technologies Private Limited, Coincheck Inc., New Bit Ventures Ltd., Gecko Labs Pte. Ltd
Table of Contents
1. Executive Summary
2. Bitcoin Technology Market characterstics
3. Bitcoin Technology Market Trends And Strategies
4. Bitcoin Technology Market – Macro Economic Scenario
5. Global Bitcoin Technology Market Size And Growth
…..
32. Global Bitcoin Technology Market Competitive Benchmarking
33. Global Bitcoin Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bitcoin Technology Market
35. Bitcoin Technology Market Future Outlook and Potential Analysis
36. Appendix
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