NEW YORK, U.S., Sept. 01, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Bitcoin Market Size, Share, Growth Analysis Report By Wallet Type (Software Wallets, Hardware, Online Wallets, Paper Wallets), By Application (International Transactions, Private Transactions, Payments & Buying), By End User (Large, Small, and Medium Enterprises), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Bitcoin Market size & share was valued at approximately USD 218.90 million in 2021. The market is expected to grow above a CAGR of 25.10% and is anticipated to reach over USD 839.05 million by 2028.”
The report analyses the Bitcoin market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Bitcoin market.
What is Bitcoin? How big is the Bitcoin Industry?
Bitcoin is not a global currency; making international payments is more cost-effective and productive. With data, encryption is used to safeguard financial transactions, keep track of the growth of new units, and transfer considerable amounts of assets. Bitcoin is digital or virtual money that uses cryptography and is intended to function as a medium of exchange for confirmed and safe transactions. It is a technology that permits secure and verified transactions through a distributed ledger used as a platform for record-keeping.
The technology behind bitcoin appears to be a breakthrough with the potential to significantly alter the markets for capital and other financial services. Banks are motivated to seize the chance to lower transaction costs and process paper volume. Bitcoin has the potential to help banks save billions of dollars by drastically reducing operational costs.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 203+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Industry Major Players, Historical and ForecastGrowth, Porter’s 5 Forces Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Market Growth Drivers
- Increasing Demand for Payment System Visibility to drive the market
One of the main factors driving market expansion is low cost, ownership, quicker, and safer operations. Additionally, it is anticipated that low exchange rates, interest rates, and other fees will support the sector’s expansion.
Rising investment in blockchain technology due to the increased use of bitcoin in industrialized nations and the growing demand for safer cross-border transactions present enormous development prospects for market participants.
- Lack of awareness of financial literacy may hinder the market growth
Due to the overall lack of financial literacy and familiarity with a wide range of digital technologies among the common public, the bitcoin ledger is only helpful in wealthy cultures. Digital ledger technology is being considered for use in both developed and industrialised economies for financial processes. It hinders the world market from drawing in new players, which invariably prevents the market from realising its full potential.
Key questions answered in this report:
- What is the market size and growth rate forecast for Bitcoin industry?
- What are the main driving factors propelling the Bitcoin Market forward?
- What are the leading companies in the Bitcoin Industry?
- What segments does the Bitcoin Market cover?
- How can I receive a free copy of the Bitcoin Market sample report and company profiles?
Browse the full “Bitcoin Market Size, Share, Growth Analysis Report By Wallet Type (Software Wallets, Hardware, Online Wallets, Paper Wallets), By Application (International Transactions, Private Transactions, Payments & Buying), By End User (Large, Small, and Medium Enterprises), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028″ report at https://www.fnfresearch.com/bitcoin-market
Bitcoin Market: COVID-19 Impact Analysis
Bitcoin’s value has taken a hit due to the COVID-19 epidemic because of the dramatic decline in digital currency stability. On the other hand, the disparities have widened and Bitcoin’s volatility has increased. So, it stands to reason that the use of cryptocurrency will fall off during a pandemic. During the peak of the epidemic, even financial institutions made their first cryptocurrency exchange investments. Some financial institutions have begun building their own (blockchain-based) platforms to facilitate bitcoin B2B payments.
Key Insights from Primary Research
- As per the analysis, the Bitcoin market is likely to grow above a CAGR of around 25.10% between 2022 and 2028.
- The Bitcoin market size was worth around US$ 218.90 million in 2021 and is estimated to hit approximately US$ 839.05 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By wallet type, the hardware category dominated the market in 2021.
- By application, the payment category dominated the market in 2021.
- On the basis of region, The Asia Pacific dominated the global bitcoin market in 2021.
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Bitcoin Market: Segmentation Analysis
The global bitcoin market is segregated based on wallet type, end users and applications, and region. Based on wallet type, the market is divided into software wallets, hardware, online wallets and paper wallets. Among these, the hardware segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.
Based on applications, the market is classified into international transactions, private transactions, payments and buying. In 2021, the payments category will dominate the global market. The market is classified into large, small, and medium enterprises based on end users. The large enterprise segment will hold a significant share in the market in 2021.
The global bitcoin market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific is anticipated to have a dominating position in the global market for bitcoin in 2021. It is projected that the widespread use of cryptocurrencies would drive market expansion. Additionally, the region’s growing understanding of digital currency and the proliferation of businesses that accept them as payment fuels the expansion of the market sector.
Furthermore, some businesses are working together to offer their clients various services. Furthermore, as the market’s need for mining pools grows, so does the market’s need for sophisticated mining equipment.
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|Market Size in 2021||USD 218.90 Million|
|Projected Market Size in 2028||USD 839.05 Million|
|CAGR Growth Rate||25.10% CAGR|
|Key Market Players||Airbitz, ANX, Avalon Life S.A., BitGo, BitPay, BitPesa, Bitstamp Ltd., BITWAGE INC., Bitwala, Blockstream Inc., Circle Internet Financial Limited, Coinbase, CoinifyApS, Ethereum Foundation, nChain Group, Nvidia Corporation, R3 Consortium (Ripple), Uphold Inc., XapoInc, and Others|
|Key Segment||By Wallet type, Application, End User, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs.|
The report contains qualitative and quantitative research on the global Bitcoin Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.
Some of the main players in the global bitcoin market include:
- Avalon Life S.A.
- Bitstamp Ltd.
- BITWAGE INC.
- Blockstream Inc.
- Circle Internet Financial Limited
- Ethereum Foundation
- nChain Group
- Nvidia Corporation
- R3 Consortium (Ripple)
- Uphold Inc.
- Xapo Inc.
Recent Industry Developments:
- January 2022, Hut 8 Mining Corp. announced that they had acquired the cloud and co-location data center business of TeraGo Inc. The acquisition comprises five data centers in Canada, including a complete selection of scalable cloud services. Thus this will help the company to expand its business and customer base in the market
- August 2021, Mining Technologies Inc. announced that they had acquired the three validators securing the Ethereum Proof-of-Stake blockchain. These three Eth2.0 validators are cloud-based and operational. Thus, the acquisition will help the company save fees and weeks of staking rewards, helping company growth.
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The global Bitcoin market is segmented as follows:
By Wallet type
- Software Wallets
- Online Wallets
- Paper Wallets
- International Transactions
- Private Transactions
By End User
- Large Enterprises
- Small & Medium Enterprises
- System & Software
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Wallet type, Application, End User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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