Press release
Bitcoin Technology Market Set to Reach $39.55 Billion by 2029 with 18.4% Yearly Growth
Bitcoin Technology Market Size
The market size for bitcoin technology has experienced fast-paced growth over the recent years. The market is projected to increase from $16.99 billion in 2024 to an impressive $20.15 billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.6%. Factors such as the early fascination of tech participants, enhanced public interest and awareness, economic uncertainties, rising acceptance by vendors for payments, and significant institutional investments can be attributed to the growth observed during the historical period.
The market size of bitcoin technology is anticipated to experience swift expansion in the upcoming years, reaching $39.55 billion by 2029 with a compound annual growth rate (CAGR) of 18.4%. This growth during the forecast period can be ascribed to factors such as institutional acceptance, regulatory transparency, expansion of exchanges, worldwide adoption, and a move towards environmentally-friendly mining methods. Central trends during this forecast period encompass security enhancement, decentralized finance, technological progress, amalgamation with conventional financial systems, and the acceptance of online gaming.
What Factors Are Fueling Growth in the Bitcoin Technology Market?
The expected surge in the bitcoin technology market is largely due to the rising acceptance of cryptocurrency as a form of payment. Cryptocurrency, a digital or virtual currency functioning independently of a centralized authority, gains heightened security through cryptography. Its adoption is being propelled by its increasing acceptance by businesses and financial institutions due to the growing understanding and awareness about cryptocurrencies among both the general public and institutional investors. Bitcoin technology contributes to the increase of cryptocurrency's acceptance as it provides a decentralized, safe, and efficient mode of transaction, sans intermediaries. For example, a report by the Financial Conduct Authority, a financial regulatory body based in the UK, revealed that in a survey of 2,337 UK adults conducted in June 2023, the awareness of crypto assets among UK adults increased from 78% in 2021 to 91% in August 2022. Further, the ownership of crypto assets showed a remarkable increase from 2.3 million or 4.4% in 2021 to 4.97 million or 9% of the adult population. Hence, with the growing acceptance of cryptocurrency as a preferred mode of payment, the bitcoin technology market is likely to see a significant growth.
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Who Are the Dominant Companies Influencing Bitcoin Technology Market Trends?
Major companies operating in the bitcoin technology market are Binance Holdings Limited, Coinbase Global Inc., eToro Group Ltd., BitPanda GmbH, Luno Pte. Ltd., Bitstamp Limited, CoinDesk Inc., Gemini Trust Company LLC, Payward Inc. (Kraken), Huobi Global Limited, Okcoin USA Inc., Uphold Europe Limited, Wirex Limited, iFinex Inc. (Bitfinex), Bittrex Inc., CoinMarketCap LLC, BitPay Inc., BitFlyer Inc., Polo Digital Assets Ltd. (Poloniex), ShapeShift AG, BTCC Pool Limited, Unocoin Technologies Private Limited, Coincheck Inc., New Bit Ventures Ltd., Gecko Labs Pte. Ltd
How Is the Bitcoin Technology Market Evolving?
Major players in the bitcoin technology industry are prioritizing the improvement of security in cryptocurrency transactions. This is aimed at reinforcing the safety of digital resources and increasing user confidence in dealing with cryptocurrency transactions. Cryptocurrency transaction security technology represents methods, procedures, or tech developments that are applied to increase security against risks such as hacking and fraud in cryptocurrency transactions and storage. For instance, in October 2022, Mastercard Inc., an American multinational card payment services corporation, introduced Crypto Secure. This progressive technology solution intends to boost confidence and security in the digital sector. Crypto Secure deploys CipherTrace data and tech to aid card issuers in maneuvering the complex regulatory setting associated with digital resources. It aids issuers by assessing the risk profiles of virtual asset service providers (VASPs) so that they make informed decisions regarding the permission of bitcoin transactions. This customized approach permits issuers to lower fraud risks without instigating wide-ranging limitations that could disrupt authentic dealings with crypto companies.
What Are the Different Segmentations in the Bitcoin Technology Market?
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
Subsegments:
1) By Application And Solution: Bitcoin Wallet Applications, Bitcoin Payment Solutions, Bitcoin Exchange Platforms, Bitcoin-Based Financial Solutions, Bitcoin Security Solutions
2) By Infrastructure And Protocols: Bitcoin Blockchain Infrastructure, Bitcoin Network Protocols, Mining Infrastructure (Mining Pools, Mining Hardware), Consensus Mechanisms (Proof Of Work, Proof Of Stake)
3) By Middleware: Bitcoin Apis, Bitcoin Integration Tools, Bitcoin Smart Contract Platforms, Bitcoin Payment Gateways
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Which Region Is at the Forefront of the Bitcoin Technology Market?
North America was the largest region in the bitcoin technology market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the bitcoin technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Bitcoin Technology Global Market Report?
- Market Size Analysis: Analyze the Bitcoin Technology Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Bitcoin Technology Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Bitcoin Technology Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Bitcoin Technology Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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