Blockchain Devices Market Competitive Analysis, Status and Outlook By Type (Blockchain Smartphones, Cryptographic Hardware Wallet, Crypto ATM, POS Equipment, Other), By Downstream Industry (BFSI, Government, Retail and E-Commerce, Tourism and Hotels, Automobile, Transportation and Logistics, IT and Telecoms) and Geographical Forecast to 2032

Updated On: 26 August 2024

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BLOCKCHAIN DEVICES MARKET REPORT OVERVIEW

The global Blockchain Devices Market Size reached a value of USD 621.39 million in 2023 and is expected to grow to USD 10.45 billion by 2032, exhibiting a remarkable CAGR of 32.61% during the forecast period.

Blockchain devices are essentially tools designed on hardware to ensure the safety of connected devices. Blockchain activities in networks that need to ensure security, transparency, and efficiency are becoming very important in industries ranging from applications in finance sector such as ATMs, retail sector such as smartphones or other IoT devices, as well as logistics sector with hardware wallets and POS systems, where all equipment calls for a need of secure transactions. The demand for this dedicated hardware in such devices is therefore on the rise as more and more private as well as government players put emphasis on the importance of blockchain devices and technology, given the amount of scams and cyber-crime on the rise.

This report provides an in-depth analysis of the current market scenario and forecasts future trends of the global blockchain devices market, covering a period from the year 2019 to 2030. Thanks to the increased adoption of such innovative hardware in a number of varied industries, the market is poised for increased growth rate in the coming years. With so much technical advancement and the openness of individuals to adopt blockchain hardware and devices in the current scenario, due to its practicality, functionality and ability to provide seamless cybersecurity.

COVID-19 Impact: Market Growth Restrained by Pandemic but Poised for Recovery

The COVID-19 pandemic significantly impacted the blockchain devices market, caused by disruptions in demand flow and supply chain operations, thereby delaying the adoption of new blockchain technologies by industries who need cybersecurity systems on a daily basis. But the market is anticipated to rise sharply as companies adjust to the new normal. Suddenly, in the post-pandemic era, the demand for strong, dependable blockchain devices is rising as more industries come to understand its potential for security upgradation, which is propelling the market's expansion forward. The pandemic essentially accelerated the adoption of blockchain devices by emphasising the value of safe and effective digital transactions, which helped to pave the way for future growth.

LATEST TRENDS

"Increase of Awareness and Adoption of Blockchain Devices"

Blockchain devices have become increasingly popular ever since awareness about its perks and security benefits have spread across various industries. Big industries such as BFSI, government, retail, logistics, transportation, e-commerce, IT, telecoms and even hotels, restaurants and automobiles are adopting these devices. This diversification in the target market of this product segment is facilitating growth as each industry wants to benefit from the efficient security privileges that blockchain technology enables them to possess.

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BLOCKCHAIN DEVICES MARKET SEGMENTATION

By Type

1) Blockchain Smartphones

These smartphones allow users the benefit of secure transactions and the use of data privacy features, which is a selling point for both individuals as well as companies or organisations.

2) Cryptographic Hardware Wallet

These hardware wallets provide a means to keep and handle digital assets of users, such as cryptocurrencies or investments, from threats such as hacking and unauthorised access of data.

3) Crypto ATM

Crypto ATMs are systems which allow individuals to access, buy and sell cryptocurrencies and other digital currencies in an easy manner. These systems are highly accessible to the general public as well, making their use widespread.

4) POS Equipment

Point of sale or POS equipment used in retail establishments such as shops, departmental stores, hotels, bars, cafes and restaurants to generate receipts is integrated with blockchain technology so that each transaction is encryption protected and secure.

5) Other

This category of blockchain devices includes different models of hardware devices that support various blockchain applications by providing digital security.

By Downstream Industry

1) BFSI

The BFSI sector is using blockchain devices to enhance their security features and increase transparency in financial transactions, in order to reduce fraud and ensure compliance with digital security related regulatory standards.

2) Government

Governments across the globe are looking to secure their data management and transparent transactions by using blockchain devices and hardware. This has been done in an effort to eliminate corruption from their organisations and thereby improve the level of trust in government operations that the public possesses.

3) Retail and E-Commerce

These sectors use blockchain devices to ensure secure transactions and data protection of their clients, which is done to reduce fraud and ensure the integrity of all people using POS systems encrypted with blockchain applications.

4) Tourism and Hotels

The tourism and hotel industry uses blockchain devices to ensure secure digital transactions and protect the private data of their guests, which ultimately enables them to build trust and loyalty among their customers.

5) Automobile

The automobile industry uses blockchain applications for secure data management and transparent transactions to maintain proper vehicle records.

6) Transportation and Logistics

These sectors use blockchain devices to ensure their supply chains are secure and encrypted. This helps in improving the efficiency of their day-to-day operations and avoid any human errors while maintaining records.

7) IT and Telecoms

Blockchain technology is being used by the telecom and IT industries to improve their data management and improve security with transparent transactions.

DRIVING FACTORS

"Increasing Adoption due to Technological Advancements"

Technological advancements and innovations that offer highly efficient security features, improved performance, and user-friendly interfaces are encouraging individual users as well as organisations to adopt blockchain devices. The idea is highly attractive to businesses of various sectors in the market, and the increased adoption has greatly impacted market growth in a positive way.

RESTRAINING FACTORS

"Associated High Costs and Volatile Regulations"

The high upfront and ongoing maintenance costs of blockchain technology may prevent it from being adopted by small and medium-sized enterprises who cannot afford such investments with their limited budget. In addition, government regulations could also be impeding the adoption of blockchain devices because different countries have different laws regarding blockchain technology, which causes uncertainty amongst companies with operations spread across the globe, therefore hindering the blockchain devices market growth.

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BLOCKCHAIN DEVICES MARKET REGIONAL INSIGHTS

The Blockchain Devices market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

"North America Dominates the Market due to Rapid Technological Advancements"

Because of the growing industry adoption of blockchain devices market share and technological advancements, North America is anticipated to lead the market during the forecast period of 2019-2030. This is because the American region has been leading the industry, mostly because of its highly developed technological infrastructure and regulatory framework which supports such growth.

KEY INDUSTRY PLAYERS

Leading companies and key players in the global blockchain device market are aggressively fostering market expansion by utilising their resources for creative thinking and technological innovations. To meet the changing needs of their respective industries, these companies are investing highly in resources allocated to research and development with the ultimate aim being to bring cutting-edge blockchain devices to the market.

List of Market Players Profiled

• Filament (US)
• GENERAL BYTES R.O. (Czech Republic)
• Blockchain Luxembourg S.A. (UK)
• SatoshiLabs (Czech Republic)
• Lamassu Industries AG (Switzerland)
• Ledger SAS (France)
• HTC Corporation (Taiwan)
• RIDDLE&CODE (Austria)
• Genesis Coin Inc. (US)
• Pundi X Labs Private Limited (Singapore)
• Sikur (US)
• AVADO (Switzerland)
• SIRIN LABS (Switzerland)

INDUSTRIAL DEVELOPMENT

HTC Corporation, 2023: Recently, in the year 2023, HTC released a brand-new blockchain smartphone model which boasted innovative elements such as improved security features and intuitive user interfaces that simultaneously protect the users’ data with high end encryptions. It is anticipated that this innovation will propel consumer adoption of blockchain smartphones and supplement the overall market growth.

REPORT COVERAGE

The global market for blockchain devices is thoroughly examined in this report, which covers a range of topics including the market size, sales, revenue, growth, and industry trends of the industry from the year 2019 to 2030. It highlights in detail the present state and anticipated developments of the market. It also provides insights into market segmentation by the various product types available and the downstream industries that are supplemented by the product, which are increasing with the advent of increased adoption across various industries.

The impact of COVID-19 and other significant market factors are also covered in the report. It contains a thorough examination of the competitive environment, highlighting major key players and their contributions in terms of research and development, and introduction of newer models which contributes to the expansion of the market. The main goal of the study is to give stakeholders insightful information that will enable them to plan for future expansion in the global blockchain market and make wise decisions in terms of market investments.