According to a report released by Allied Market Research, the global market for Bitcoin payments will increase at a 16.3% compound annual growth rate (CAGR) from 2022 to 2031 to reach $3.7 billion, Cointelegraph noted.
According to the Cointelegraph, the research stated that among the key causes supporting growth in the sector in the upcoming years are operational demand for efficiency and transparency in payment systems, an increase in data security services, and a spike in demand for remittances in emerging nations. The report added the following, “Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period.”
The report further revealed that the private key segment accounted for three-fourths of the total market share for Bitcoin payments in 2021. With a nearly 20.3% CAGR through
2031, the segment is expected to maintain its dominant position throughout the forecast period. It will be followed by the hardware segment, which is anticipated to grow by 19.8% over the same time period.
According to the survey, e-commerce transactions are expected to expand by roughly 20.2% by 2031, maintaining their prominence in the industry. By 2031, it is estimated that the Asia-Pacific region would still dominate the market, but North America is predicted to develop at the highest rate, with a CAGR of 18.6% over that time.
“Distributed ledger technology has spread from cryptocurrency to a wide number of applications in the financial and government industry. However, numerous people and financial and government industries across developing nations such as India, Africa, and Australia are less aware regarding transactions made using bitcoin payment, which hampers the growth of the bitcoin payment market across the globe.”
According to Cointelegraph, the bitcoin bear market has had an impact on how people use cryptocurrencies to make payments, although, despite extreme volatility, Bitcoin is still a very popular method of payment, accounting for more than 50% of all transactions on BitPay’s platform.
(With insights from Cointelegraph)