The global blockchain devices market size is expected to reach USD 5,911.4 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; By Connectivity (Wired, Wireless); By Component (Hardware Wallets, Smartphones, Crypto ATMs, IoT Gateways, Others); 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 industry 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 technology usage for payment, smart contracts, and digital identity and increasing government laws and initiatives related to this technology and device 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 expected to boost demand for such device systems. Data tampering is prevented by incorporating this technology into a supply chain management system, which is predicted to be a significant driving factor in the industry's growth.
On the other side, a major barrier to the sector is the lack of awareness, comprehension, and user experience with the technology. Depending on the application, blockchain technology in the area of the financial sector held the largest market share in 2021. When Bitcoin first appeared, this technology immediately caught on and is today used by many financial institutions.
A few applications for this technology include payments, exchanges, smart contracts, documentation, and digital identity. The financial services sector can benefit from enhanced accuracy and secure data sharing thanks to this technology's provision of safe and impenetrable ledgers.
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)
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)
Blockchain Devices, Regional Outlook (Revenue - USD Million, 2018 - 2030)