Blockchain Devices Market

Global Blockchain Devices Market Size (2024-2029):

The global blockchain devices market is estimated to be USD 1,212 million in 2024 and is projected to reach USD 5,983 million by 2029, at a CAGR of 37.62% from 2024 to 2029.

Market Overview

Due to the growing popularity of blockchain devices, cryptocurrencies are becoming more accessible to the general population. In areas including media and entertainment, automotive, retail & e-commerce, travel & hospitality, transportation & logistics, and IT & telecommunications, the use of cryptocurrencies is likely to rise. Cryptocurrency start-ups and exchanges are generating use cases across several geographies by engaging with organisations in these industries. Growing use of blockchain devices by small and medium scale end user enterprises in developing economies, increasing number of end user industries in developing economies, rising trend of cryptocurrency, rising venture capital funding, rising upgradation of existing infrastructure with advanced systems, and increasing infrastructural development activities, particularly in the decentralised ones The market for blockchain devices is growing at a rapid pace.

Market Drivers

The hardware and components that support blockchain technology are known as Blockchain devices. Decentralized cryptocurrency, trade processing, and settlement are just a few of the uses of blockchain technology. They're found in a variety of smart devices, including autos and personal identity devices. Blockchain devices provide better levels of security encryption, which has resulted in a surge in demand throughout the world. Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, and POS Gadgets are just a few examples of blockchain devices. Furthermore, advancements in wireless technologies such as Wi-Fi, Bluetooth, NFC, and others bring benefits to the technology, raising worldwide demand for blockchain devices.

One of the primary driving factors of the Global Blockchain Devices Market is the growing visibility of blockchain technology's benefits in the financial industry. Following the debut of Bitcoin, the use of blockchain technology exploded, and it is now employed by a variety of financial organisations. Payments, exchanges, smart contracts, documentation, and digital identification are all examples of how this technology is being employed in many commercial applications. Blockchain technology provides secure, tamper-proof ledgers, allowing for increased accuracy and safe data sharing across the financial services sector. Blockchain technology, according to the National Payments Corporation of India (NPCI), would greatly improve market transparency. Blockchain solutions promote the development of an ecosystem of public activity records to which all market players have real-time access.

Market Restraints

High expenditures connected with research and development capabilities, on the other hand, would function as market growth restrictions. Furthermore, the market's development pace will be slowed by a strict regulatory environment in developing nations and distrust about blockchain technology. The market growth rate will be hampered by large-scale technological and infrastructure limits, security, privacy, and control-related difficulties connected with blockchain technology, and regulatory ambiguity associated with blockchain adoption.

The Global Blockchain Devices Market is restrained by regulatory ambiguity surrounding blockchain implementation. One of the most major impediments to blockchain adoption across sectors is regulatory uncertainty. In the case of a fraud, blockchain applications will have to outline the method for identifying the offender, which will be tough. In order to promote widespread deployment of blockchain technology, other legislative issues must first be created. These regulatory requirements are challenging to find and comprehend for both blockchain developers and research groups. Furthermore, regulatory bodies and politicians have yet to issue clear rules for blockchain parties to follow in order to comply with the law.

REPORT COVERAGE

Market Segmentation

Global Blockchain Devices Market Analysis By Type

• Blockchain Smartphones.
• Crypto Hardware Wallets.
• Crypto ATMs.
• POS Devices.

Blockchain Smartphone is expected to have the dominant share in the Global Blockchain Devices Market during the Forecast Period. In essence, a built-in 'hardware wallet' on blockchain devices adds an extra degree of protection for bitcoin holders. This wallet functions as an offline digital safe that safeguards and encrypts sensitive personal information, such as bitcoin keys.

Crypto ATMs is expected to have the significant share and the rapid growth in the Global Blockchain Devices Market During the Forecast Period. The demand for crypto ATMs has been spurred by recent developments in crypto ATM software and support for several cryptocurrencies. Other reasons driving industry expansion include improved income stability in the face of cryptocurrency volatility, the ability to purchase and sell cryptocurrencies from any location, and anti-money laundering (AML) capabilities. Another important driving reason for the predicted expansion of the crypto ATMs category during the forecast period is the increase in cryptocurrency market capitalization and initial coin offerings (ICO). Businesses have begun to use crypto ATMs in retail locations, recognising the potential of blockchain gadgets in offering superior consumer experiences.

Global Blockchain Devices Market Analysis By Connectivity

• Wired Connectivity.
• Wireless Connectivity.

Wired Connectivity is expected to have the dominant share in the Global Blockchain Devices Market During the Forecast Period. Blockchain gadgets are in in their infancy, with the majority of first-generation devices being wired. A key driver for the wired category is the rising market for bitcoin ATMs. Devices that have been pre-configured, such as blockchain computers, are also connected. By connecting a wired hardware wallet to a personal computer, users may conduct safe digital transactions on the blockchain.

Wireless Connectivity is expected to see the rapid growth in the Global Blockchain Devices Market During the Forecast Period. Wireless blockchain devices are gaining popularity and market share as blockchain hardware advances. In the blockchain device industry, wired connectivity is in great demand since it provides a higher-quality, continuous connection than wireless connectivity. The market for this category is projected to be further fuelled by the rising installation of crypto ATMs throughout the world.

Global Blockchain Devices Market Analysis By End-User

• Automotive.
• Transportation & Logistics.
• Retail.
• IT & Telecommunication.
• Government & BFSI.
• Consumer.

Consumer segment is expected to have the dominant share in the Global Blockchain Devices Market During the Forecast Period. The rising usage of cryptocurrencies, as well as the acceptance of cryptocurrencies as a payment mechanism by companies, has created a schism. As a result, individuals and companies are more likely to utilise cryptocurrencies for transactions, propelling the blockchain device industry forward. The consumer products business is expanding as a result of the increased demand for better inventory management. The industry's adoption of blockchain-enabled supply chain solutions is also being driven by the need to establish cost-effective global business strategies for increasing efficiency. When blockchain is combined with IoT devices and sensors, it provides unprecedented visibility and efficiency gains into the logical and physical movement of goods throughout their entire value cycle, which is expected to increase consumer demand for blockchain-enabled tracking and monitoring devices.

Market Regional Analysis

North-America is expected to have the dominant share in the Global Blockchain Devices Market During the Forecast Period. North America is a forerunner in terms of blockchain adoption. Microsoft (US), IBM (US), and Oracle (US) are the top blockchain service providers in North America (US). These companies offer blockchain services that may be used in conjunction with blockchain technology and IoT devices to track and monitor assets across the supply chain. North America is also a centre for blockchain-based security chips and solutions that help businesses strengthen their blockchain security. As a result, the blockchain devices industry in North America has a lot of promise in the next four to five years, notably for asset tracking and monitoring and chip-level security.

Asia-Pacific is expected to have the significant share and growth in the Global Blockchain Devices Market During the Forecast Period. Manufacturing firms in China, Japan, Oceania, South Korea, and Southeast Asia are investing more in technology. In addition, these nations have a considerable number of providers of digital ledger technology.

Market Key Players

1. Ledger SAS
2. HTC Corporation
3. Pundi X Labs Private Limited
4. Filament
5. GENERAL BYTES R.O.
6. RIDDLE&CODE
7. AVADO
8. Sikur
9. SIRIN LABS
10. Blockchain Luxembourg S.A.

Market Recent Developments:

• At the recent ISCC conference, Intel presented their unique crypto mining processor, Bonanza Mine (BMZ2), as well as the device to mine Bitcoin. Surprisingly, Intel has quietly begun shipping second-generation Bitcoin mining machines to customers.