As per SNS Insider analysis, advancements in blockchain technology, such as the development of smart contracts and decentralized applications, are driving the demand for blockchain devices that can support these advancements
Pune, May 05, 2023 (GLOBE NEWSWIRE) -- The Blockchain Devices Market had a valuation of USD 0.51 billion in 2021, and it is anticipated to attain USD 4.5 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 36.5% during the forecast period of 2022-2028, as per SNS Insider.
Market Report Scope
Blockchain devices are specialized hardware tools that are designed to facilitate the secure and efficient functioning of blockchain technology. They offer a range of benefits such as enhanced security, improved scalability, and greater reliability. These devices are equipped with powerful processors, high-speed memory, and specialized software that enable them to perform complex calculations and maintain the integrity of blockchain networks.
The growth of the blockchain devices market is expected to continue during the forecast period, driven by factors such as increased investment in blockchain technology and the rising demand for secure and transparent transactions. As more industries begin to realize the potential of blockchain technology, the demand for blockchain devices will only increase, providing significant opportunities for companies in the space. The future of blockchain technology looks bright, and the growth of the market is a clear indication of the transformative impact this technology is set to have on the world.
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Impact of Recession
While the global economic recession had a negative impact on the blockchain devices market, the increasing adoption of blockchain technology and the development of innovative blockchain devices are expected to drive growth and expansion in the future. The potential benefits of using blockchain technology, such as enhanced security and transparency, are likely to attract more consumers and businesses to invest in these devices, leading to a more robust and thriving market.
Key Regional Development
North America has emerged as a leading player in the global blockchain devices market, with a significant share of the market attributed to the region's growing adoption of these devices. The region's prominence in the market can be attributed to the high concentration of companies that offer security chips and solutions, which help businesses enhance their security. Given the promising outlook for blockchain devices in North America, the region is expected to experience significant growth in the next four to five years. The region's reputation for producing innovative security solutions has made it a hub for companies seeking to develop cutting-edge blockchain devices.
Key Takeaway from Blockchain Devices Market Study
The consumer segment is expected to be the dominant force in the market. This signifies a shift from the traditional focus on enterprise applications towards a greater emphasis on individual adoption and usage. The rise of blockchain technology has led to the development of various hardware devices designed to support decentralized applications and facilitate secure transactions.
The crypto hardware wallets segment is expected to continue to grow and take a leading position in the market. With the increasing demand for secure and reliable storage solutions for cryptocurrency, crypto hardware wallets are likely to remain a popular choice among investors and enthusiasts alike.
Recent Developments Related to Blockchain Devices Market
- Samsung has recently unveiled a new blockchain-based security system for its smart devices. This new security system aims to enhance the security of smart devices by creating a decentralized network that is resistant to hacking and other cyber threats.
- A group of leading companies, including Bosch, Cisco, and BNY Mellon, have come together to form a new blockchain consortium. This new consortium aims to explore the potential applications of blockchain technology across various industries and sectors.
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Blockchain Devices Market Report Scope:
|Market Size in 2021||US$ 510 Million|
|Market Size by 2028||US$ 4.5 Billion|
|CAGR||CAGR of 36.5% From 2022 to 2028|
|Key Segments||• By Connectivity (Wired, Wireless)|
• By Component (Crypto Hardware Wallets, Blockchain Smartphones, Crypto ATMs, Blockchain Iot Gateways, POS Devices, Other)
• By Application (Corporate, Personal)
• By End-User (Consumer, Government, Travel & Hospitality, Transportation & Logistics, BFSI, Retail & E-Commerce, Automotive, IT & Telecommunication, Others)
|Company Profiles||Ledger, SatoshiLabs, Pundi X, Genesis Coin, HTC, ShapeShift, Coinsource, Samsung, Helium Systems, Lamassu Industries, PAYMYNT, SIRIN LABS, GENERAL BYTES, RIDDLE&CODE, Bitaccess, Infineon Technologies, AVADO, Tangem, SafePal, Modum, NXM Labs and other companies|
|Key Drivers||• Rapid adoption of blockchain technology in retail and supply chain management applications.|
• Decentralized structure and other characteristics associated with blockchain technology.
Table of Content
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Blockchain Devices Segmentation, by connectivity
9. Blockchain Devices Segmentation, by component
10. Blockchain Devices Segmentation, by application
11. Blockchain Devices Segmentation, by end-user
12. Regional Analysis
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