As corporate consumers in the banking, financial services, & insurance (BFSI) industry and government offices are gradually embracing cryptocurrencies, the cryptocurrency market is rapidly expanding. A cryptocurrency is defined as a digital currency that is not controlled by any centralized authority. No bank is involved in these currencies' transactions and there is a decentralized mechanism in place to verify and validate-transaction. After the introduction of Bitcoin, after which numerous businesses began introducing new cryptocurrencies, the idea of cryptocurrency became popular. The adoption of blockchain devices has also increased since many retailers began accepting cryptocurrency as a mode of payment. Blockchain devices are built to manage transactions in blockchain technology and function in the same manner as blockchain technology, i.e. decentralized or decentralized ledger systems. The primary application of blockchain technology is cryptocurrency. The growth of the market will be driven by the growing adoption of blockchain technology in retail and supply chain networks. Rising venture capital funding is projected to increase consumer demand for blockchain devices. Growing cryptocurrency market capping and initial coin offering availability would fuel market growth in the forecast era. Another aspect that will push the blockchain device market is that rising technology leads to faster transactions. Increased recognition and adoption of cryptocurrencies in different regions and sectors, on the other hand, would further generate new opportunities for business development. Another trend that will assist in the market growth in the forecast period is the rise in government initiatives for the adoption of blockchain devices.
The Blockchain Devices Market is expected to reach USD 7,659.71 million by 2030, during the forecast period at a 43.15% CAGR.
This can be attributed to the rising adoptions of blockchain technology by the retail sector as well as the supply chain management sector, which leads further to be the major driver for the blockchain devices market.
However, the growth of the blockchain devices market will be threatened by the unclear and non-harmonized cryptocurrency laws globally combined with the lack of knowledge of blockchain among the masses. Furthermore, an increasing number of government initiatives for adopting blockchain technology and devices are expected to offer lucrative opportunities to the market globally.
Blockchain Devices Market Scope
|Revenue forecast in 2030
|USD 7,659.71 million
|CAGR of 43.15 % during 2020-2030
|By Type, Connectivity, Aplication, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Ledger SAS., HTC Corporation, Pundi X Labs Pte. Ltd., GENERAL BYTES S.R.O., RIDDLE&CODE GmbH, Sikur., SIRIN LABS, Blockchain.com, Inc., SatoshiLabs, Genesis Coin Inc., Lamassu Industries AG, SAMSUNG, ShapeShift, CoolBitX, Bitaccess, Covault, ELLIPAL, IBM and Microsoft among others.
Key Segments of the Global Blockchain Devices Market
Type Overview, (USD Million)
- Blockchain smartphones
- Crypto hardware wallets
- Crypto ATMs
- POS terminals
Connectivity Overview, (USD Million)
Application Overview, (USD Million)
End User Overview, (USD Million)
- Travel and hospitality
- Transportation and logistics
Regional Overview, (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global blockchain devices market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global blockchain devices market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the blockchain devices industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, connectivity, application, and end-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global blockchain devices market. The report will benefit every stakeholder involved in the blockchain devices market.
- Managers within the blockchain devices industry looking to publish recent and forecasted statistics about the global blockchain devices market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global blockchain devices market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Due to increased transparency, the increasing demand from different organizations for blockchain technology has been increasing. Blockchain solutions implementation has significantly enabled businesses to maintain an efficient track record of their transactions, thereby removing the need for a lower workforce and simplifying organizations' data management process Blockchain enables consumers to quickly access, validate and track entire transaction records, triggering higher acceptance from different industrial sectors. Moreover, due to the modification needed for all subsequent records with the permission of access from all network members, the modification of a single transaction data is extremely difficult. This makes blockchain knowledge more precise, reliable as well as transparent and eliminates the need for paperwork, resulting in higher demands on the blockchain sector. High transparency rates have been a major driver of the growing growth of the blockchain market and have enabled businesses to accelerate their business growth.
Some major factors limiting the growth of blockchain technology in the market are privacy and security concerns. Increasing cyber crime rates have adversely affected blockchain technology implementations throughout different industries. While transactions provide high levels of transparency and protection, there are still chances that cybercriminals can hack financial data records. Losing records of financial transaction data for any purpose can have a detrimental effect on any organization's market growth. To enhance customer loyalty, data security is one of the major variables for effective and efficient transaction management. High concerns about the safety and protection of blockchain technology have caused less adoption by companies, thus limiting their development in the market.
Rising digitalization has been a significant driving force in improving blockchain technology's market development. The adoption of blockchain technology is gaining a lot of prominence across different industries with technical advances and digitalization. The use of blockchain technology helps to minimize the need for manpower, which leads to less human error, thereby serving as a protected and time-efficient instrument. Besides, blockchain technologies help to eliminate the need for intermediaries in application fields such as payments and real estate, causing faster transactions. To achieve a more effective and scalable experience, this inevitably attracts companies to digitalize and replace their current processes with a single blockchain-based system. Due to the dominance of the adoption of digitalized technology to enhance work processes, the demands for the blockchain industry have been propelled by major industries.
In terms of type, the market is divided into blockchain smartphones, crypto hardware wallets, crypto ATMs, POS terminals, and others. The crypto hardware wallets segment is estimated to accrue significant market growth over the forecast period. However, in the year 2019, the crypto hardware wallets segment gathered the major growth and it is likely to keep its position throughout the forecast years. The market growth of this segment is primarily ascribed to the adoption of cryptocurrencies for real-world transactions that are driving the adoption of blockchain devices.
Based on the connectivity, the market is segmented into wired and wireless. The wired segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. The market growth of this segment is mainly attributed to the fact that earlier versions of blockchain devices, such as Bitcoin ATMs, crypto ATMs, and blockchain hardware wallets, are available with wires for connecting to the internet and a computer, respectively. Also, the majority of the blockchain gateways use wires for their connectivity. Thus, this will cause the wired segment to lead in the forecast period as well.
In terms of the application segment, the market is segmented into personal and corporate. In 2019 the corporate segment accumulated the major market share and it is expected to do so over the forecast years. The market growth of the corporate segment is mainly ascribed to the more usage of crypto hardware wallets, point of sales (POS) terminals, crypto ATMs, blockchain smartphones, and blockchain gateways than that of the personal segment does. Thus, this leads the corporate segment to hold a major share than that of the personal segment does.
In terms of the end-user segment, the market is segmented into BFSI, government, retail, travel and hospitality, transportation and logistics, and others. In 2019 the BFSI segment accumulated the major market share and it is expected to do so over the forecast years. The market growth of the healthcare segment is mainly ascribed to the blockchain technology is being utilized in the BFSI sector for different applications such as fundraising, loans and credits, payments, trade finance, and clearance and settlement systems.
The North American region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. Since blockchain phones were an early adopter in the field, North America dominates the world industry. With the premature adoption of new techniques, North America faces increasingly difficult difficulties concerning data security and operational transparency in the areas of banking, state organizations, and financial institutions. Consequently, advanced technology is being used to manage this knowledge with blockchain systems.
The major players of the global blockchain devices market are Filament (US) Sikur (US), Genesis Coin Inc. (US), HTC Corporation (Taiwan), AVADO (Switzerland) SIRIN LABS (Switzerland), Lamassu Industries AG (Switzerland), Ledger SAS (France), Blockchain Luxembourg S.A. (UK), Pundi X Labs Private Limited (Singapore), RIDDLE&CODE (Austria), SatoshiLabs (Czech Republic), and GENERAL BYTES R.O. (Czech Republic). The blockchain devices market consists of well-established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.