USD 621.83 Million
Blockchain Devices Market Size, Share, Growth Analysis, By Types of Blockchain(Public Blockchain, Private Blockchain, Hybrid Blockchain), By Type(Hardware Wallets (Crypto Hardware Wallets, Car Wallets, Smart Cards), Blockchain Smartphones), By Connectivity(Wired, Wireless), By End User(BFSI, Government, Retail & E-commerce, Travel & Hospitality), By Application(Personal, Corporate (Enterprise Size [Large enterprises, Small and medium-sized enterprises])), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2323 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
122
|Figures:
76
Blockchain Devices Market Insights
Blockchain Devices Market size was valued at USD 621.83 Million in 2022 and is poised to grow from USD 890.15 Million in 2023 to USD 15696.22 Million by 2031, growing at a CAGR of 43.15% in the forecast period (2024-2031).
Increasing demand for banking and financial services, insurance services and rise in digital economy, especially in developing countries, are emerging as major drivers for market growth. Wi-Fi, Bluetooth, smartphones, the rise of the internet, the growing variety of cryptocurrencies, and the increasing recognition of the benefits of blockchain technology in finance will further increase market value. Increasing cost to develop R&D skills, increasing awareness of benefits such as greater transparency and security in blockchain technology and continuous improvement in blockchain technology will further drive the growth trajectory of the market.
However, the high costs associated with R&D expertise will act as a catalyst for market growth. Also, strict regulatory framework in emerging economies, uncertainty regarding blockchain technology will continue to slow down the pace of market growth. Large scale technologies and industry restrictions, security, privacy, and regulatory challenges associated with blockchain technology and blockchain adoption.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wired
Fastest Growth
Wireless
Growth Rate
43.15% CAGR
Global Blockchain Devices Market ($ Mn)
Country Share for North America Region (%)
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Blockchain Devices Market Segmental Analysis
The Blockchain Devices market is segmented by Types of Blockchain, Type, Connectivity, Application, End User. Based on types of blockchain the market is segmented into public blockchain, private blockchain, hybrid blockchain. Based on type, the blockchain devices market is segmented into Hardware Wallets (Crypto Hardware Wallets, Car Wallets, Smart Cards), Blockchain Smartphones, PoS Devices, Crypto ATMs (One-way Crypto ATMs, Two-way Crypto ATMs), Blockchain IoT Gateways, Other Blockchain Devices. Based on connectivity, the blockchain devices market is segmented into wired and wireless. By Application the market is segmented into Personal, Corporate (Enterprise Size [large enterprises, small and medium-sized enterprises]). By End User the market is segmented into Consumer, BFSI, Government, Retail & E-commerce, Travel & Hospitality, Automotive, Transportation & Logistics, IT & Telecommunication, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blockchain Devices Market Analysis by Connectivity
The wired blockchain devices are expected to dominate the market within the market for the forecast time. As of now, in the existence of early experiments, the first blockchain devices are primarily connected to the internet via cables. A key driver of this segment is the increasing number of ATMs linked to cryptocurrencies. Smart wallets as well as wired blockchain computers as well as hardware wallets enable secure digital transactions through personal computer interfaces. Even though future development in the blockchain improves the wireless device to get connected, wired connection is also popular and always in demand because it has a better connection and no interruption. The high demand in wired blockchain devices is also expected to be supported by the increasing implementation of crypto ATMs around the world.
Wireless connectivity for blockchain devices is showing promising growth trends from several factors. Firstly, the liberty and versatility of wireless connections provided are the best, making it possible for users to transact and access blockchain networks without the hindrance of static wired connections. This ease of use is particularly appealing for everyone – simple end users, who do not want to spend time figuring things out, as well as businesses, which aim at increasing efficiency of their operations. Secondly, wireless networking technology has advanced greatly in terms of security and stability, and concerns that plagued wireless networking earlier such as instability and insecurity are largely gone. The latest wireless protocols are secure enough to enable safe blockchain transactions; furthermore, they offer better data throughput rates.
Blockchain Devices Market Analysis by Application
The corporate segment is currently the leading in the number of devices sold in the blockchain market. Finance, supply chains, healthcare, and energy industries are adopting blockchain technology to increase security and transaction transparency among other benefits for their corporations. Blockchain solutions offer benefits to corporations in securing their data, optimizing processes, and meeting compliance requirements, and corporations are responding by funding these solutions. Secondly, the extent of the utilization of block chain solutions in corporate fields is much broader and involves more intricate processes than personal ones. The main issue with most corporate blockchain solutions lies in the number of connected devices, which require highly developed hardware and connectivity systems.
On the other hand, the personal segment, while growing, tends to adopt blockchain technology at a slower pace. Personal use of blockchain devices primarily revolves around cryptocurrency transactions and personal data security. While this segment is significant, it does not match the scale and investment seen in the corporate sector.
Global Blockchain Devices Market By Connectivity (%)
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Blockchain Devices Market Regional Insights
North America will dominate the blockchain devices market in 2022, accounting for more than 37.0% of global revenue. The region has a strong ecosystem of tech startups, established companies and leading research institutions, creating ground for blockchain development. Silicon Valley has become a hotspot for blockchain startups and venture capital investments. Additionally, there are a variety of industries in North America, from finance and healthcare to supply chain management and energy, and they all see the transformative potential of blockchain technology.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The governments of countries like China, Japan and India have been promoting the use of blockchain technology in recent days. The use of blockchain is encouraged because of its greater transparency and increased performance for many businesses. The South Korean government announced a US$880 million investment in blockchain development projects.
Global Blockchain Devices Market By Geography
- Largest
- Fastest
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Blockchain Devices Market Dynamics
Blockchain Devices Market Drivers
Increasing Adoption of Blockchain Technology
- The increasing adoption of blockchain technology in various industries acts as a major driver of the blockchain devices market. Blockchain provides a dedicated and secure way to record transactions, making applications that require reliability and transparency. The demand for compatible blockchain-enabled devices such as smartphones is emerging. Furthermore, the integration of blockchain technology in growing industries such as healthcare, logistics and government services are further increasing the demand for specialized devices.
Rapid Growth in Digital Asset Ownership
- The rapid growth in digital asset ownership including cryptocurrencies, tokens and digital securities is driving demand for blockchain tools across the globe. While private and institutional investors demand to develop their portfolios and develop digital asset awareness. The need for secure storage and management solutions is paramount for digital assets. In addition to protecting against unauthorized access and potential cyber threats, the proliferation of blockchain-based applications and decentralized finance (DeFi) platforms provide opportunities for users to connect their devices to blockchain networks connections directly.
Blockchain Devices Market Restraints
Security Concerns and Regulatory Uncertainty
- Despite the promise of security and transparency of blockchain technology, security concerns and regulatory uncertainties remain a major restraint for the blockchain devices market. Additionally, the lack of standardized regulations governing the use of blockchain technology and digital assets poses challenges for developers and operators of blockchain devices, leading to compliance risks and legal uncertainty emergencies. Gaining trust is also important, especially with institutional investors and companies looking to adopt blockchain technology for mission-critical applications.
Limitations of Connectivity and Scalability
- Limitations of connectivity and scalability pose challenges for widespread adoption of blockchain tools and applications. Blockchain networks typically use proprietary protocols and agreed-upon methods, preventing seamless communication and data exchange between disparate systems. Moreover, scalability issues of transaction throughput, confirmation time, and network jam can affect user experience and performance of blockchain devices. Especially among blockchain developers, standardization bodies, and industry stakeholders to overcome interoperability and scalability challenges during periods of high demand or network congestion.
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Blockchain Devices Market Competitive Landscape
A company that develops blockchain-enabled hardware wallets, ensures proper storage of digital assets, and a leading cloud computing provider like Amazon Web Services (AWS). This partnership includes scalability, reliability, of blockchain hardware manufacturer. It will also be able to implement security features and integrate its devices with AWS’s cloud infrastructure. Through this strategic partnership, users of blockchain hardware wallets will have access to advanced features such as easy data synchronization, encrypted backup, enhanced security protocols with AWS' robust cloud services. In addition, AWS can provide customized solutions to manage and analyze blockchain data and to optimize implementation strategies.
Blockchain Devices Market Top Player’s Company Profiles
- Ledger SAS (France)
- Trezor(Czech Republic)
- CoolBitX (Taiwan)
- SatoshiLabs (Czech Republic)
- SIRIN LABS (Switzerland)
- NTrust (Singapore)
- Samsung Electronics(South Korea)
- DigiteSec (Switzerland)
- IoTeX(USA)
- Helium(USA)
- Hyperledger(USA)
- ConsenSys(USA)
- HTC Corporation (Taiwan)
- Pundi X Labs Pte. Ltd. (Singapore)
- Genesis Coin Inc.
- Infineon Technologies (Germany)
- AVADO (Switzerland)
- Tangem (Switzerland)
- ShapeShift (UK)
Blockchain Devices Market Recent Developments
-
In December 2023, RYVYL, a blockchain ledger-based payment platform, partnered with distributed ledger technology company R3. Through this collaboration, ‘RYVYL Block’, a blockchain-as-a-service platform, has been launched. The platform aims to facilitate the adoption of blockchain technology for businesses with high-volume manufacturing facilities.
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In October 2023, global financial services leader DTCC announced the acquisition of digital asset management platform operator, Securrency Inc. announced the acquisition, with this acquisition, DTCC manufactures Securrency Inc products, compliant and blockchain-based innovations, and explores new transactions within the sector.
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In September 2023, LayerZero, a cross-chain messaging protocol, partnered with Google Cloud to upgrade its infrastructure. This collaboration identifies Google Cloud as LayerZero’s primary oracle provider, ensuring that all transactions delivered by LayerZero’s dapps to blockchains will be hosted through Google Cloud.
Blockchain Devices Key Market Trends
-
Increasing Adoption of Blockchain-as-a-service: The pandemic has created many opportunities for cloud-based businesses creating new ways for businesses to work from home. The demand for cloud-based solutions has increased for the development of virtual business processes. As a result, there is a growing demand for advanced software across industries to ensure job security. According to the World Economic Forum, BaaS bridges the global trade finance gap, enabling SMEs to leverage the technology to manage their global supply chains. Block chain as a Service (BaaS) is an ideal solution for issues facing small and medium enterprises (SMEs). SMEs using cloud-based solutions are using blockchain-based services to connect digital companies and validate human identities, increasing the demand for BaaS products.
Blockchain Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The blockchain devices market is undergoing tremendous change, driven by the relentless expansion of blockchain technology in various industries across the globe. This trend of growth is underpinned by a confluence of factors, including increased awareness of blockchain’s potential to transform traditional processes, increasing digitization of finance, and growing acceptance of the need to process data management systems with security and transparency. Leading this market trend is cryptocurrency wallets, which are emerging as tools for individuals and businesses wanting to protect their digital assets. Hardware wallets see increased demand, driven by cybersecurity concerns and the desire for online anti-hacking encryption solutions. Wallets continue to expand, serving more and more users who are looking for convenience and convenience in managing their cryptocurrencies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 621.83 Million |
| Market size value in 2031 | USD 15696.22 Million |
| Growth Rate | 43.15% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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