(MENAFN- Alliance News) The global bitcoin market size was US$ 755.1 million in 2021. The global bitcoin market is forecast to grow to US$ 5471.3 million by 2030 by registering a compound annual growth rate (CAGR) of 29.1% during the forecast period from 2022 to 2030.
Bitcoin is a digital currency that allows transactions to be made without the use of a central bank. Bitcoins can be used to purchase goods and services from vendors as a form of payment. The network's peer-to-peer technology can be utilized to execute business transactions amongst bitcoins. Because they are open source, their structure and regulations are accessible to everybody. Traditional currencies are managed by the central bank, but bitcoins are managed by an internet community rather than by any government.
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Factors Influencing the Market
Bitcoin transactions are established on the blockchain and cryptographic principles. Bitcoin lowers the cost of ownership significantly, and transactions are considerably faster and more reliable. These factors are expected to boost the growth of the global bitcoin market. Furthermore, the bitcoin market is expected to grow during the study period due to minimal exchange rates, interest rates, etc.
By removing the need for centralized intermediate processing, distributed ledger systems enable a decentralized manner of paying for a digital currency system. Financial transactions can be tracked using distributed headline technology. It generates digital money and allows for virtual tracking and trade of any value. Thus, all of the aforementioned factors will escalate the growth of the global bitcoin market during the forecast period.
Bitcoin's prospects are steadily gaining traction in commercial payments. The study from ICO revealed that nearly 15558 businesses around the world were accepting Bitcoins, with Slovenia having the most in 2019. Thus, such events depict the potential scope of bitcoin during the forecast period. On the flip side, a lack of regulations and instability may hamper the growth of the global bitcoin market during the forecast period.
COVID-19 Impact Analysis
Coronavirus brought a devastating pandemic with it, as the World Health Organization declared. It drove investors to panic and had an influence on financial markets all around the world. The bitcoin industry was also impacted by the pandemic as consumers felt the decline in purchasing power. However, Bitcoin, one of the most popular cryptocurrencies has promoted the use of cryptocurrencies such as Bitcoin. Due to the lifestyle changes brought on by the coronavirus outbreak, there is a growing interest in digital assets.
Regional Analysis
The Asia-Pacific Bitcoin market is forecast to record a significant growth rate. The growth of this market is attributed to the presence of major mining enterprises in the region. China is considered to be the region's largest bitcoin market during the study period.
Competitors in the Market
? Bitfinex
? BitPay Inc
? Bitfury Group Limited
? Unocoin Technologies Private Limited
? OKEx
? Bitstamp
? Coinbase Inc.
? Circle Internet Financial Limited
? Ripple Labs Inc.
? BitGo
? Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Bitcoin industry experienced notable growth in its workforce. Starting in January, employment within the Bitcoin sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Bitcoin output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Bitcoin output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Bitcoin market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Bitcoin market.
Market Segmentation
The global bitcoin market segmentation focuses on End-User, Application, and Region.
By End User:
? Media & Entertainment
? BFSI
? E-Commerce
? Hospitality Type
By Application
? Peer-to-Peer Payment
? Retail
? Trading
? Remittance
? Ecommerce
? Payment
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Bitcoin Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Bitcoin Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Bitcoin Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Bitcoin Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Bitcoin market revenues, extending projections until 2031. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Bitcoin market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Bitcoin business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
? Assisting businesses in gauging the viability of new or existing products or services.
? Facilitating business enterprises in the identification and cultivation of novel market segments.
? Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
? Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
? Analyzing market trends to aid businesses in devising adaptive strategies.
? Guiding businesses in the optimal placement of their products.
About Report Ocean: Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today's competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.
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