Increasing acceptance of cryptocurrency for the fuel sector
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Dublin, April 07, 2023 (GLOBE NEWSWIRE) — The “Global Blockchain Devices Market Size, Share & Industry Trends Analysis Report By Connectivity, By Component, By End User, By Application, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s Offering.
The global Blockchain Devices Market size is expected to reach $3.8 billion by 2028, increasing at a market growth rate of 37.5% CAGR during the forecast period.
The increased demand for blockchain technology has been attributed to the devices’ better level of security encryption. There are many different types of blockchain devices, including smartphones, cryptocurrency hardware wallets, ATMs, and points of sale. Furthermore, as wireless technologies such as Wi-Fi, Bluetooth, NFC and others develop, they benefit from the technology, increasing the demand for blockchain devices globally.
The market for blockchain devices is primarily driven by the growing desire for faster and more seamless financial transactions, growing interest in using blockchain technology for supply chain management, and expanding cryptocurrency markets.
In addition, growing government regulations and initiatives regarding blockchain technology and devices, acceptance of cryptocurrencies in various industry verticals, acceptance of blockchain technology for payment, smart contracts and digital identity, and adoption of blockchain technology are all expected to create lucrative market opportunities.
The four primary categories of blockchain devices include blockchain mobile phones, crypto hardware wallets, point of sale (POS) and automated teller machines (ATMs). Due to blockchain technology, blockchain mobile phone users have more control over their online identities and data. Blockchain devices come in both wired and wireless connection variants. Both private and commercial applications use blockchain technology.
Consumer, BFSI sector, retail and e-commerce, government, travel and hospitality, automotive, logistics and transportation, IT and telecommunication and other businesses are some major end users of blockchain technology.
Market growth factors
Increase visibility of blockchain technology’s benefits in the BFSI industry
The financial services sector will benefit from improved accuracy and secure information sharing due to blockchain technology’s ability to create secure, tamper-proof ledgers. In addition, blockchain systems promote the development of a network of open, real-time accessible public transaction registries. Each transaction on the blockchain also has an immutable record of the transactions and assets. As a result, there is a marked reduction in risk and requirements for corresponding mitigation measures for various asset classes. Blockchain technology can facilitate safer and easier information sharing between financial institutions by storing client data on decentralized blocks. These factors are expected to make the market grow throughout the forecast period.
Increased acceptance of cryptocurrency as a mode of payment
The growing acceptance of cryptocurrencies is promoting the growth of a healthy cryptocurrency ecosystem. Future demand for blockchain devices such as retail PoS systems is expected to be driven by the growth of cryptocurrency exchanges. Many businesses offer bitcoin cards that resemble conventional debit and credit cards. By linking their cards with cryptocurrency wallet apps, the user can manage the money or tokens on their cards. These factors are expected to increase the market expansion in the coming years.
Market limiting factors
Challenges related to security, privacy and control related to blockchain technology
Blockchain technology has the capacity to revolutionize and simplify transactions. Still, businesses must address issues of privacy, security, and control to reap the benefits of blockchain. Because blockchain transactions are recorded on a distributed public ledger, hackers have a greater attack surface to gain access to sensitive data. For example, if a blockchain device is used to store confidential contract information or payment data, duplicating the file could give hackers greater access to the information. The poor implementation of cryptographic solutions is because privacy is a significant obstacle for these solutions, which may hinder market expansion in the coming years.
Component Outlook
By component, the blockchain device market is segmented into hardware wallets, blockchain smartphones, PoS devices, crypto ATMs, blockchain IoT gateways, and other devices. In 2021, the blockchain smartphone segment recorded remarkable growth in the blockchain device market. With built-in Web3 connectivity, a blockchain phone is a smartphone. Anyone can use a mobile device to surf the decentralized web because of this. But compared to desktop counterparts, Web3 mobile applications can feel clunky. Although mobile Web3 app user experiences have improved significantly in recent years, engaging with blockchains and smart contracts on a smartphone is still notoriously difficult.
Connection Outlook
On the basis of connectivity, the blockchain device market is fragmented into wired and wireless. The first generation of blockchain technology is still in its infancy and most devices are wired. A key driver for the wired segment is the expanding market for cryptocurrency ATMs. Furthermore, wired devices include preconfigured devices such as blockchain computers. By connecting the hardware wallet to a personal computer, users of wired hardware wallets can conduct secure digital transactions on the blockchain.
Application Outlook
Based on applications, the blockchain device market is categorized into personal and business. In 2021, the enterprise segment recorded the highest revenue share in the blockchain device market. The adoption of blockchain, artificial intelligence, machine learning and IoT across the supply chain by businesses is driving this increase. Data tampering cannot occur in a supply chain management system that includes these technologies and distributed ledger technology (DLT) from the blockchain. Due to its decentralized structures, blockchain enables fast transactions, better security and privacy for users, and the capacity to track individual components.
End user Outlook
By end user, the blockchain device market is segmented into consumer, BFSI, government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunications, and others. In 2021, the BFSI segment covered a significant revenue share in the blockchain device market. A systematic customer identification system based on distributed ledger technology is delivered by deploying blockchain technology in the banking, finance and insurance (BFSI) sector. Blockchain enables financial institutions such as banks and insurance providers to have well-maintained decentralized data, reducing the risk of cybercriminals hacking these systems. As more businesses in the BFSI sector adopt blockchain technology, the market for blockchain devices continues to expand.
Regional outlook
Regionally, the market for blockchain devices is analyzed in North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the blockchain device market by generating the maximum revenue share. The United States and Canada are pioneers in the use of blockchain technology. Microsoft (US), IBM (US) and Oracle are the main providers of blockchain services in North America (US). These participants offer blockchain services that can be connected to blockchain hardware and IoT devices to track and monitor assets along the supply chain.
Important market players
List of companies profiled in the report:
For more information on this report, visit https://www.researchandmarkets.com/r/s8vgis
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