Report: Blockchain Devices Market to Grow to $1.3 Billion by 2024

Blockchain Phone

According to a recent report, the blockchain devices market is estimated to grow at a compound annual growth rate (CAGR) of 42.5% in the next 5 years. Growth at this rate means that there would be an increase in the market value from $218 million to $1.285 billion for blockchain devices.

This sudden surge in the market can be explained by recent interest in blockchain technology by organizations, use of technology in retail and supply chain management, and a rise in capital funding. As the time progresses, cryptocurrency is also gaining more and more of the market and public trust, hence industries and ventures are starting to accept and invest in this mode of payment.

The largest market share of blockchain devices will go to crypto hardware wallets. These wallets are used by cryptocurrency users to store keys. They have anti-malware properties and are protected by PINs. Ledger, Cylance, KASSE and Blockchain Luxembourg S.A. are few of the major companies which are leading the development of these wallets for devices that use blockchain.

In the applications sector, the largest share of blockchain devices will be for corporate market. Devices and systems such as crypto hardware wallets, crypto ATMs and PoS are usually used by corporate sector. These devices are becoming common in the retail industry, BFSI (banking, financial services and insurance), e-commerce, government, travel, transportation and automotive.

Asia-Pacific Leads in Blockchain Devices Growth

As stated in the report, blockchain devices market in the Asia-Pacific region is expected to grow at the highest CAGR during 2019 to 2024. Asia-Pacific countries are expected to become the largest consumer of blockchain devices. The market consists of countries like Japan, South Korea, China, Singapore, India, Malaysia, Thailand, Australia, and New Zealand.

With its high population and technologically advanced landscape, China is the largest market among all APAC countries. China, along with countries such as Japan and South Korea, are currently experiencing a major growth in the blockchain industry.

Even though there is a gradual increase in acceptance of blockchain and cryptocurrency amongst the masses, the concept still faces some issues. The factors that are restraining the growth of the market include lack of public awareness about the technology, and unclear rules, laws and regulations for the blockchain industry.

By introducing clear rules and laws for the industry, countries can benefit from the technology at a faster pace. Issues related to security, privacy and control will not be the reason for slow growth of this technology if there are set rules, and the user feels secure.

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