PUBLISHER: The Business Research Company | PRODUCT CODE: 1464054
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464054
The bitcoin payment ecosystem encompasses a network of individuals, businesses, and organizations engaged in the sending, receiving, and facilitating of transactions using bitcoin, a decentralized digital currency. This ecosystem offers advantages such as swift and low-cost transactions, pseudonymous transactions, and user financial autonomy.
Key components within the bitcoin payment ecosystem include hardware, software, and services. Hardware comprises physical devices or equipment tailored to facilitate bitcoin transactions or enhance the security and functionality of bitcoin-related activities. It finds application in various domains such as decentralizing identity, organizations, and smart contracts, as well as in automated teller machines (ATMs), analytics and big data, trading marketplaces, consumer wallets, among others. End-users of these components span government entities, enterprises, and other stakeholders.
The bitcoin payment ecosystem market research report is one of a series of new reports from The Business Research Company that provides bitcoin payment ecosystem market statistics, including bitcoin payment ecosystem industry global market size, regional shares, competitors with a bitcoin payment ecosystem market share, detailed bitcoin payment ecosystem market segments, market trends and opportunities, and any further data you may need to thrive in the bitcoin payment ecosystem industry. This bitcoin payment ecosystem market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bitcoin payment ecosystem market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 18.47%. The expansion observed during the historical period can be attributed to several factors, including regulatory developments affecting bitcoin, market speculation driving investment, increased acceptance of bitcoin by merchants, global economic uncertainty prompting interest in alternative assets such as bitcoin, and the facilitation of cross-border transactions through bitcoin.
The bitcoin payment ecosystem market size is expected to see rapid growth in the next few years. It will grow to $2.30 billion in 2028 at a compound annual growth rate (CAGR) of 16.15%. Anticipated growth in the forecast period can be attributed to several factors, including institutional adoption of bitcoin, the establishment of regulatory frameworks governing its use, efforts to promote financial inclusion through bitcoin, enhancements in user experience, and broader global economic trends. Major trends expected during this period encompass the continued increase in institutional adoption, ongoing regulatory developments shaping the bitcoin ecosystem, integration of bitcoin with traditional finance systems, heightened focus on sustainability concerns related to bitcoin mining, and an increase in partnerships and collaborations within the bitcoin industry.
The surge in investments in bitcoin-related startups is anticipated to drive the expansion of the Bitcoin payment ecosystem market in the foreseeable future. Investments in bitcoin-related startups encompass financial backing provided by various entities, including individuals, venture capital firms, hedge funds, and others, to businesses directly involved in the Bitcoin ecosystem or offering products and services related to Bitcoin. Such investments are propelled by several factors, including the potential for substantial returns in the rapidly evolving cryptocurrency industry, the growing mainstream acceptance of Bitcoin and other cryptocurrencies, technological advancements in blockchain, and decentralized finance. These investments play a vital role in fostering the growth and advancement of the bitcoin payment ecosystem, empowering startups to develop innovative technologies and user-friendly solutions that enhance the accessibility and convenience of bitcoin payments. For instance, as reported by TechCrunch, a US-based online newspaper focusing on high-tech and startup companies, investments in Bitcoin-related startups soared to a record high of $9.2 billion in 2022, surpassing the previous record by $400 million. Consequently, the escalating investments in bitcoin-related startups are fueling the growth of the bitcoin payment ecosystem market.
Prominent companies operating in the bitcoin payment ecosystem market are at the forefront of technological innovation, particularly in the realm of cryptocurrency payment technology via Near-Field Communication (NFC). This technology enables individuals and businesses to conduct direct payments from their cryptocurrency wallets by tapping their NFC-equipped phones. For example, in November 2023, ivendPay, a UAE-based cryptocurrency payment technology company, unveiled the world's first cryptocurrency payment technology via Near-Field Communication (NFC). This platform seamlessly integrates with various payment ecosystems, including POS terminals, merchant mobile applications, and vending networks, facilitating the ease and security of bitcoin transactions in retail settings. Moreover, it contributes to the integration and assurance of convenience and security in cryptocurrency transactions within retail environments. Additionally, this advancement represents a significant milestone in the broader cryptocurrency payment ecosystem, offering heightened security, reduced fees, regulatory independence, and global accessibility.
In November 2021, New York Digital Investment Group LLC (NYDIG), a prominent US-based firm specializing in bitcoin financial services and infrastructure, completed the acquisition of Bottlepay for $280 million. This strategic acquisition was undertaken to bolster NYDIG's Bitcoin platform, expand its reach into new markets, ensure adherence to regulatory requirements, and advance a collective vision for the future of Bitcoin. Bottlepay, headquartered in the UK, is renowned for its payments platform built on the bitcoin network, offering innovative payment services.
Major companies operating in the bitcoin payment ecosystem market report are Nvidia Corporation, PayPal Holdings Inc., Binance Holdings Limited, ATI Technologies Inc., Coinbase Global Inc., Bitcoin Depot LLC, VeriFone Inc., MoonPat USA LLC, Canaan Creative Co. Ltd., Blockchain.com Inc., BitPay Inc., Bit Digital Inc., Bitstamp Ltd, Bitcoin Foundation, Mt. Gox Co. Ltd., RockitCoin LLC, Unocoin Technologies Pvt Ltd, OpenNode Technologies Inc., Coinpayments Inc., Kurant GmbH, Genesis Coin Inc., Block stream Corporation Inc., OKCoin Inc., Payward Inc., itBit Trust Company LLC.
North America was the largest region in the bitcoin payment ecosystem market in 2023. The regions covered in the bitcoin payment ecosystem market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bitcoin payment ecosystem market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bitcoin payment ecosystem market includes revenues earned by entities by various services such as digital wallet services, payment processing services, exchange services, merchant services, remittance services, payment gateway APIs, and cryptocurrency ATM services. The market value includes the value of related goods sold by the service provider or included within the service offering. The bitcoin payment ecosystem market consists of sales of products such as bitcoin debit cards, bitcoin ATM machines, bitcoin gift cards, bitcoin merchant tools, and bitcoin hardware security modules. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bitcoin Payment Ecosystem Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bitcoin payment ecosystem market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bitcoin payment ecosystem ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bitcoin payment ecosystem market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.