The global blockchain device market is experiencing a significant growth, and is expected to grow significantly in the coming years. Blockchain devices are the hardware and components which are used to support the blockchain technology. The blockchain technology has various applications such as decentralized cryptocurrency, trade processing and settlement. They are used in smart appliances such as automobiles, personal identification appliances among others. Blockchain devices ensure higher safety encryption, which has led towards the increase in its demand globally. The blockchain devices are of various types such as blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, among others. Moreover, advancement of wireless technologies such as Wi-Fi, Bluetooth, NFC and others adds advantages to the technology, thereby boosting the blockchain device market demand globally.
The global blockchain device market is segmented into type, connectivity, application, and region. Based on type, the market is further segmented into blockchain smartphones, crypto hardware wallets, crypto ATMs, POS devices, and others. In terms of connectivity, the market is bifurcated into wired connectivity & wireless connectivity. Based on end use, the market is segmented into automotive, transportation & logistics, retail, IT & telecommunication, government & BFSI and others. Based on region, the global market is divided across North America, Europe, Asia-Pacific, and LAMEA.
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Key players of the blockchain device market analyzed in the research include Ledger SAS, HTC Corporation, Pundi X Labs Private Limited, Filament, GENERAL BYTES R.O., RIDDLE&CODE, AVADO, Sikur, SIRIN LABS, Blockchain Luxembourg S.A., SatoshiLabs, Genesis Coin Inc., and Lamassu Industries AG and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Top impacting factors:
Factors such as growing need for faster and seamless monetary transactions, increasing demand for blockchain technology in supplychain management, and growing demand for cryptocurrency act as major drivers for the blockchain device market. However, uncertain regulations and compliances regarding exchange and transferring of data, lack of awareness regarding blockchain technology, and denial of government bodies to legalize trade through cryptocurrencies are hindering the market growth to a certain extent. Furthermore, acceptance of cryptocurrency in different industry verticals, increasing adoption of blockchain technology for payment, smart contracts & digital identity, and increasing government regulations and initiative regarding blockchain technology and devices are expected to offer lucrative opportunities to the market globally. The global blockchain device market trends are as follows:
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Strategies used by market player to increase the industry demand
New products that contain improved capabilities have been launched by the leading market players. They have taken necessary steps to improve the technology. For instance, HTC in October 2019 launched its blockchain smartphone. The smartphone runs a full bitcoin node, allowing it to propagate respective transactions.
Adoption of wireless communication technology is one of the most prominent trends in the blockchain devices market. To increase the convenience for the users, blockchain devices providers Ledger SAS and FuzeW launched wireless hardware wallet. These wallets use wireless communication technologies, such as Bluetooth, Wi-Fi, and near-field communication (NFC), to connect with the smartphones. Further, the market is witnessing an adoption of blockchain smartphones, which is expected to boost the growth of wireless technology.
The smartphone operates through wireless network such as Wi-Fi and has in-built hardware wallet to help users securely store cryptocurrencies. Therefore, the launch of advanced blockchain devices that offers better features has increased the market demand.
Growing adoption of blockchain technology
Adoption of blockchain technology by various industries and companies in order to strengthen their operations and improvise their monetary transactions & security has driven the market globally. These devices provide safety & security in various applications such as exchanging data, monitory transactions, and transferring of vital information. The BFSI sector is quite prone to monetary frauds and errors, which is the reason the sector has over the period, dominated the blockchain device market share.
For instance, more than half of the U.S. banks have explored blockchain technology in the field of payments to ease the cross-border payments. The adoption of Blockchain technology in BFSI improves performance and productivity of the financial organizations and has contributed to the growth of the sector.
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Key benefits of the report:
- This study presents the analytical depiction of the global blockchain device industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global blockchain device market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global blockchain device market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global blockchain device market analysis based on competitive intensity and how the competition will take shape in coming years.
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