The Bitcoin Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bitcoin Technology Global Market Report 2024, 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 in the historic period can be attributed to initial interest from tech enthusiasts, increased public awareness and interest, economic uncertainty, increasing acceptance by merchants as a payment method, and 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 growth in the forecast period can be attributed to institutional adoption, regulatory clarity, growth in exchanges, global adoption, and a shift towards sustainable mining practices. Major trends in the forecast period include security innovations, decentralized finance, technological advancements, integration with traditional financial systems, and adoption of online gaming.
The increasing acceptance of cryptocurrency as a payment method is expected to propel the growth of the bitcoin technology market going forward. Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central authority or government. The growing acceptance of cryptocurrencies by businesses and financial institutions is a major driver of their popularity. Additionally, increased awareness and understanding of cryptocurrencies among the general public and institutional investors drive their adoption. Bitcoin technology facilitates the increasing acceptance of cryptocurrency as a payment method by providing a decentralized, secure, and efficient means for conducting transactions without intermediaries. For instance, in June 2023, according to a report published by the Financial Conduct Authority, a UK-based financial regulatory body, in a survey of 2,337 UK adults, 91% of UK adults were aware of crypto assets in August 2022, up from 78% in 2021. Additionally, 9% of adults—4.97 million—owned crypto assets, a significant increase from 2.3 million or 4.4% in 2021. Therefore, increasing acceptance of cryptocurrency as a payment method will drive the growth of the bitcoin technology market.
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The bitcoin technology market covered in this report is segmented –
1) By Component: Application And Solution, Infrastructure And Protocols, Middleware
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Other Applications
4) By End User: Financial Services, Government, Healthcare, Media And Entertainment, Retail, Transportation And Logistics, Travel, Other End Users
Major companies operating in the bitcoin technology market are focusing on security enhancements with cryptocurrency transactions security technology to strengthen the protection of digital assets and bolster user trust in cryptocurrency transactions. Cryptocurrency transaction security technology includes measures, protocols, or technologies implemented to enhance the security of cryptocurrency transactions and storage against threats such as hacking and fraud. For instance, in October 2022, Mastercard Inc., a US-based multinational payment card services corporation, launched Crypto Secure, an innovative technology solution to enhance security and confidence in the digital ecosystem. Crypto Secure uses CipherTrace data and technology to assist card issuers in navigating the complicated regulatory landscape surrounding digital assets. It helps issuers better examine the risk profiles of virtual asset service providers (VASPs) and make educated decisions about allowing bitcoin transactions. This personalized approach enables issuers to reduce fraud risks without imposing broad limitations that may impede genuine transactions with crypto businesses.
The bitcoin technology market report table of contents includes:
1. Executive Summary
2. Bitcoin Technology Market Characteristics
3. Bitcoin Technology Market Trends And Strategies
4. Bitcoin Technology Market – Macro Economic Scenario
5. Global Bitcoin Technology Market Size and Growth
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32. Global Bitcoin Technology Market Competitive Benchmarking
33. Global Bitcoin Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bitcoin Technology Market
35. Bitcoin Technology Market Future Outlook and Potential Analysis
36. Appendix
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