The blockchain devices market will register a mammoth growth rate of around 49% in the years to come, reaching about $24 billion
by 2030. Increasing market for cryptocurrencies and growing demand for blockchain solutions are some of the main drivers of the industry.
The crypto hardware wallets had the largest demand in the past, because of the budding market for cryptocurrency. With mounting number of transactions and users of cryptocurrency, the necessity for safeguarding the cryptocurrency is indispensable. For keeping cryptocurrency safe, users can make use of two types of wallets, software and hardware based. The hardware based are further secured as these are not vulnerable to hacking and can be taken offline.
The wired category dominated the market in the past, because of the earlier acceptance of blockchain devices with wired connectivity. It will be the dominator in the future as well. This can be because of the fact that previous versions of blockchain devices, like crypto ATMs, Bitcoin ATMs, and blockchain hardware wallets, are obtainable with wires for internet and a computer connectivity respectively.
The corporate category will grow the fastest in the future. Devices like crypto hardware wallets, POS terminals, blockchain smartphones, crypto ATMs, and blockchain gateways, are mainly used for corporate purposes. The POS terminals are chiefly used in the retail sector for payments acceptance, and crypto ATMs are regularly purchased by the businessmen. Blockchain gateways are employed for personal and corporate applications; though, corporate has the advanced diffusion for blockchain gateways.
The retail category will observe the highest growth rate in the future as well.
Worldwide, retailers are more and more accepting the blockchain technology for growing transparency and consumer poise, providing assurance of dependable products, plummeting the count pf counterfeit products, fast-moving deliveries, enabling logistics, and accepting crypto expenditures.
North America dominated the blockchain devices market in the past. This is because of the strict policies of the government regulating the BFSI industry for advanced transparency and security. The U.S. was the market dominator, as a result of the increasing outlay on the way to blockchain technology.
Acceptance of wireless technology is one of the prominent industrial trends. For increasing the expediency for the users, blockchain devices companies Ledger SAS and FuzeW introduced wireless hardware wallet. These wallets make use of wireless communication technologies like Wi-Fi, Bluetooth, and NFC, for connecting with the smartphones.
Increasing demand for blockchain solutions is a major driver for the industry. Enterprises from all businesses are accepting blockchain technology to fortify their everyday operations and to surge security. The BFSI segment is among the major accepters of blockchain technology solutions.
Increasing requirement for cryptocurrencies and blockchain solutions are positively impacting the blockchain devices industry.