When x >>R, (i.e at a long distance from O along the x-axis),

here m = NIA called Magnetic dipole moment of the loop and A = R2, the circular area of the loop.
Similarly in electrostatics, for an electric dipole, electric field due to the dipole along its axis, ;

here pe is the electric dipole moment.
This shows the current carrying circular loop is equivalent to a magnetic dipole.