Published: January 2020 | Report Code: 11817 | Available Format: PDF | Pages: 125
The global blockchain devices market valued $0.3 billion in 2019, and is expected to register a CAGR of 48.7% during the forecast period (2020–2030), reaching $23.5 billion by 2030. Growing market for cryptocurrencies and increasing demand for blockchain solutions are some of the primary drivers of the market.
Among all regions, North America was the largest market for blockchain devices in 2019, due to an increase in the deployment of emerging technologies, such as the artificial intelligence (AI), augmented reality, and virtual reality (AR/VR), and blockchain. The blockchain technology market in the North America is expected to reach a value of more than $58 billion by the end of 2025. This can be primarily attributed to the growing demand for blockchain solutions from the U.S., where large and medium businesses are investing in adopting blockchain technology.
Adoption of wireless communication technology is one of the most prominent trends in the blockchain devices market. To increase the convenience for the users, blockchain devices providers Ledger SAS and FuzeW launched wireless hardware wallet. These wallets use wireless communication technologies, such as Bluetooth, Wi-Fi, and near-field communication (NFC), to connect with the smartphones. Further, the market is witnessing an adoption of blockchain smartphones, which is expected to boost the growth of wireless technology.
Growing demand for blockchain solutions is one of the major drivers for the blockchain devices market. Enterprises from all industries are adopting blockchain technology to strengthen their day-to-day operations and to increase security. The banking, financial services, and insurance (BFSI) sector is one of the major adopters of the blockchain technology solutions. More than 25% of the total BFSI institutions around the world are using blockchain technology, with North America leading the market. Due to high number of financial frauds, the BFSI sector is adopting the use of blockchain solutions to curb frauds and transfer errors. Blockchain provides high security and safety for exchanging data, money, and information.
Based on type, the crypto hardware wallets category contributed largest share to the blockchain devices market in 2019, which is ascribed to the growing market for cryptocurrency. With growing number of transactions and cryptocurrency users, the need for securing the cryptocurrency is essential. To keep the cryptocurrency safe, the users can use two types of wallets, that is, software based and hardware based. Of the two, the hardware based are more secured as these can be taken offline and are not susceptible to hacking and system errors.
Based on connectivity, the wired category contributed a dominating market share in 2019, due to the earlier adoption of blockchain devices with wired connectivity. It is expected to dominate in the forecast period as well. This can be owing to the fact that earlier versions of blockchain devices, such as Bitcoin ATMs, crypto ATMs, and blockchain hardware wallets, are available with wires for connecting to the internet and a computer, respectively. Also, majority of the blockchain gateways use wires for their connectivity.
In terms of application, the corporate category is expected to grow fastest during the forecast period. Devices, including crypto hardware wallets, point of sales (POS) terminals, crypto ATMs, blockchain smartphones, and blockchain gateways, are majorly used for corporate purposes. The POS terminals are primarily used in the retail sector for accepting payments, and crypto ATMs are usually purchased by the corporate users. Blockchain gateways are used for personal as well as corporate applications; however, corporate has the higher penetration for blockchain gateways.
Based on industry, the retail category is expected to register the highest CAGR during the forecast period. Globally, retailers are increasingly adopting the blockchain technology for increasing transparency and consumer confidence, providing guarantee of authentic products, reducing the number of counterfeit products, speeding deliveries, easing logistics, and accepting crypto payments. For instance, currently, in Europe, over 130 coffee shops and more than 80,000 merchants are accepting crypto payments. This is further expected to increase in the near future as more stores would start to install blockchain POS terminals to accept crypto payments.
North America dominated the global blockchain devices market during the historical period. This is owing to the strict government policies regulating the BFSI sector for higher transparency and security. The U.S. held the dominating revenue share in the North American blockchain devices market, owing to the growing spending toward blockchain technology. For example, in 2018, the spending increased by 110%, reaching $1.6 billion, which is further expected to reach $41 billion by 2025.
The blockchain devices market is fragmented in nature, with a large number of companies holding less than 30% of revenue share in 2019, and is characterized by the presence of major players, such as Ledger SAS, SatoshiLabs s.r.o., Sirin Labs AG, Pundi X Labs Private Limited, HTC Corporation, Samsung Electronics Co. Ltd., Lamassu Industries AG, Blockchain Luxembourg S.A., RIDDLE&CODE GmbH, and GENERAL BYTES s.r.o.
Major players in the global blockchain devices market are focusing on product launches to increase their consumer base. For instance, in September 2019, Samsung Electronics Co. Ltd. launched KlatynPhone, a blockchain smartphone version of its product series Note10 5G and Note10+ 5G for the South Korean market. The smartphone is offered with 2,000 Klay tokens, a cryptocurrency backed by internet company Kakao.
Additionally, in July 2019, RIDDLE&CODE GmbH launched hardware-based blockchain car wallets. These wallets enable users to pay for fuel, parking, and maintenance altogether for a complete journey. Also, to add on to the security, the car wallet would have a function to identify its user using wireless communication technology.
The blockchain devices market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Connectivity
Based on Application
Based on End User
Key Questions Answered in the Report
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