Smartphones, POS hardware and crypto wallets are a rapidly growing segment of the blockchain industry.
According to a new market research report published by MarketsandMarket, the blockchain devices market is projected to grow from $218 million in 2019 to $1.285 billion by 2024.
The global forecast, covering 2019 to 2024, looks at several segments including blockchain smartphones, crypto hardware wallets, crypto ATMs, point-of-sale and other devices, personal and corporate applications, and wired and wireless connectivity.
The report covers North America, Europe, Asia-Pacific, and the rest of the world, highlighting leading companies.
Key Market Players
The researchers note,
“The pre-configured devices equipped with an operating system allow access to the blockchain network from a normal network. They are used to provide Web3 access and personal home servers to blockchain networks.
These devices majorly adopted in industries such as banking, financial service, and insurance (BFSI), government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc.”
According to the report, North America is leading the way and is expected to maintain the largest market size in the next five years.
Despite the long list of hiccups and challenges that remain between blockchain entrepreneurs and US policymakers – from an ongoing lack of clear guidance from federal regulators, to statements by President Donald Trump and Treasury Secretary Steven Mnuchin condemning cryptocurrencies, to multiple delays on Bitcoin ETF decisions along with delayed regulatory approval for upcoming Bitcoin futures trading platform Bakkt, which is finally expected to launch on Monday – the US accounts for the largest share of the North American blockchain devices market in 2018.
The US is also home to the most Bitcoin and crypto ATMs with 3,507 machines across the country out of the roughly 5,594 installed around the world, according to CoinATMRadar.
The researchers note,
“North America dominates the global blockchain devices market as the region is an early adopter of blockchain devices.
North America is an early adopter of innovative technologies as banks, government agencies, and financial institutes in this region face ever-increasing challenges related to security and transparency of the data and the transactions.”
You can check out the full report, “Blockchain Devices Market by Type (Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, & Others), Connectivity (Wired & Wireless), Application (Personal & Corporate), and Geography – Global Forecast to 2024”, here.
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