Blockchain Devices Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030
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The global blockchain devices market is anticipated
to expand at a compounded annual growth rate (CAGR) of 40.0% during the
forecast period of 2022-2030.
Blockchain technology uses decentralized structures and offers high-speed transactions and enhanced security and privacy. Devices that are utilized to assist the blockchain technology are known as blockchain devices. These devices ensure higher safety encryption in various applications such as transferring vital information, exchanging data, and monetary transactions. Some of the widely available blockchain devices include crypto ATMs, POS devices, blockchain smartphones, hardware wallets, among others.
Growth Drivers:
Factors primarily driving the growth of this market include: the rising global need for faster and seamless monetary transactions; the proliferating adoption of blockchain technology due to its decentralized structure and various other attributes; the fast-paced development of blockchain technology in retail & supply chain management applications; the expanding cryptocurrency market capitalization and initial coin offering (ICO); the growing government regulations and initiative regarding blockchain technology and devices; and the enhancing demand for blockchain devices for safety encryption globally.
Additionally,
the marquee market players are increasingly focusing on developing and
launching advanced blockchain devices with enhanced capabilities that offer
better features in the market. The rapid adoption of these newly launched
advanced blockchain devices is expected to significantly boost the growth of
the blockchain devices market in the next few years.
Moreover,
to offer the customers improved convenience, players in the market are also
emphasizing introducing wireless communication technology-based devices such as
wireless hardware wallets into the market. These wallets utilize wireless
communication technologies, including Wi-Fi, Bluetooth, and near-field
communication (NFC), to connect with smartphones. The increasing adoption of
these wireless communication technology is expected to fuel the growth of the
blockchain devices market in the near future.
Furthermore,
other factors such as rising demand and acceptance of cryptocurrency; the
growing venture capital funding; the increasing monetary frauds, especially in
the BFSI sector; and the escalating visibility of benefits of blockchain
technology in the financial sector are expected to further augment the growth
of the global blockchain devices market during the forecast period.
However,
factors such as stringent regulations and compliances associated with the use
of blockchain devices, the dearth of awareness among people regarding
blockchain technology, and the reluctance of government bodies to legalize
trade through cryptocurrencies are expected to hamper the growth of the
blockchain devices market to some extent during the forecast period.
Blockchain
Devices Market Segmentation:
By Component:
·
Hardware Wallets
·
Blockchain Smartphones
·
PoS Devices
·
Crypto ATMs
·
Blockchain IoT Gateways
·
Other Devices
o
Tags
o
Loggers
o
Pre-configured Devices
o
Chips
By Connectivity:
·
Wired
·
Wireless
By Application:
·
Personal
·
Corporate
By End User:
·
Consumer
·
BFSI
·
Government
·
Retail & E-commerce
·
Travel & Hospitality
·
Automotive
·
Transportation & Logistics
·
IT & Telecommunication
·
Others
o
Energy & Utilities
o
Education
o
Agriculture
o
Healthcare
o
Manufacturing
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
· Middle East and Africa
Based on
application, the corporate segment led the global blockchain devices market in
2021. The segment is expected to continue to dominate and is estimated to
attain the highest CAGR in the market during the forecast period of 2022-2030. The
burgeoning usage of blockchain devices in corporate applications and the
increasing implementation of blockchain technology in supply chain management
are the major factors ascribed to the segment’s large share and high growth.
Based on
end user, the consumer segment dominated the global blockchain devices market
in 2021, followed by the BFSI segment. The segment is anticipated to maintain
its lead further in the market during the forecast period. The rising
acceptance and adoption of cryptocurrencies as a payment method by businesses and
the growing need to develop cost-effective business strategies for enhancing
business productivity and inventory optimization are the primary factors behind
the consumer segment’s large share. However, the travel & hospitality
segment is predicted to register the highest CAGR in the market during the
forecast period of 2022-2030.
Based on
component, the hardware wallets segment captured the largest share of the
global blockchain devices market in 2021. The segment is estimated to retain
its dominance in the market throughout the forecast period. The ease of use,
ownership and security of hardware wallets are the primary reasons contributing
to the large share of this segment. However, the crypto ATMs segment is
projected to achieve the highest growth in the market during the forecast
period, owing to the rapid advancements in crypto ATMs software globally.
Based on connectivity, the wired segment acquired the largest share of the global blockchain devices market in 2021. The segment’s position is expected to remain unchanged during the forecast period of 2022-2030. The high demand for wired connectivity due to its high-quality and uninterrupted connection compared with wireless connectivity and the rising installation of crypto ATMs worldwide are the predominant factors driving this segment. However, the wireless segment is predicted to grow at the highest growth rate during the forecast period of 2022-2030.
Regional
Outlook:
The North American region accounted for the largest share of the global blockchain devices market in 2021. The region is projected to continue with the trend throughout the forecast period of 2022-2030.
Factors such as
the highest adoption of blockchain technology; the presence of the major
blockchain service providers; the rapid developments in blockchain devices, and
the easy availability of advanced technologies to incorporate and manage information
via the blockchain network in the region are attributed to the large share of
the market in the region. The U.S. and Canada are the leading contributors to
the growth of the market in the region.
The Asia Pacific
region is poised to emerge as the fastest-growing regional market for
blockchain devices during the forecast period owing to the increasing
availability of blockchain devices and the fast-paced development of blockchain
networks by the government, BFSI, and other retail industries in the region.
India, Japan, China, and South Korea are the major contributors to the growth
of the market in the region.
The Middle East
and Africa region held the least market share in the global blockchain devices
market in 2021. However, the region is expected to witness robust growth in the
blockchain devices market during the forecast period on account of the
snowballing number of transactions in crypto assets and the rising complexities
in the transfer of money and documentation processes across various end-user
verticals in the region.
Key Companies in
Blockchain Devices Market:
·
SatoshiLabs
· ShapeShift
·
Bitaccess
·
Coinsource
·
Samsung
·
Infineon Technologies
·
Helium Systems
·
Tangem
·
SafePal
·
Modum
·
NXM Labs
·
Ledger SAS
·
HTC Corporation
·
Pundi X Labs Private Limited
·
AVADO
·
Sikur
·
Blockchain Luxembourg S.A.
·
Genesis Coin Inc.
·
Lamassu Industries AG
· Other Players