USD 621.83 Million
Blockchain Devices Market Size, Share, Growth Analysis, By Type(Public, Private), By Connectivity(Wired and Wireless), By Application(Payments, Digital Identify) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2323 |
Region:
Global |
Published Date: May, 2024
Pages:
197
|
Tables:
93 |
Figures:
75
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
Public
Fastest Growth
Private
Growth Rate
43.15% CAGR
Global Blockchain Devices Market ($ Bn)
Country Share for North America Region (%)
Global Blockchain Devices Market By Type ($ Bn)
Global Blockchain Devices Market By Type (%)
To get more reports on the above market click here to Buy The Report
Blockchain Devices Market Segmental Analysis
Based on type, the blockchain devices market is segmented into public, private, blockchain smartphones, crypto hardware wallets, crypto automated teller machines, point of sale devices and others. Based on connectivity, the blockchain devices market is segmented into wired and wireless. The blockchain device market is also segmented into payments, digital identify, personal and corporate, based on application. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blockchain Devices Market Analysis by Type
By 2022, the public cloud segment will dominate the market, accounting for more than 61.0% of global revenues. Public cloud providers offer a flexible and cost-effective framework for implementing blockchain solutions. This scalability is important as blockchain networks grow and require additional resources to support an increasing number of transactions. In addition, public cloud providers have invested heavily in security and compliance measures, which are important for blockchain applications, especially in areas such as finance and healthcare, where data integrity is paramount.
The private cloud segment is expected to increase significantly over the forecast period. Private cloud services only apply to dedicated services and products provided to organizations. Private cloud enables enterprises to migrate services on cost-effective infrastructure. This has boosted the segment. Additionally, the increasing adoption of private cloud by large enterprises and SMEs is one of the key growth drivers for the segment.
Blockchain Devices Market Analysis by Application
By 2022, the payments segment will dominate the market and account for more than 44.0% of global revenues. Blockchain technology streamlines the payment process, reduces operational costs, and provides transparency. These advantages offered by blockchain technology are increasing its use in payment solutions, thereby boosting the growth of the sector. Additionally, blockchain reduces the need for intermediaries in the payment process, which is also key to the growth of the segment.
The digital identity segment is expected to grow at the highest CAGR during the forecast period. The segment is growing rapidly because of its ability to meet key challenges in the digital age. As our lives become increasingly digitized, the need for secure portable digital identities has become paramount. Blockchain technology provides a unique solution to manage and manage digital identities by providing a decentralized and tamper-proof ledger. There has been a lot of interest in this innovation, especially in areas such as finance, healthcare and government, where identification is important.
Global Blockchain Devices Market By Type (%), 2022 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Blockchain Devices Market Regional Insights
North America will dominate the global blockchain devices market by 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. In 2019, the South Korean government announced a US$ 880 million investment in blockchain development projects.
Global Blockchain Devices Market By Geography, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
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 global 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 global 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.
Request Free Customization of this report to help us to meet your business objectives.
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 AWS of the ma. 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 and it empowers. 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
- IBM Corporation
- Microsoft Corporation
- The Linux Foundation
- Blockchain Tech LTD
- Chain
- Circle Internet Financial, LLC
- Deloitte Touche Tohmatsu Limited
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHC)
- Monax Labs
- Ripple
- Ledger SAS.
- HTC Corporation
- Pundi X Labs Pte. Ltd.
- Sikur
- SIRIN LABS
- SatoshiLabs
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.
- 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.
- 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, Block chain as a Service (BaaS) bridges the global trade finance gap, enabling SMEs to leverage the technology to manage their global supply chains. 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 global 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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.
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
