Blockchain smartphones are becoming increasingly prominent in the blockchain device market
LONDON, 1 December 2022 /PRNewswire/ — Blockchain smartphones are key trend in the blockchain device market. Blockchain smartphones are mobile phones that use blockchain technology to provide crypto storage and support for decentralized applications, in addition to the functionality of a typical smartphone. Blockchain smartphones also allow users to host a blockchain node and mine cryptocurrencies. Some of the popular blockchain smartphones on the market include the HTC Exodus 1, the FINNEY phone, and the Electroneum M1. The blockchain smartphone market consists of the sale of blockchain smartphones from entities that manufacture blockchain smartphones.
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The global blockchain device market size is expected to grow from 0.47 billion dollars in 2021 to 0.67 billion dollars in 2022 with a compound annual growth rate (CAGR) of 42.94%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, increases in commodity prices and supply chain disruptions, which have affected many markets around the world. The market value of blockchain devices is expected to grow to 2.84 billion dollars in 2026 with a CAGR of 43.66%.
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Market driver for blockchain devices – increasing use of blockchain technology in the banking sector
Blockchain technology is increasingly being implemented in the banking sector, which is driving the growth of the market for blockchain devices. The use of blockchain enables more open, inclusive and secure business networks, shared operating models, more efficient processes, reduced costs and new products and services in banking and finance. It also makes it possible to issue digital securities within a shorter period of time, at lower unit costs, with a greater degree of customization. According to Deloitte’s fourth annual ‘Global Blockchain Survey’, approximately 96% of Financial Services pioneers believed that blockchain is a widely scalable solution, which has already achieved mainstream adoption.
Blockchain Devices Market Restraint – Data Localization Challenges
Governments around the world are implementing policies to improve data protection and safeguard citizens’ privacy. For example, the Data Protection Act of 2021 was proposed by the US government to protect individuals’ data, safeguard their privacy and ensure that data practices are fair and transparent. The implementation of these policies is expected to limit the blockchain device market by increasing the number of locations that vendors must use to store data, increasing costs and prices, and therefore limiting the growth of the blockchain device market.
Blockchain Device Market Segments
The Global Blockchain Devices Market is Segmented –
1) By Type: Blockchain Smartphones, Crypto Hardware wallets, Crypto Teller machines (ATMs), POS terminals
2) By connection: wired, wireless), by application (personal, business).
3) By End User: Consumer, BFSI, Government, Retail & E-Commerce, Travel & Hospitality, Automotive, Transport & Logistics, IT & Telecom, Others (Energy & Utilities, Education, Agriculture, Healthcare, Manufacturing)
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