Bitcoin Payments Market Expansion 2024-2033: Growth Drivers and Dynamics

The bitcoin payments global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Bitcoin Payments Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The bitcoin payments market size has grown rapidly in recent years. It will grow from $990.18 billion in 2023 to $1,071.42 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to rise in the need for transparency in the payment system, increasing acceptance by vendors, merchants, and consumers for digital payments, increasing adoption of digital ledger, the rise of the lightning network, and increasing number of crypto automated teller machines (ATMs) and mobile wallets.

The bitcoin payments market size is expected to see rapid growth in the next few years. It will grow to $1,903.20 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in smartphone penetration, growing demand for low-cost and secure payments, growing awareness of bitcoin and its use cases, increasing number of initial coin offerings (ICOs), and increasing number of bitcoin payment processors. Major trends in the forecast period include advances in hardware and software wallets, innovation in payment technologies, technology advancements, innovative blockchain distributed technology protocols, and innovative payment processors.

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Scope Of Bitcoin Payments Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Bitcoin Payments Market Overview

Market Drivers –

The increase in popularity of crypto ATMs is expected to propel the growth of Bitcoin payments going forward. A crypto ATM (cryptocurrency automated teller machine), often called a Bitcoin ATM, is an electronic kiosk that enables users to buy or sell cryptocurrencies using cash or debit/credit cards. The increasing number of crypto ATMs is due to several factors, such as a rise in interest and investment in cryptocurrencies, convenience and accessibility, and a growing variety of supported cryptocurrencies. Bitcoin payments, facilitated by crypto ATMs and mobile wallets, offer unparalleled convenience and accessibility compared to traditional financial systems, allowing users to quickly buy, sell, or transfer Bitcoin using cash or their smartphones without requiring lengthy registration processes or bank accounts. For instance, in April 2024, CryptoNews, a Lithuania-based company that offers a news website that provides comprehensive coverage of the crypto and blockchain industry, in Australia, had an active network of 1,008 Bitcoin ATMs, representing 2.7% of the global crypto ATM distribution. Furthermore, in July 2021, according to BitcoinWorld, a US-based company involved in cryptocurrency and blockchain technology, Crypto ATM installations in 2021 increased by 71.73%. Therefore, the increase in popularity of crypto ATMs and mobile wallets is driving the growth of the Bitcoin payments market.

Market Trends –

Major companies operating in the bitcoin payments market are focused on developing innovative solutions such as token pay to enhance transaction efficiency and security and offer more integrated payment options within the cryptocurrency ecosystem. TokenPay (TPAY) is a decentralized cryptocurrency that enhances privacy and security in digital transactions. It integrates advanced cryptographic protocols to ensure secure and anonymous transactions. For instance, in July 2024, OrdinalsBot, a US-based private enterprise specializing in Bitcoin, launched TokenPay to expand payment options for on-chain activities. It allows users to pay for on-chain activities using various cryptocurrencies and Bitcoin. It aims to attract a wider audience and make it easier for users to participate in on-chain activities related to Ordinals. This expansion of payment options aims to provide more flexibility and convenience for OrdinalsBot’s users and contribute to the adoption and development of the Ordinals protocol on the Bitcoin blockchain.

The bitcoin payments market covered in this report is segmented –

1) By Component: Hardware, Software, Services
2) By Keys: Private Keys, Public Keys
3) By Application: E-Commerce, Retail, Other Applications

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Regional Insights –

North America was the largest region in the bitcoin payments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitcoin payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the bitcoin payments market are Verifone Inc., Microsoft Corporation, Paypal Holdings Inc., Coinbase Global Inc., Binance Holdings Ltd., Etsy Inc., Paxful Inc., MoonPay USA LLC, Bitpay Inc., Coinspaid, CoinsBank, Utrust, The Pirate Bay, Genie Technologies Pte Ltd , Coingate, Spectrocoin Finance Ltd., OpenNode Inc., GoCoin LLC, Planet Express, Coinpayments Inc.

Table of Contents
1. Executive Summary
2. Bitcoin Payments Market characterstics
3. Bitcoin Payments Market Trends And Strategies
4. Bitcoin Payments Market – Macro Economic Scenario
5. Global Bitcoin Payments Market Size And Growth
…..

32. Global Bitcoin Payments Market Competitive Benchmarking
33. Global Bitcoin Payments Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bitcoin Payments Market
35. Bitcoin Payments Market Future Outlook and Potential Analysis
36. Appendix

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