Download Research: Blockchain Devices Market Size, Share, and Industry Analysis and Market Forecast to 2024 | MarketsandMarkets™
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The blockchain devices market is projected to grow from USD 218 million in 2019 to USD 1,285 million by 2024, at a CAGR of 42.5% from 2019 to 2024.
Some of the major growth drivers for this market include increasing adoption of blockchain technology in retail & supply chain management, rising venture capital funding, and growing market cap for cryptocurrency and Initial Coin Offering (ICO).
One of the key opportunities for the market is the increasing acceptance of cryptocurrency across various industries and regions. Whereas, major factors restraining the market growth include uncertain regulations & compliances and lack of awareness.
Blockchain smartphones, PoS devices, etc. use wireless connectivity for data transfer. They use Wi-Fi, Bluetooth, and near-field communication (NFC) technologies.
Based on type, the wireless connectivity segment of the blockchain devices market has been segmented into blockchain smartphones, crypto hardware wallets, and PoS devices. Major companies such as Ledger (France), and Pundi X (Singapore) are majorly focusing on blockchain devices that are implemented with wireless connectivity.
Of all the types of devices, other devices such as blockchain gateways & pre-configured devices expected to grow at the highest CAGR during the forecast period. Blockchain is a universal purpose digital identity gateway, which enables corporations, governments, and institutions to bridge their legacy systems with the decentralized blockchain networks.
The pre-configured devices equipped with an operating system allow access to the blockchain network from a normal network. They are used to provide Web3 access and personal home servers to blockchain networks. This device majorly adopted in industries such as banking, financial service, and insurance (BFSI), government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc.
North America is among the major contributors to the blockchain devices market, and the US accounted for the largest share of the market in North America in 2018. North America dominates the global market as the region is an early adopter of blockchain devices.
North America is an early adopter of innovative technologies as banks, government agencies, and financial institutes in this region face ever-increasing challenges related to security & transparency of the data and the transactions.
Therefore, advanced technologies are implemented to manage this information via blockchain devices. Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.
Ledger SAS (France), HTC Corporation (Taiwan), Pundi X Labs Private Limited (Singapore), Filament (US), GENERAL BYTES R.O. (Czech Republic), RIDDLE&CODE (Austria), AVADO (Switzerland), Sikur (US), SIRIN LABS (Switzerland), Blockchain Luxembourg S.A. (UK), SatoshiLabs (Czech Republic), Genesis Coin Inc. (US), and Lamassu Industries AG (Switzerland) are some of the major players in the blockchain devices market.
Report MetricDetailsMarket size available for years2019-2024Base year considered2018Forecast period2019–2024Forecast unitsValue, USD thousand/millionSegments coveredBy type, connectivity type, application, and regionRegions coveredNorth America, Europe, APAC, and RoWCompanies coveredLedger SAS (France), HTC Corporation (Taiwan), Pundi X Labs Private Limited (Singapore), Filament (US), GENERAL BYTES R.O. (Czech Republic), RIDDLE&CODE (Austria)
In this report, the blockchain devices market is segmented into the following categories:
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Some of the major growth drivers for this market include increasing adoption of blockchain technology in retail & supply chain management, rising venture capital funding, and growing market cap for cryptocurrency and Initial Coin Offering (ICO).
One of the key opportunities for the market is the increasing acceptance of cryptocurrency across various industries and regions. Whereas, major factors restraining the market growth include uncertain regulations & compliances and lack of awareness.
Wireless connectivity for blockchain devices to grow at higher CAGR during the forecast period
Blockchain smartphones, PoS devices, etc. use wireless connectivity for data transfer. They use Wi-Fi, Bluetooth, and near-field communication (NFC) technologies.
Based on type, the wireless connectivity segment of the blockchain devices market has been segmented into blockchain smartphones, crypto hardware wallets, and PoS devices. Major companies such as Ledger (France), and Pundi X (Singapore) are majorly focusing on blockchain devices that are implemented with wireless connectivity.
Other devices for Blockchain devices to grow at higher CAGR during the forecast period
Of all the types of devices, other devices such as blockchain gateways & pre-configured devices expected to grow at the highest CAGR during the forecast period. Blockchain is a universal purpose digital identity gateway, which enables corporations, governments, and institutions to bridge their legacy systems with the decentralized blockchain networks.
The pre-configured devices equipped with an operating system allow access to the blockchain network from a normal network. They are used to provide Web3 access and personal home servers to blockchain networks. This device majorly adopted in industries such as banking, financial service, and insurance (BFSI), government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc.
North America to account for the largest market size during the forecast period
North America is among the major contributors to the blockchain devices market, and the US accounted for the largest share of the market in North America in 2018. North America dominates the global market as the region is an early adopter of blockchain devices.
North America is an early adopter of innovative technologies as banks, government agencies, and financial institutes in this region face ever-increasing challenges related to security & transparency of the data and the transactions.
Therefore, advanced technologies are implemented to manage this information via blockchain devices. Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.
Key Market Players
Ledger SAS (France), HTC Corporation (Taiwan), Pundi X Labs Private Limited (Singapore), Filament (US), GENERAL BYTES R.O. (Czech Republic), RIDDLE&CODE (Austria), AVADO (Switzerland), Sikur (US), SIRIN LABS (Switzerland), Blockchain Luxembourg S.A. (UK), SatoshiLabs (Czech Republic), Genesis Coin Inc. (US), and Lamassu Industries AG (Switzerland) are some of the major players in the blockchain devices market.
Report Scope
Report MetricDetailsMarket size available for years2019-2024Base year considered2018Forecast period2019–2024Forecast unitsValue, USD thousand/millionSegments coveredBy type, connectivity type, application, and regionRegions coveredNorth America, Europe, APAC, and RoWCompanies coveredLedger SAS (France), HTC Corporation (Taiwan), Pundi X Labs Private Limited (Singapore), Filament (US), GENERAL BYTES R.O. (Czech Republic), RIDDLE&CODE (Austria)
Blockchain devices market segmentation:
In this report, the blockchain devices market is segmented into the following categories:
Blockchain devices market, by Type:
- Blockchain smartphones
- Crypto hardware wallets
- Crypto ATMs
- POS devices
- Others (blockchain gateways and pre-configured devices)
Blockchain devices market, by Connectivity:
- Wired
- Wireless
Blockchain devices market, by Application:
- Personal
- Corporate
Blockchain devices market, by Region:
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
Recent Developments
- Ledger launched a new product, Ledger Nano X in May 2019. This new product is similar to Nano S, but Bluetooth connectivity is the added feature in it. Users will be able to connect with their computers wirelessly, and Ledger’s Live Mobile app will be able to send and receive cryptocurrencies via phones.
- HTC launched its first blockchain phone, EXODUS 1 in October 2018. This phone provides the premium performance and quality of design expected from HTC’s flagship device lineup. It combines with blockchain technology and software necessary to create a smartphone experience fit for a modern user and the new internet age.
- Pundi X launched a new blockchain smartphone, Function X in June 2019. This new smartphone is based on Android OS 9.0, making it compatible with Android apps. Function X is a total decentralized solution and not just a public chain. It consists of five essential components—Function X OS, Function X Blockchain, Function X IPFS, FXTP Protocol, and the Function X Docker. The main aim of these features is to decentralize all apps, websites, communications, and data.
- Filament announced the launch of Blocklet for trusted vehicle applications (TVA) in November 2018. It is the industry’s first end-to-end automotive blockchain platform that allows vehicles to participate directly in blockchain and distributed ledger technologies (DLTS). The Blocklet hardware for trusted vehicle applications includes filament’s Blocklet technology as well as cellular connectivity, and environmental sensing and access to vehicle diagnostics. Blocklet TVA is a secure and flexible platform that enables a wide range of new products, services, and business models to be created at the intersection of vehicles and blockchains
- RIDDLE&CODE launched hardware-based blockchain car wallets to enable future mobility solutions. With the help of this device, Cars will automatically settle value and exchange data with charging solutions, smart city systems, or parking zones without human interaction.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- Which are the upcoming industries that expected to adopt Blockchain devices?
- How is Blockchain devices influencing the automotive market?
- How are the companies addressing the challenge of hardware and software integration for Blockchain devices market?
- How are companies tackling the increasing number of connected devices that result in increasing issue of security?
Download the Report Here:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=177053178
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Francisco Gimeno - BC Analyst Very few years ago we couldn't even imagine a smart phone, or a VR device. Nobody would put any hope on the Cloud. however, we all feel unable to live in a world without these devices or technologies. The blockchain devices which are coming are also going to transform our lives in very few years, some we can imagine now (see the list in the article) and some which no doubt will appear from ideas which now seem science fiction. We live in interesting, disrupting and exciting times, indeed.