Bitcoin Technology Market - Forecast(2024 - 2030)

Report Code: ITR 72356 Report Format: PDF + Excel

Bitcoin Technology Market Overview

The global Bitcoin Technology Market is estimated to surpass $42.3 billion mark by 2026 growing at an estimated CAGR of more than 8.6% during the forecast period 2021 to 2026. The driving factors encompass low risk during inflation, comparatively low transaction fee as opposed to credit card or debit card purchase. These are some factors that drive SME’s to buy Bitcoins with the limited budget. 

The Bitcoin system is created to the sole purpose of being finite in a digital ledger. Thus, it reduces the risk of inflation, and without the possibility of issuing excess currency the risk comes down to zero. 

Increasing adoption of digital and cryptocurrency has also improved the growth of market. Improving disposable income among the developing countries propels the growth of market. These factors are set to boosts the market growth for Bitcoin Technology during the forecast period 2021-2026.

Bitcoin Technology Market Report Coverage

The report: “Bitcoin Technology Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Bitcoin Technology Market.

By Services: Payments & wallets, Remittance Services, Exchanges, Decentralize Identity, Decentralize Organization, Smart contracts, ATM’s, Analytics and Big data, Trading Marketplace, Others
By End user Industry: BFSI, Hospitality, Media & Entertainment, E-Commerce and Retail, Transportation and Logistics, Government, Others
By Type: Hardware Software, Services
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America (Brazil, Argentina, and others) and ROW (Middle East and Africa)

Key Takeaways

  • Bitcoin technology enables the new payment system of digital money. BFSI sector is one of those sectors which take complete advantage of Bitcoin technology in payments which is easier and faster.
  • Bitcoin wallet is expected to grow during the forecast period due to its ease of use and safer transaction.  
  • North America is the fastest growing region in Bitcoin mining and expected to grow due to rising vending services in the forecast period.

Bitcoin Technology Market, by Type 2020 (%)

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Bitcoin Technology Market Segment Analysis - By End User

BFSI takes the maximum market share of 46.5% in 2020. Bitcoin payments are faster and safer in many countries. Banks utilise the opportunity for secured transactions, reduce the cost of transaction and process cost. Bitcoin technology has affected capital market and other financial services for betterment of the market. Costs have been reduced in paying the bank to verify the transaction, signing a document. 

The factors like rising crypto currencies and Initial Coin Offerings, Rapid transactions will propel the adoption of bitcoin technology. By integrating blockchain with banks, consumers can see their transactions processed in less than 10 minutes. 

Bitcoin Technology Market Segment Analysis - By Services

Bitcoin Payment & wallets are wallets in which bitcoins are stored and  bitcoin holder will have a private key corresponding to the Bitcoin address of that wallet. Bitcoin wallets facilitate the sending and receiving of Bitcoins and give ownership of the Bitcoin balance to the use. There are four types of bitcoin wallet available they are desktop, mobile, web and hardware. Ease of use has anticipated the market growth for the segment Payment and wallets which are projected to grow at 6.6% CAGR through 2026.

Bitcoin Technology Market Segment Analysis - By Geography

North America is the fastest growing market for Bitcoin mining and vending services at 9.3% through 2026. US have the highest share and became number one in the Bitcoin crypto currency exchange by volume by 2026. Businesses in North America have identified the potential of the technology in delivering the improved quality of customer experience.  APAC stands the next position in the market growth. ROW has the least growth among other region during the forecast period as the hesitancy by governments in this region to regulate and allow usage of bitcoin technology will hinder adoption.

Bitcoin Technology Market Drivers

Safer and faster transaction

The driving factors of Bitcoin Technology Market include factors like safer and faster transaction also cheaper. It can be used as a storing value in many countries. No regulatory need from the central authority allows a decentralized network with minimal transaction speed. Banks utilized the opportunities like reduced transaction cost and other paper cost.  Rising awareness about benefits of bitcoin technology and its increasing adoption by most of the online merchants and SME’s companies is creating numerous opportunities for the market.

Rising Operational Transparency

Bitcoin payment transfers maintain transparency as all transaction-related details is registered on a centralized digital database known as the blockchain. All modifications in the blockchain can be presented freely by both stakeholders, thereby ensuring transparency in operations. In fact, these records are unchangeable, ensuring that it cannot be reversed or erased. This non - repudiation depends on proof-of - work to protect a given block by formidable computing resources and analysis, which, in effect, benefits auditors and enables bitcoin transactions through enhancing data protection.

Bitcoin Technology Market Challenges

Changing Regulatory Landscape

The challenges in Bitcoin Technology Market are entry in to the market, spending and acquiring the bitcoin. Purchasing is mostly the existing bitcoins rather than mining. Many countries regulatory bodies are sceptical about the bitcoins and thus this technology is not accepted in exchanging market. It paves the way for many illegal trading and activities in the blockchain network which has resulted in growing regulatory focus on limitation. Government regulations concerns many companies while bitcoin decentralized network grows. Many Governments have made it illegal to own crypto currencies in their networks thus limiting market growth.

Bitcoin Technology Market Landscape

The Bitcoin market is fragmented with start-ups. The market is consolidated with the players Blockstream Corporation Inc., Coinbase Inc., Coinify ApS, Gocoin, Bitpay Inc. These are the players who have taken advantage cut down the overhead cost compared to debit and credit card transactions. They use product launches, acquisitions, and joint ventures as key strategies.  

Acquisitions/Technology Launches/Partnerships

  • In December 2020, Facebook announced its new Libra cryptocurrency, which will let users make purchases or send money to people with virtually no fees.
  • In October 2020, PayPal confirmed its entry into the cryptocurrency market. Paypal talks to buy the crypto firm Bitcoin and BitGo.
  • In April 2019, Blockstream entered a joint venture called Crypto Garage with Japanese fintech industry heavyweights Digital Garage and Tokyo Tanshi.

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Bitcoin Payments Ecosystem Market - Forecast(2021 - 2026)

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Crypto Atm Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020- 2025

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1. Bitcoin Technology Market Overview
    1.1 Definitions and Scope
2. Bitcoin Technology Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By End User
    2.3 Key trends segmented by Geography
3. Bitcoin Technology Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Bitcoin Technology Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Bitcoin Technology Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Bitcoin Technology Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Bitcoin Technology Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Bitcoin Technology Market – By Services (Market Size -$Million/Billion)
    8.1 Payments and Wallets
    8.2 Remittance Services
    8.3 Identity Decentralization
    8.4 Organization Decentralization
    8.5 Exchanges
    8.6 Smart Contracts
    8.7 ATMs
    8.8 Analytics and Big Data
    8.9 Trading Marketplaces
    8.10 Others
9. Bitcoin Technology Market – By End User (Market Size -$Million/Billion)
    9.1 BFSI
    9.2 Hospitality
    9.3 Media and Entertainment
    9.4 E-Commerce and Retail
    9.5 Transportation and Logistics
    9.6 Government
    9.7 Others
10. Bitcoin Technology Market – By Type (Market Size -$Million/Billion)
    10.1 Hardware
    10.2 Software
    10.3 Services
11. Bitcoin Technology Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 Germany
        11.2.2 France
        11.2.3 UK
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Netherlands
        11.2.8 Others
    11.3 APAC
        11.3.1 China
        11.3.2 Japan
        11.3.3 South Korea
        11.3.4 India
        11.3.5 Australia
        11.3.6 Indonesia
        11.3.7 Malaysia
        11.3.8 Others
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Chile
        11.4.4 Colombia
        11.4.5 Others
    11.5 RoW
        11.5.1 Middle East
        11.5.2 Africa
12. Bitcoin Technology Market - Market Entropy
    12.1 New product launches
    12.2 M&A's, collaborations, JVs and partnerships
13. Bitcoin Technology Market – Industry Competitive Landscape (Premium)
    13.1 Market Share – Global
    13.2 Market Share by Region
    13.3 Market Share By Type
14. Bitcoin Technology Market – Key Company List by Country Premium (Premium)
15. Bitcoin Technology Market - Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10



1.US Bitcoin Technology Market Revenue, 2019-2024 ($M)
2.Canada Bitcoin Technology Market Revenue, 2019-2024 ($M)
3.Mexico Bitcoin Technology Market Revenue, 2019-2024 ($M)
4.Brazil Bitcoin Technology Market Revenue, 2019-2024 ($M)
5.Argentina Bitcoin Technology Market Revenue, 2019-2024 ($M)
6.Peru Bitcoin Technology Market Revenue, 2019-2024 ($M)
7.Colombia Bitcoin Technology Market Revenue, 2019-2024 ($M)
8.Chile Bitcoin Technology Market Revenue, 2019-2024 ($M)
9.Rest of South America Bitcoin Technology Market Revenue, 2019-2024 ($M)
10.UK Bitcoin Technology Market Revenue, 2019-2024 ($M)
11.Germany Bitcoin Technology Market Revenue, 2019-2024 ($M)
12.France Bitcoin Technology Market Revenue, 2019-2024 ($M)
13.Italy Bitcoin Technology Market Revenue, 2019-2024 ($M)
14.Spain Bitcoin Technology Market Revenue, 2019-2024 ($M)
15.Rest of Europe Bitcoin Technology Market Revenue, 2019-2024 ($M)
16.China Bitcoin Technology Market Revenue, 2019-2024 ($M)
17.India Bitcoin Technology Market Revenue, 2019-2024 ($M)
18.Japan Bitcoin Technology Market Revenue, 2019-2024 ($M)
19.South Korea Bitcoin Technology Market Revenue, 2019-2024 ($M)
20.South Africa Bitcoin Technology Market Revenue, 2019-2024 ($M)
21.North America Bitcoin Technology By Application
22.South America Bitcoin Technology By Application
23.Europe Bitcoin Technology By Application
24.APAC Bitcoin Technology By Application
25.MENA Bitcoin Technology By Application