Blockchain Devices Market Worth To Be 1.2B Dollars by 2024
MarketsandMarkets has released a new research regarding blockchain devices growth, as its market is projected to grow from USD 218 million in 2019 to USD 1.285 billion by 2024, at a CAGR of 42.5% from 2019 to 2024. Some of the major growth drivers for this market include rising adoption of blockchain technology in retail & supply chain management, increasing venture capital funding, and growing market cap for cryptocurrency and Initial Coin Offering (ICO). One of the key opportunities for the market is the increasing acceptance of cryptocurrency across various industries and regions. Whereas, major factors restraining the market growth include uncertain regulations & compliances and lack of awareness.
Blockchain smartphones, PoS devices, etc. use wireless connectivity for data transfer. They use Wi-Fi, Bluetooth, and near-field communication (NFC) technologies. Based on type, the wireless connectivity segment of the blockchain devices market has been segmented into blockchain smartphones, crypto hardware wallets, and PoS devices. Major companies such as Ledger (France) and Pundi X (Singapore) are majorly focusing on the blockchain devices that implemented with wireless connectivity.
Of all the types of devices, other devices such as blockchain gateways & pre-configured devices expected to grow at the highest CAGR during the forecast period. Blockchain is a universal purpose digital identity gateway, which enables corporations, governments, and institutions to bridge their legacy systems with the decentralized blockchain networks. The pre-configured devices equipped with an operating system allow access to the blockchain network from a normal network. They are used to provide Web3 access and personal home servers to blockchain networks. These devices majorly adopted in industries such as banking, financial service, and insurance (BFSI), government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc.
North America is among the major contributors to the Blockchain devices market, and the US accounted for the largest share of the market in North America in 2018. North America dominates the global blockchain devices market as the region is an early adopter of blockchain devices. North America is an early adopter of innovative technologies as banks, government agencies, and financial institutes in this region face ever-increasing challenges related to security & transparency of the data and the transactions. Therefore, advanced technologies are implemented to manage this information via blockchain devices. Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.