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The global Bitcoin (
$78,131.00 ) (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:
“Furthermore, increase in demand for Bitcoin ( $78,131.00 ) among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the Bitcoin ( $78,131.00 ) payments market expansion during the forecast period.”
In 2021, the private keys segment accounted for three-fourths of the overall Bitcoin ( $78,131.00 ) 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 ( $78,131.00 ) 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 ( $78,131.00 ) can hamper the sector’s progress. It noted:
“Distributed ledger technology has spread from cryptocurrency to a wide number of applications in the financial and government industry. However, numerous people and financial & government industries across developing nations such as India, Africa, and Australia are less aware regarding transactions made using Bitcoin ( $78,131.00 ) payment, which hampers growth of the Bitcoin ( $78,131.00 ) payment market across the globe.”
As reported by Cointelegraph, the cryptocurrency bear market has impacted how people pay with crypto, but Bitcoin ( $78,131.00 ) remains a major payment tool despite huge volatility, making up more than 50% of all sales on payment service provider BitPay’s platform. The data revealed that the sales volume of BTC payments on BitPay peaked at87% in 2021 before declining during the bear market of 2022.
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