Global Blockchain Devices Market Report 2023: Growing Acceptance of Cryptocurrency to Fuel Sector
Dublin, April 07, 2023 (GLOBE NEWSWIRE) — The “Global Blockchain Devices Market Size, Share & Industry Trends Analysis Report By Connectivity, By Component, By End User, By Application, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Blockchain Devices Market size is expected to reach $3.8 billion by 2028, rising at a market growth of 37.5% CAGR during the forecast period.
The increased demand for blockchain technology has been attributed to the devices’ better level of security encryption. There are many different kinds of blockchain devices, including smartphones, hardware wallets for cryptocurrencies, ATMs, and point-of-sale systems. Furthermore, as wireless technologies like Wi-Fi, Bluetooth, NFC, and others evolve, they benefit the technology, increasing demand for blockchain devices globally.
The market for blockchain devices is primarily driven by the expanding desire for quicker and more seamless financial transactions, rising interest in using blockchain technology for supply chain management, and expanding cryptocurrency markets.
Additionally, it is anticipated that growing government regulations and initiatives regarding blockchain technology and devices, acceptance of cryptocurrencies in various industry verticals, acceptanceof blockchain technology for payment, smart contracts, and digital identity, and adoption of blockchain technology are all expected to create lucrative market opportunities.
The four primary categories of blockchain devices include blockchain cellphones, crypto hardware wallets, point of sale (POS) terminals, and automated teller machines (ATMs). Because of blockchain technology, users of blockchain cell phones have more control over their online identities and data. Blockchain devices come in both wired and wireless connectivity varieties. Both private and commercial applications employ blockchain technology.
Consumers, the BFSI sector, retail and e-commerce,government, travel &hospitality, the automotive industry, logistics and transportation, IT and telecommunications, and other businesses are some major end-users of blockchain technology.
Market Growth Factors
Increasing visibility of blockchain technology’s benefits in the BFSI industry
The financial services sector will benefit from better accuracy and safe information sharing due to blockchain technology’s ability to create secure, tamper-proof ledgers. In addition, blockchain systems promote the development of a network of open, real-time-accessible public records of transactions. Also, each transaction on the blockchain has an immutable record of the transactions and asset ownership. As a result, there is a marked reduction in risk and the requirement for corresponding mitigation actions for various asset classes. Blockchain technology can facilitate safer and easier information sharing amongst financial institutions by storing client data on decentralized blocks. These factors are expected to cause the market to grow throughout the projection period.
Grown acceptance of cryptocurrency as payment mode
The increasing acceptance of cryptocurrencies fosters the growth of a healthy cryptocurrency ecosystem. Future demand for blockchain devices like PoS systems in the retail sector is anticipated to be fueled by the growth of cryptocurrency exchange. Numerous businesses provide bitcoin cards that resemble conventional debit and credit cards. By connecting their cards with cryptocurrency wallet apps, the user may manage the money or tokens on their cards. These factors are anticipated to boost market expansion in the approaching years.
Market Restraining Factors
Challenges regarding security, privacy and control associated with blockchain technology
Blockchain technologyhas the capacity to revolutionize and simplify transactions. Yet, enterprises must solve privacy,security, and control issues to gain the benefits of blockchain. Because blockchain transactions are recorded on a distributed public ledger, hackers have a greater attack surface to obtain access to sensitive data. For example, if a blockchain device is employed to store confidential contract information or payment data, duplicating the file may give hackers greater access to the information. The poor implementation of cryptographic solutions is because privacy is a significant obstacle for these solutions, which may impede market expansion in the next years.
By component, the blockchain devices market is segmented into hardware wallet, blockchain smartphones, PoS devices, crypto ATMs, blockchain IoT gateways, and other devices. In 2021, the blockchain smartphone segment recorded remarkable growth in the blockchain devices market. With built-in Web3 connectivity, a blockchain phone is a smartphone. Anyone can use a mobile device to browse the decentralized web due to this. However, in comparison to their desktop counterparts, Web3 mobile applications can feel clumsy. Although mobile Web3 app user experiences have significantly improved in recent years, engaging with blockchains and smart contracts on a smartphone is still notoriously difficult.
On the basis of connectivity, the blockchain devices market is fragmented into wired and wireless. The initial generation of blockchain technology is still in its infancy, and most of the devices are wired. A key driver for the wired segment is the expanding market for cryptocurrency ATMs. Furthermore, wired devices include preconfigured ones like blockchain computers. By connecting the hardware wallet to a personal computer, users of wired hardware wallets can conduct safe digital transactions on the blockchain.
Based on application, the blockchain devices market is categorized into personal and corporate. In 2021, the corporate segment registered the highest revenue share in the blockchain devices market. The adoption of blockchain, artificial intelligence, machine learning, and IoT across the supply chain by enterprises is driving this increase. Data tampering cannot happen in a supply chain management system incorporating these technologies and distributed ledger technology (DLT) from the blockchain. Because of its decentralized structures, blockchain enables fast transactions, better security and privacy for users, and the capacity to track individual components.
By end user, the blockchain devices market is bifurcated into consumer, BFSI, government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication and others. In 2021, the BFSI segment covered a considerable revenue share in the blockchain devices market. A systematic customer identification system based on distributed ledger technology is provided by deploying blockchain technology in the banking, financial services, and insurance (BFSI) sector. Blockchain enables financial institutions like banks and insurance providers to have well-maintained decentralized data, reducing the risk of cybercriminals hacking these systems. As more businesses in the BFSI sector use blockchain technology, the market for blockchain devices continues to expand.
Region wise, the blockchain devices market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the blockchain devices market by generating maximum revenue share. The United States and Canada are pioneers in the usage of blockchain technology. Microsoft (U.S.), IBM (U.S.), and Oracle are the main blockchain service providers in North America (U.S.). These participants offer blockchain services that can be linked with blockchain hardware and IoT devices to track and monitor assets along the supply chain.
Key Market Players
List of Companies Profiled in the Report:
- Samsung Electronics Co., Ltd. (Samsung Group)
- HTC Corporation
- Infineon Technologies AG
- Pundi X Labs Pte Ltd
- Riddle & Code GmbH
- Ledger SAS
- GENERAL BYTES S.R.O.
- Satoshi LABS
- Bitaccess, Inc.
- AVADO AG
For more information about this report visit https://www.researchandmarkets.com/r/s8vgis
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