The Bitcoin Technology Market is expected to grow at a robust CAGR over the forecast period (2022-2029)

The factors driving the growth of Bitcoin Technology Market includes increasing acceptance of cryptocurrency as payment by major corporations such as Expedia, PayPal and Subway, Government regulations regarding the use of cryptocurrencies, rise in the number of daily bitcoin transactions around the world and improvements in the living standards. Moreover, increasing adoption of bitcoins by online merchants, SMEs, and start-up companies, growing popularity of blockchain technology, rising awareness about the benefits of using bitcoin technology and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers and acquisitions between key companies, rising disposable incomes and growing population growth rates, are further propelling the Bitcoin Technology Market Growth.

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However, growth of the Bitcoin Technology Market is hindered attributed to rising concerns related to frauds.

The leading players operating in the market are Gemini Trust Company, LLC, Robinhood, Binance.com, Blockstream Corporation Inc., Coinbase, Coinify ApS, Payward, Inc., Bitstamp Ltd., Bitpay, and Digital Currency Group Inc., among others.

Based on Service, the Payment & Wallet segment is predicted to grow at a significant CAGR during the forecast period

Bitcoin wallets require less transaction fees, enhances online transactions through smartphones and are easily accessible, are some of the factors responsible for the segment’s growth.

Based on End-Use Industry, the BSFI segment is projected to expand at a robust CAGR over the forecast period

Growing adoption of digital currencies by financial institutions such as National Bank of Canada, Revolut and UBS Group AG because bitcoins require low transaction fees and eliminates third parties such as payment processors, is pushing growth of the segment.

Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period

Increasing demand for bitcoins across end-use industries such as E-Commerce, BSFI and Media and Entertainment, rising awareness about the benefits of using bitcoins, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Development

• In 2020, -Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, acquired Luno, a leading cryptocurrency exchange.

Market Segmentation

Segmentation by Service

• Exchanges
• Remittance Services
• Payment & Wallet

Segmentation by End-Use Industry

• BFSI
• E-Commerce
• Media & Entertainment
• Hospitality

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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