Blockchain Devices Market

Report Scope & Overview:

Blockchain Devices Market Size was valued at USD 0.69 billion in 2022 and is expected to reach USD 8.36 billion by 2030, growing at a CAGR of 36.5% over the forecast period 2023-2030.

Blockchain devices are hardware and software components that enable blockchain technology. Blockchain technology has a variety of applications such as split cryptocurrency, trading, and payment processing. They are used in smart electrical devices such as automobiles, and personal identification among other things. Blockchain devices ensure high-security encryption, which has led to an increase in their global demand. Blockchain devices come in a variety of forms, including Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, and POS Devices, among others. In addition, advances in wireless technology such as Wi-Fi, Bluetooth, NFC, and others add to the benefits of technology, thus increasing the market demand for blockchain devices worldwide.

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MARKET DYNAMICS:

KEY DRIVERS:

• The rapid adoption of blockchain technology in retail and supply chain management applications.

• Decentralized structure and other characteristics associated with blockchain technology.

RESTRAINTS:

• Lack of understanding, comprehension, and user experience with blockchain technology.

• Uncertainty about regulatory implications of blockchain implementation.

OPPORTUNITIES:

• Blockchain technology is being integrated with the Internet of Things (IoT), artificial intelligence (AI), and the cloud.

• Increasing adoption of cryptocurrencies as mode of payment across various industries.

CHALLENGES:

• Blockchain technology poses security, privacy, and control challenges.

IMPACT OF COVID-19:

COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.

The COVID-19 epidemic has contributed to the growth of the blockchain device market. From a regional point of view, the outbreak of COVID-19 has led to a dramatic decline in export-oriented countries due to the closure of productive crops. The hardware business has a massive impact on the IT industry. Due to the declining supply of computer hardware and reduced production capacity, growth in IT infrastructure slipped in the first half of 2020. Software and service businesses have also declined temporarily. However, the adoption of integrated applications, security solutions, big data, and untouchable transactions was a major driver of market growth. This situation shows the blockchain marketplace considering the current impact of the epidemic. In this context, the market is likely to experience a slight decline in annual growth by 2021 due to the effects of supply chains and limited adoption of blockchain equipment in 2020 and the first half of 2021 due to closures and volatility. essentials for health care and other end-user industries. However, with significant benefits offered to blockchain devices, the market is expected to see a rapid acquisition in the second half of 2021. Significant improvements are being made in the installation of the crypto ATM device.

Based on Connectivity, the Blockchain Devices market is segmented into wired and wireless.

Wired blockchain devices are expected to control the market during the forecast period. Blockchain devices are in the newborn phase, and first-generation devices have mostly wired. The growing market for cryptocurrency ATMs is a significant driver for the wired segment. Pre-configured devices, such as blockchain computers, also have wires. Wired hardware wallets allow users to make secure digital transactions on the blockchain by connecting the device to a personal computer. However, with the development of blockchain hardware, wireless blockchain devices are gaining popularity and market share. The need for wiring is high in the blockchain devices market, as it enables high-quality, uninterrupted connectivity compared to wireless communication. The growing installation of crypto ATMs around the world is expected to further market this segment.

Based on Component, the Blockchain Devices market is segmented into Crypto Hardware Wallets, Blockchain Smartphones, Crypto ATMs, Blockchain IoT Gateways, POS Devices, and Others.

The share of crypto ATMs is expected to grow at a very high CAGR during the forecast period. The latest developments in crypto ATM software and the many financial support available in crypto have advanced the crypto ATM market. Other factors that contribute to the growth of this market include improved revenue stability against cryptocurrency, flexibility to buy or sell cryptocurrencies anywhere, and anti-money laundering (AML). The growth of cryptocurrency market currencies and the introduction of the first coin offering (ICO) is another key factor driving the expected growth of the crypto ATM segment at the time of forecasting.

Based on End-User, the Blockchain Devices market is segmented into Consumer, Government, Travel & Hospitality, Transportation & Logistics, BFSI, Retail & E-commerce, Automotive, IT & Telecommunication, and Others.

The consumer end users are expected to control the market and grow in a significant CAGR at the time of forecasting, driven by an increase in the acceptance of cash generated and the acceptance of cash generated as a means of payment by businesses. This encourages consumers and businesses to use cryptocurrencies to make money and drive the blockchain device market. The consumer goods industry is growing due to the growing demand for goods development. The need to develop affordable global business strategies to improve business productivity also advances the adoption of blockchain-enabled supply chain solutions in the industry. Blockchain, when combined with IoT devices and sensors, offers unparalleled visibility and efficient functioning in the logical and visual flow of assets throughout their value cycle, which is expected to increase the need for blockchain-enabled tracking devices and monitoring in the consumer segment.

MARKET SEGMENT:

BY CONNECTIVITY

• Wired

• Wireless

BY COMPONENT

• Crypto Hardware Wallets

• Blockchain Smartphones

• Crypto ATMs

• Blockchain IoT Gateways

• POS Devices

• Other

BY APPLICATION

• Corporate

• Personal

BY END USER

• Consumer

• Government

• Travel & Hospitality

• Transportation & Logistics

• BFSI

• Retail & E-commerce

• Automotive

• IT & Telecommunication

• Others

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REGIONAL ANALYSIS:

North America is expected to hold the largest blockchain device market share during the forecast period. North America is a forerunner in the application of blockchain technology. The key players provide blockchain services that can be integrated with blockchain hardware and IoT devices to monitor and track assets across the supply chain. North America is also a hub for blockchain-based security chips and solutions that enhance the blockchain security of a business. Therefore, the North American region is showing strong blockchain device market capabilities over the next four to five years, in particular the monitoring and tracking of asset and chip-level security.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

COMPETITIVE LANDSCAPE:

The key players in the Blockchain Device market are Ledger, SatoshiLabs, Pundi X Genesis Coin, HTC, ShapeShift, Coinsource, Samsung, Helium Systems, Lamassu Industries, PAYMYNT, SIRIN LABS, GENERAL BYTES, RIDDLE&CODE, Bitaccess, Infineon Technologies, AVADO, Tangem, SafePal, Modum, NXM Labs and other companies.