Most of the advanced countries are adopting the use of Bitcoin in different market segments, and construction being one of the markets that is rapidly adopting Bitcoin. The new players of the construction market are moving toward crypto currency.
Increase in awareness about the benefits of Bitcoin technology and its use in the market by online merchants and construction start-ups is creating huge market growth. Payment method has become easier in the remote places also. Block chain technology is also enhancing to make the crypto currency market strong.
Market Scope and Structure Analysis
Bitcoin is the most advanced currency and use most advanced technology for storing and securing payments which do not require physical intervenes. It works on a public ledger, which is called block chain. Every user in the network has the decentralized records of all updated transaction.
Bitcoin exists either on users’ system or in the cloud and stored in "digital wallet" in encrypted form. The construction industry is always been a forward member in the market to adopt the new business technology, and thus started to use new applications such as construction trading and payments.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down many construction companies. This has hampered the growth of Bitcoin market in construction sector from the last few months and is likely to continue during 2021.
- Overall market of the Bitcoin has gained significant attention, even the banks started buying crypto for the first time. Banks in the US are creating their own blockchain based systems; large companies are also investing through crypto currency.
- As the days are passing the whole world is getting back to normal scenario, transportation are opening, plants are starting their works and the key players of the construction industries are getting back with precautions.
- The Covid-19 pandemic has hindered the growth of Bitcoin market specially in construction part as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector in Middle East, Africa also witnessed a significant decline in the number of projects worldwide as most countries across the world have imposed lockdown restrictions, disrupting overall supply chain.
Top Impacting Factors
The global forecast showed lack of transparency takes place without the knowledge of stakeholders; especially in the developing countries. There are several countries where several instances of fraud and unwanted transaction occurs in the traditional transaction system, even some of the schedule charges are observed frequently.
The blockchain system is the driver to the crypto currency market, especially in the Bitcoin market where the construction market is becoming a part of the market growth. Crypto currency has the potential of transforming and revolutionizing compliance-free peer-to-peer and remittance transactions; however, end users have to overcome certain challenges related to security, privacy, and control to benefit from crypto currency.
There are some restraints in the crypto market as it is not yet regulated in every corner of the world. Lack of education about the crypto currency is also a big resistance of this market circulation. As the distributed ledger technology is still in the nascent stage, it raises a number of questions for regulators and policymakers at national and international levels.
- The construction industry is one of the world's fragmented, high impact sectors which is frequently changing to improve its efficiency and productivity and to embrace the opportunities presented by emerging technologies.
- The key players in different countries like US, Canada, UK is adopting a transformation which is partly a digital in order to improve efficiency and digital workflows. As, the Block chain technology came to effect it facilitate the innovation and shifted the current payment mode through Bitcoin which is more transparent practice.
- The key players of Bitcoin resources are conducting workshops for the people who are interested in virtual money making and the trending in going up as it the most hit topic
- in the world economy now.
Key Benefits of the Report
- This study presents the analytical depiction of the Bitcoin for construction industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Bitcoin for construction market share.
- The current market is quantitatively analyzed to highlight the Bitcoin for construction market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a details of Bitcoin for construction market analysis based on competitive intensity and how the competition will take shape in coming years.
Bitcoin for Construction Market Report Highlights
By Process Type
By Application Type
By End User Industry
Key Market Players
Bitfury Group (Netherlands), Advanced Micro Devices (US), Ledger SAS (France), Xapo (Hong Kong), BitGo (US), Alcheminer (US), Ethereum Foundation (Switzerland), Ripple Labs (US), Coinbase (US), Ifinex (Hong Kong), Bitstamp (Luxemburg), Binance Holdings (China) Canaan Creative (China)