Global Bitcoin payments market projected to reach $3.7B by 2031: Research
The global Bitcoin (BTC) payments market will reach $3.7 billion by 2031, registering a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector expansion, forecasted Allied Market Research in a report published on Oct. 24.
According to the document, operational demand for efficiency and transparency in payments systems, along with data security services growth and a surge in demand for remittances in emerging economies, are among the major factors supporting growth in the sector in the coming years. The report also stated:
In 2021, the private keys segment accounted for three-fourths of the overall Bitcoin payments market share, according to the report, and the segment is expected to maintain its dominant position throughout the forecast period, with nearly 20.3% of CAGR until 2031, followed by the hardware sector that is set to growt 19.8% during the same period.
Related: Tap-to-pay Bitcoin Lightning Bolt cards strike El Salvador
E-commerce transactions are likely to keep its relevance in the sector, growing nearly 20.2% by 2031, as per the report. The Asia-Pacific region is predicted to continue its market dominance by 2031, although the fastest growth is expected to come from North America, with a CAGR of 18.6% during the period.
Referring to the barriers and challenges in the space, the report acknowledges that high deployment costs and low global awareness about the use of Bitcoin can hamper the sector's progress. It noted:
As reported by Cointelegraph, the cryptocurrency bear market has impacted how people pay with crypto, but Bitcoin remains a major payment tool despite huge volatility, making up more than 50% of all sales on payment service provider BitPay's
Read more on cointelegraph.com
