Acceptance of cryptocurrencies in various vertical industries, growing usage of payment blockchain technology, smart contracts & digital identity, and growing federal regulations and blockchain technology and device initiatives are expected to provide the industry globally with lucrative opportunities.
The global blockchain devices market size is projected to reach nearly USD 2,171.84 million by 2028. Besides, it is projected to gather a CAGR of around 22.50% over the forecast years 2018-2028. Blockchain is an electronic identity platform that enables businesses, regulators, and organizations with their heritage technologies to cross the decentralized blockchain networks. Operating system devices that provide connections to the blockchain network from a regular network are preconfigured. They are used to provide Web 3 access and house computers for blockchain networks. As corporate consumers in the banking, financial services, & insurance (BFSI) industry and government institutions are gradually embracing cryptocurrencies, the cryptocurrency market is rapidly developing. For both corporate and personal applications, blockchain devices are used; however, the greater demand for blockchain devices is anticipated to be generated during the forecast timeframe for corporate applications. Due to the growing adoption of blockchain technology by businesses to improve their day-to-day operations and increase security, the demand for blockchain solutions is growing. This is an important contribution to the development of the market for blockchain devices. When it comes to money exchange, data, and information, these devices provide maximum security and security.
The future and existing blockchain devices market progress are outlined to know the market attractiveness. Key influencing factors focus on the blockchain devices of market opportunities over the forecast years. As major drivers for the blockchain device industry, factors such as growing demand for faster and efficient monetary transactions, increasing demand for blockchain technology in supply chain management, and increasing demand for cryptocurrencies function as main drivers. Also, faster transactions and increasing venture capital funding are boosting the global blockchain devices market growth. However, to a certain degree, unclear legislation and compliance with data sharing and transfer, lack of knowledge of blockchain technology, and denial of government agencies to legalize trade via cryptocurrencies impede market development.
The report also outlines the various characteristics of the global blockchain devices industry by assessing the market from value chain analysis. Moreover, the blockchain devices market report comprises various qualitative parts of the blockchain devices industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The blockchain devices market has solid competition amongst the already well-known and new market players. Also, the blockchain devices industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the type segment, the market is divided into blockchain smartphones, crypto hardware wallets, crypto ATMs, POS terminals, and others. In the year 2019, the crypto hardware wallets segment gathered the major growth and it is likely to maintain its position during 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.
The North America region is projected to accumulate the highest growth during the forecast years. 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 comprises well established local as well as global 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.
Segment Overview of Global Blockchain Devices Market
Type Overview, 2018-2028 (USD Million)
- Blockchain smartphones
- Crypto hardware wallets
- Crypto ATMs
- POS terminals
Connectivity Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
End-User Overview, 2018-2028 (USD Million)
- Travel and hospitality
- Transportation and logistics
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America