The global blockchain devices market size is expected to reach USD 8,399.43 Million by 2030 according to a new study by Polaris Market Research. The report “Blockchain Devices Market Share, Size, Trends, Industry Analysis Report, By Application (Personal, Corporate); By Connectivity (Wired, Wireless); By Component; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Major drivers for the market include the growing need for faster and more seamless monetary transactions, the expanding demand for blockchain technology in supply chain management, and the growing desire for cryptocurrencies. Uncertain legislation and compliances involving data interchange and transfer, a lack of awareness about this technology, and government organizations’ refusal to legitimize cryptocurrency commerce are all stifling industry growth to some extent.
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Furthermore, increased usage of the technology for payment, smart contracts, and digital identity and increasing government laws and initiatives related to this technology and devices are likely to provide attractive prospects to the industry globally. In addition, the rising adoption of the industry in retail and supply chain management applications is likely to boost demand for such devices systems. Data tampering is prevented by incorporating this technology into a supply chain management system, which is predicted to be a major driving factor in the growth of the market.
The lack of understanding, comprehension, and user experience with the technology, on the other hand, is a big impediment to the industry. Based on the application, blockchain technology in the financial sector segment accounted for the leading share in the industry in 2021. Following the advent of Bitcoin, this technology quickly gained traction and is now employed by various financial organizations.
Payments, exchanges, smart contracts, documentation, and digital identification are just a few examples of this technology being employed. This technology provides secure and tamper-proof ledgers, allowing for increased accuracy and secure data sharing in the financial services industry.
Market players such as Riddle&Code, Coinsource, General Bytes, Helium Systems, HTC, Lamassu Industries, Tangem, Ledger, Modum, Pundi X, Avado, Satoshilabs, Shapeshift, Sirin Labs, and Bitaccess are some key players operating in the global market.
Polaris Market Research has segmented the blockchain devices market report based on component, application, connectivity, end-use, and region:
Blockchain Devices, Component Outlook (Revenue – USD Million, 2018 – 2030)
- Hardware Wallets
- Crypto ATMs
- IoT Gateways
- Other Devices
Blockchain Devices, Application Outlook (Revenue – USD Million, 2018 – 2030)
Blockchain Devices, Connectivity Outlook (Revenue – USD Million, 2018 – 2030)
Blockchain Devices, End-Use Outlook (Revenue – USD Million, 2018 – 2030)
- Retail & E-commerce
- Travel & Hospitality
- Transportation & Logistics
- IT & Telecommunication
Blockchain Devices, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa