The blockchain devices market generated revenue of $0.3 billion in 2019, which is expected to reach $23.5 billion by 2030, at a CAGR of 48.7% during the forecast period (2020–2030)! The growth will be propelled by the expanding market of cryptocurrencies and spurring demand for blockchain solutions. The demand for cryptocurrencies has increased significantly in the last few years, as there is no central regulatory authority for it. The digital currency gained popularity with the unprecedented growth of Bitcoin in 2017. Currently, several cryptocurrencies have emerged, such as Dash, Ripple, Ethereum, Litecoin, and Monero.
The blockchain devices market growth is supported by the escalating demand for blockchain solutions, primarily from the banking, financial services, and insurance (BFSI) sector. Banks and financial institutions are adopting these solutions to curb fraud and financial errors, as blockchain offers high safety and security while exchanging money, data, and information. Owing to this feature, businesses across the globe are incorporating blockchain devices to deal with the high volume of data breaches and cyberattacks, which are an especially grave issue for the BFSI sector.
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At present, the blockchain devices market is characterized by the primary trend of wireless blockchain devices. Key market players, such as FuzeW and Ledger SAS, have introduced wireless hardware wallets to reduce the hassles of using wired technologies. In the same vein, GENERAL BYTES s.r.o. and Lamassu Industries AG offer wireless ethernet ports and crypto ATMs. With time, the retail sector has started installing wireless variants of blockchain point of sales (POS) terminals to provide mobility to retailers while receiving payments.
The type segment of the blockchain devices market is classified into crypto hardware wallets, blockchain smartphones, crypto automated teller machines (ATMs), and POS terminals. Amongst these, the crypto hardware wallets division dominated the market in 2019 owing to the surge in the number of cryptocurrency transactions and users, which are resulting in the need for securing these virtual currencies. Crypto ATMs are expected to display the fastest growth in the forecast period due to the enactment of favorable government regulations for the installation of this equipment.
How Is Growing BFSI Industry Driving Blockchain Devices Market?
During the historical period (2014–2019) North America generated the highest revenue for the global blockchain devices market. This was due to the implementation of stringent government policies for regulating the BFSI sector, to attain optimum transparency and security. The U.S. was the larger contributor to the North American market due to the rising expenditure on the development of the blockchain technology. Moreover, the high awareness about the blockchain technology in the region has supported the market growth.
Thus, North America and Europe will collectively account for the largest share in the market during the forecast period. This can be owed to the entry of new market players, who are primarily focusing on the development of new and improved blockchain technologies, on account of the favorable government policies in the regions. Due to these factors, the adoption rate of blockchain devices in North America and Europe is higher in comparison to other parts of the world. Switzerland, Germany, the U.S., the Netherlands, and France are the frontrunners in these regions.
Thus, the increasing usage of cryptocurrencies and soaring demand for blockchain technologies from different sectors will fuel the market growth in the forecast period.
What are Key Factors Responsible for Mushrooming Sales of Blockchain Devices in North America?
The increasing popularity of blockchain solutions is a key factor responsible for the burgeoning demand for blockchain devices across the world. “Blockchain technology and solutions are being increasingly incorporated by companies from multiple domains for enhancing security and strengthening their business processes and operations”. A blockchain is basically a decentralized digital public ledger that is used for recording transactions across multiple computers so that the information and data present in the record cannot be modified or removed without altering all the subsequent blocks and the overall network.
One of the major sectors wherein the blockchain solutions are bring rapidly adopted is the banking, financial services, and insurance (BFSI) sector. “According to many surveys, over 25% of all the organizations operating in the BFSI sector all over the world are currently using blockchain solutions and devices”. This is mainly because of the fact that the blockchain solutions mitigate the incidence of financial frauds and transaction errors and also significantly enhance the security and safety of the data, information, and money exchange processes.
Blockchain Devices Market Analysis and Demand Forecast Report
The increasing adoption of cryptocurrencies for digital transactions is another important factor fuelling the demand for blockchain devices. These currencies are basically digital currencies that are not regulated by any central authority. They become popular after the invention of Bitcoin. The absence of regulatory bodies increases the speed of transactions as well as eliminates the transfer fees charged by the banks. As a result, many corporate users in the BFSI sector and government offices are using cryptocurrencies for transactions.
Due to the aforementioned reasons, the global blockchain devices market will increase, in valuation, from $300.0 million to $23,500.0 million from 2019 to 2030. According to the calculations of the market research firm, P&S Intelligence, the market will grow at a CAGR of 48.7% from 2020 to 2030. Blockchain devices are adopted in both corporate and personal applications, of which, the corporate applications are predicted to exhibit higher usage of these devices in the upcoming years, because of the large-scale uitlization of various blockchain devices such as blockchain smartphones, blockchain gateways, and crypto hardware wallets in corporate applications.
Competitive Landscape of Blockchain Devices Market
Globally, “the blockchain devices market is predicted to demonstrate the highest growth in North America over the next several years”. This is attributed to the presence of favorable government laws and policies pertaining to the adoption of blockchain and other advanced technologies and the existence of numerous blockchain devices producing companies in the various North American nations. Additionally, the increasing public awareness about cryptocurrencies and blockchain technology is further boosting the growth of the market in the region.
Thus, it can be said without any hesitation that the demand for blockchain devices will skyrocket all over the world in the next few years, predominantly because of the increasing adoption of cryptocurrencies for transactions and the growing utilization of blockchain solutions in the BFSI sector.
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Connectivity
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by End User
1.3.5 Market Segmentation by Region
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.3.7.1 Value
1.3.7.2 Volume
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.1.1 Blockchain smartphones
4.1.1.2 Crypto hardware wallets
4.1.1.3 Crypto ATMs
4.1.1.4 POS terminals
4.1.1.5 Others
4.1.2 By Connectivity
4.1.2.1 Wired
4.1.2.2 Wireless
4.1.3 By Application
4.1.3.1 Personal
4.1.3.2 Corporate
4.1.4 By End User
4.1.4.1 BFSI
4.1.4.2 Government
4.1.4.3 Retail
4.1.4.4 Travel and hospitality
4.1.4.5 Transportation and logistics
4.1.4.6 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Wireless blockchain devices
4.3.1.2 Decreasing cost of blockchain smartphones
4.3.2 Drivers
4.3.2.1 Growing demand for blockchain solutions
4.3.2.2 Growing market for cryptocurrency
4.3.2.3 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Uncertain government regulations
4.3.3.2 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Use of blockchain technology in supply chain
4.3.4.2 Increasing usage of cryptocurrency as a mode of payment
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Connectivity
5.3 By Application
5.4 By Industry
5.5 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Type
6.2 By Connectivity
6.3 By Application
6.4 By Industry
6.5 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Type
7.2 By Connectivity
7.3 By Application
7.4 By Industry
7.5 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Type
8.2 By Connectivity
8.3 By Application
8.4 By Industry
8.5 By Country
Chapter 9. RoW Market Size and Forecast
9.1 By Type
9.2 By Connectivity
9.3 By Application
9.4 By Industry
9.5 By Country
Chapter 10. Competitive Landscape
10.1 List of Players and Their Offerings
10.2 Analysis of Key Players in the Market
10.3 Competitive Benchmarking of Key Players
10.4 Recent Activity of Key Players
10.5 Strategic Developments of Key Players
10.5.1 Product Launches
10.5.2 Geographic Expansions
10.5.3 Partnerships
10.5.4 Other Developments
Chapter 11. Company Profiles
11.1 Ledger SAS
11.1.1 Business Overview
11.1.2 Product and Service Offerings
11.2 SatoshiLabs s.r.o.
11.2.1 Business Overview
11.2.2 Product and Service Offerings
11.3 Sirin Labs AG
11.3.1 Business Overview
11.3.2 Product and Service Offerings
11.4 Pundi X Labs Private Limited
11.4.1 Business Overview
11.4.2 Product and Service Offerings
11.5 HTC Corporation
11.5.1 Business Overview
11.5.2 Product and Service Offerings
11.5.3 Key Financial Summary
11.6 Samsung Electronics Co. Ltd.
11.6.1 Business Overview
11.6.2 Product and Service Offerings
11.6.3 Key Financial Summary
11.7 Lamassu Industries AG
11.7.1 Business Overview
11.7.2 Product and Service Offerings
11.8 Blockchain Luxembourg S.A.
11.8.1 Business Overview
11.8.2 Product and Service Offerings
11.9 RIDDLE&CODE GmbH
11.9.1 Business Overview
11.9.2 Product and Service Offerings
11.10 GENERAL BYTES s.r.o.
11.10.1 Business Overview
11.10.2 Product and Service Offerings
Chapter 12. Appendix
12.1 Abbreviations
12.2 Sources and References
12.3 Related Reports
