Global Bitcoin Technology Market Size, Share, Trends Analysis & Growth Statistics report by Service (Exchanges, Remittance Services, and Payment & Wallet)
Bitcoin Technology Market:
GMI Research expects the bitcoin technology market to expand at a significant rate. From a regional perspective, North America is projected to dominate the market due to the high adoption of bitcoin technology among banks, e-commerce companies, financial institutions, and the entertainment sector. The strong presence of major blockchain development companies, such as Microsoft Corporation, will further surge the market growth.
Bitcoin Technology Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers
The global bitcoin technology market is predicted to witness an upsurge in demand during the forecast period due to the rising disposable income among the middle-income group, the high adoption of digital currencies, and the increasing incorporation of blockchain technology with business processes and supply chain management applications. As per bitcoin technology market analysis, the rising adoption of bitcoin by online merchants, SMEs, and start-up companies attributed to its various advantages, such as low transaction fees for bitcoin payments, low risk of inflation, low infrastructure costs, and transparency, is further stimulating the growth of the bitcoin technology market share in terms of revenue. As per the Federation of American Scientists (FAS) organization report, there were about 5,100 several cryptocurrencies, and around 18.3 million Bitcoins were in circulation across the world as of March 2020. This strong adoption of bitcoin will further pay the way for the growth of the bitcoin market size in the upcoming years. According to the bitcoin technology market forecast, the stringent government regulations regarding the usage of bitcoin in different countries, such as Iran, India, Australia, Bangladesh, and Vietnam, and due to the possibility of adverse influence on the national currency, issues about fraud, and the consequences of its use for taxation will hinder the growth of the market. End-Use Industry Segment Drivers
Based on the end-use industry, the BFSI segment is projected to lead the market due to several advantages of blockchain-based cryptocurrency payment systems, including reduced fees, faster transaction times, and eliminating third parties include payment processors, from the transaction process. In addition to this, the rising adoption of payment systems on the basis of digital currencies like bitcoin by numerous financial institutions, which include UBS Group AG, Revolut, Barclays Plc, and National Bank of Canada, is further fuelling the market growth.Bitcoin Technology Market’s leading Manufacturers:
- Blockstream Corporation Inc.
- Coinify ApS
- Bitstamp Ltd
- Gemini Trust Company, LLC
- Payward, Inc.
- Digital Currency Group Inc.
Bitcoin Technology Market Segmentation: Segmentation by Service:
- Remittance Services
- Payment & Wallet
Segmentation by End-Use Industry:
- Media & Entertainment
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
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