PUBLISHER: The Business Research Company | PRODUCT CODE: 1556227
PUBLISHER: The Business Research Company | PRODUCT CODE: 1556227
Bitcoin technology is underpinned by a decentralized blockchain, which ensures secure and transparent transaction recording across a network of computers. The system employs Proof of Work to validate transactions and integrate them into the blockchain, thereby safeguarding the cryptocurrency's integrity and security.
The core elements of Bitcoin technology encompass applications and solutions, infrastructure and protocols, and middleware. Applications and solutions refer to software and platforms designed for specific Bitcoin use cases, such as wallets, payment systems, and trading platforms. Enterprise sizes are classified into large enterprises, small enterprises, and medium-sized enterprises. The applications include digital identity, exchanges, payments, smart contracts, supply chain management, among others. End users span across sectors including financial services, government, healthcare, media and entertainment, retail, transportation and logistics, travel, and more.
The bitcoin technology market research report is one of a series of new reports from the business research company that provides bitcoin technology market statistics, including bitcoin technology industry global market size, regional shares, competitors with an bitcoin technology market share, detailed bitcoin technology market segments, market trends and opportunities, and any further data you may need to thrive in the bitcoin technology industry. This bitcoin technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bitcoin technology market size has grown rapidly in recent years. It will grow from $14.36 billion in 2023 to $16.99 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth observed during the historic period can be attributed to several factors such as initial enthusiasm from technology enthusiasts, heightened public awareness and interest, economic uncertainty, growing acceptance of Bitcoin as a payment method by merchants, and increasing institutional investment.
The bitcoin technology market size is expected to see rapid growth in the next few years. It will grow to $33.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The anticipated growth during the forecast period is driven by several factors, including increased institutional adoption, clearer regulatory frameworks, expansion of exchanges, global acceptance, and a move towards sustainable mining practices. Key trends expected during this period include advancements in security innovations, the rise of decentralized finance, technological progress, integration with traditional financial systems, and the growing adoption of Bitcoin in online gaming.
The increasing adoption of cryptocurrency as a payment method is anticipated to drive growth in the bitcoin technology market. Cryptocurrencies, digital or virtual currencies secured by cryptography and operating independently of central authorities, are gaining popularity as businesses and financial institutions embrace them. Rising awareness and understanding of cryptocurrencies among the public and institutional investors further contribute to this trend. Bitcoin technology supports this adoption by offering a decentralized, secure, and efficient method for conducting transactions without intermediaries. For instance, a June 2023 report by the Financial Conduct Authority, a UK financial regulatory body, revealed that 91% of UK adults were aware of crypto assets in August 2022, up from 78% in 2021. Furthermore, 9% of adults, or approximately 4.97 million people, owned crypto assets, a notable increase from 2.3 million or 4.4% in 2021. Consequently, the growing acceptance of cryptocurrency as a payment method is expected to fuel the growth of the bitcoin technology market.
Key players in the bitcoin technology market are concentrating on enhancing security measures to protect digital assets and build user trust in cryptocurrency transactions. Security technology for cryptocurrency transactions involves various measures, protocols, or technologies designed to safeguard against threats such as hacking and fraud. For example, in October 2022, Mastercard Inc., a US-based multinational payment card services corporation, introduced Crypto Secure, a technology solution aimed at improving security and confidence in the digital ecosystem. Crypto Secure utilizes CipherTrace data and technology to assist card issuers in navigating regulatory challenges related to digital assets. It helps issuers assess the risk profiles of virtual asset service providers (VASPs) and make informed decisions about enabling bitcoin transactions, thus reducing fraud risks while avoiding overly restrictive measures that could hinder legitimate transactions with crypto businesses.
In July 2024, CoinDCX, an India-based cryptocurrency exchange platform, acquired a full stake in BitOasis for an undisclosed amount. This acquisition signifies CoinDCX's entry into the Middle East and North Africa (MENA) region and represents its first international expansion. BitOasis, a UAE-based crypto platform, provides bitcoin exchange and technology services.
Major companies operating in the bitcoin technology market are Binance Holdings Limited, Coinbase Global Inc., eToro Group Ltd., BitPanda GmbH, Luno Pte. Ltd., Bitstamp Limited, CoinDesk Inc., Gemini Trust Company LLC, Payward Inc. (Kraken), Huobi Global Limited, Okcoin USA Inc., Uphold Europe Limited, Wirex Limited, iFinex Inc. (Bitfinex), Bittrex Inc., CoinMarketCap LLC, BitPay Inc., BitFlyer Inc., Polo Digital Assets Ltd. (Poloniex), ShapeShift AG, BTCC Pool Limited, Unocoin Technologies Private Limited, Coincheck Inc., New Bit Ventures Ltd., Gecko Labs Pte. Ltd
North America was the largest region in the bitcoin technology market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the bitcoin technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bitcoin technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bitcoin technology market consists of revenues earned by entities by providing services such as cryptocurrency exchanges, mining services, security solutions., systems design services, and information distribution technologies such as television and telephones. The market value includes the value of related goods sold by the service provider or included within the service offering. The bitcoin technology market also includes sales of hardware wallets, mining equipment, blockchain development tools, and specialized software. 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 Technology 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 technology 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 technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bitcoin technology 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.