The Global Bitcoin payment ecosystem market size is forecast to reach $630 million by 2025, growing at a CAGR of 23.4% from 2020 to 2025. The market growth is attributed to the factors such as rising market for exchange, non-compliance and flexibility of commercial transactions and others. Moreover, Bitcoin currency allows anonymous transfers to be submitted directly to the recipient without any financial entity or any third party coming across. Bitcoin of every user is retained in a software called virtual wallet. Client sends the reimbursements to the channel through transmitting an authenticated statement typically with multi factor authentication solutions including biometric identification and decentralized identity applications. Consequently these features leverages a positive impact on the Bitcoin payment ecosystem industry growth. The rising focus on fiat currency alternatives to Bitcoin in India and China along with rising digital remittance processor demand from cryptocurrency including Bitcoin change the network surrounding the Bitcoin payment ecosystem market.
Report Coverage
The report: “Bitcoin payment ecosystem Industry – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the bitcoin payment ecosystem market report.
By Type: Hardware (Systems, Power requirements), Software, Services, Others
By Applications: Decentralize Identity, Decentralize Organization, Smart contracts, ATM’s, Analytics and Big data, Trading Marketplace, Consumer Wallets
By End User: Enterprises, Government, Others
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), and RoW (Middle east and Africa)
Key Takeaways
Increased ability to perform smooth transactions, lack of third-party interruptions leverages a positive impact on the market growth. Moreover, lower transaction charges, growing economic conditions are some of the factors likely to enhance the growth of the Bitcoin payment ecosystem market in the forecast period 2020-2025.
APAC region is anticipated to dominate the global bitcoin payment ecosystem market in the forecast period 2020-2025 owing to growing digitization, technological developments, strategic collaborations and others.
By Type- Segment Analysis
Bitcoin payment ecosystem market is segmented into hardware, software, services and others. The hardware segment held the highest market share in 2019. It requires equipment to operate and solve cryptography. This hardware consists of the thousands of miners for running the computers around the world. There are thousands of machines around the world operating the Bitcoin program or the Bitcoin application essentially. This hardware is specifically designed to validate block and hash by finding Nonce. In November 2019, SecuX launched crypto POS payment ecosystem to complement hardware wallets. This enables users to pay using the app on either vending machines or through physical stores. Such product launches propels the market growth.
By Application- Segment Analysis
Trading marketplace segment held the highest market share of bitcoin payment ecosystem in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Bitcoin transactions have many benefits, such as improved transactional security, fraud prevention, regionalized network, low prices, and customer payroll safety, and fast foreign transactions. Such aspects help to raise the bitcoin payment network adoption growth. In February 2020, India-based Crypto Exchange CoinDCX collaborated with the OKEx Digital Asset Exchange. Through this alliance, OKEx gain exposure to the Indian sector, which will open the doors to huge liquidity in one of the fastest growing economies in the world. Around the same period, CoinDCX would have exposure to OKEx's vast history in designing new goods to add more creative service services to the industry.
Geography - Segment Analysis
North America held the highest market share of the bitcoin payment ecosystem market in 2019. This rise is attributable to the reason that much of the area bitcoin is viewed as a way of exchange for payment rather than currency purposes. Although the fact is not legally regulated by the government, the use of digital currency is still perceived by many developed countries such as the US, UK Japan and Singapore. The acceptance by consumers and retailers of digital currencies is driving the market. In addition, the North American market is dominated by the success of bitcoin mining and the involvement of a number of main players. However, the APAC region is anticipated to observe the significant market growth during the forecast period 2020-2025. The market growth is attributable to factors such as technological developments, acceptance of virtual currency for some platforms within Japan and Taiwan, strategic collaborations, partnership of key players and others. In December 2019, Wirex entered into partnership with i2C on blockchain-based payments card in Asia-Pacific. The payment card enables users to transact in more than 150 digital and traditional currencies including Bitcoin, British pounds, Australian and U.S. dollars, Japanese Yen and other currencies. It also enables users to pay with debit, credit or digital currency and receive benefits. Such partnerships and growing popularity boosts the market growth.
Drivers – Bitcoin payment ecosystem market
Operational transparency
Bitcoin payment transfers maintain transparency as all transaction-related details is registered on a centralized digital database known as the blockchain. All modifications in the blockchain can be presented freely by both stakeholders, thereby ensuring transparency in operations. In fact, these records are unchangeable, ensuring that it cannot be reversed or erased. This non - repudiation depends on proof-of - work to protect a given block by formidable computing resources and analysis, which, in effect, benefits auditors and enables bitcoin transactions through enhancing data protection.
Challenges – Bitcoin payment ecosystem market
Regulatory discrepancies
Although financial regulators around the world are trying to develop universal principles, regulatory approval remains one of the most daunting challenges. Distributed ledger technology is currently in its infancy, posing a range of concerns at regional and international level for regulators and policymakers. The regulatory status remains uncertain due to issues regarding normalization and interoperability
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the bitcoin payment ecosystem market. As of 2019, the market for bitcoin payment ecosystem market is consolidated with the top players including Mt.Gox, Butterfly labs, Coinbase, Coinsetter, BitPay, Avalon, BitcoinX, Nvidia, ATI, Bitcoin Foundation and among others.
Acquisitions/Technology Launches/Partnerships
In April 2020, Visa, a major payment company, has joined hands with Fold, a San Francisco-based Bitcoin cashback app, to deliver a credit card that will enable customers to receive Crypto currency bonuses relative to collecting money. Users will get first-hand experience with the most valuable crypto currency through strategic collaboration.
In January 2020, BDAM Partners With Zapaygo.com to augment Crypto Adoption. This allows consumers can start to actively use and spend crypto currencies and fiat at more than 900,000 stores, hotels, restaurants, stadiums and venues.
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