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

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). 

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. '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)'

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.  

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.

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.