Global bitcoin payments market expected to reach $3.7 billion by 2031: Research

Private Keys and Hardware Subsectors to Drive BTC Payments Expansion as Demand from Banks and Emerging Economies Continues to Grow grow.

The global bitcoin (BTC) payments market will reach $3.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, private keys and hardware driving the sector's expansion, Allied Market Research predicted in a report released Oct. 24.

According to the document, the operational demand for efficiency and transparency in payment systems, as well as the growth of data security services and a surge in demand for remittances in emerging economies, are among the main growth factors of the sector in the coming years. The report also stated:

"Furthermore, increasing demand for bitcoin among banks and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for bitcoin payments market expansion during the period. forecast."

In 2021, the private key segment accounted for three quarters of the overall Bitcoin 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% CAGR to 2031, followed by the hardware sector which is expected to grow by 19.8% over the same period.

Related: Bitcoin Lightning Bolt tap-to-pay cards hit El Salvador

E-commerce transactions are expected to retain their relevance in the industry, growing nearly 20.2% by 2031, according to the report. Asia-Pacific is expected to continue to dominate the market by 2031, although the fastest growth is expected to come from North America with a CAGR of 18.6% over the period.

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