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

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