Blockchain Device Market to Surpass $15,696.22 Million, Growing Need for Decentralization to Drive Growth

WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain device market has been valued at 621.83 million USD in 2022 and is ready to grow USD 890.15 million in 2023 to 15696.22 million USD by 2031, growing at a CAGR of 43.15% over the forecast period (2024–2031).

The growing use of Blockchain technology across the world is also expected to boost the demand for blockchain devices. The growing use of cryptocurrencies and the growing integration of Blockchain in many aspects of daily life are also estimated as key factors driving the growth of the blockchain device market in the future. The growing ownership of digital assets at the global level is also forecasted to create new opportunities for blockchain device vendors in the future. The global blockchain device market is segmented into Blockchain type, type, connectivity, application, end-user, and region.

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Blockchain Devices Market Overview:

Segments covered The Blockchain Device Market is as follows:

• Blockchain type
  • Public Blockchain, Private Blockchain, Hybrid Blockchain

• Type
  • Hardware wallets (Crypto Hardware wallets, car wallets, smart cards), Blockchain smartphones, PoS devices, Crypto ATMs (one-way) Crypto ATMs, Two-way Crypto ATMs), Blockchain IoT Gateways, Other Blockchain Devices

• End User
  • BFSI, Government, Retail & E-commerce, Travel & Hospitality, Automotive, Transport & Logistics, IT & Telecom and others

• App
  • Personal, corporate (enterprise size (large enterprises, small and medium enterprises))

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Public blockchains will remain popular due to their high transparency and accessibility

Most blockchain devices run on public blockchain networks because they are highly accessible and transparent. These types of blockchain networks are open to everyone and very affordable for blockchain device manufacturers as well. It is expected that the high demand for decentralization around the world will create favorable conditions for market players in this segment in the future.

Meanwhile, the demand for blockchain devices based on private and hybrid blockchain networks is expected to reach new heights by the end of the study period. Better scalability, faster transaction times, and enhanced security are some of the key features of these two types of blockchains that will drive their demand and popularity in the future. It is expected that enterprises and organizations will opt for devices running on private blockchain networks to improve their security, while hybrid blockchain networks will be popular among consumer-oriented applications.

Enterprise Apps to Drive Blockchain Device Sales by Decentralizing Multiple Industry Verticals

The push for decentralization has increased at the global level, and this trend has completely changed the way the corporate sector uses blockchain technology. From large enterprises to small and medium-sized enterprises, all companies are focusing on using blockchain technology to improve the security and transparency of their operations, which in turn is expected to benefit the demand prospects for blockchain devices.

Personal blockchain usage is slow, so few companies are focused on developing it. New companies can explore this segment if they want to enter the market without having to partner with leading companies. However, getting the right strategy and product will be extremely important for success in this segment.

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Wireless Blockchain Devices Will Rule the Future Thanks to Advances in Connectivity Technologies

In an increasingly wireless world, it would not make sense to create wired blockchain devices. Therefore, all blockchain device manufacturers should focus on creating wireless blockchain devices for the future. The advancement in wireless connectivity technologies and the growing push to make the world wireless will set the tone for lucrative revenue generation for market players in this segment.

The global blockchain device market is still in its early stages of development and offers many opportunities for both new and established companies. Innovation and the use of creative marketing strategies will be common strategies for all blockchain device vendors in the future. Blockchain devices based on hybrid blockchain networks will be very popular by the end of the forecast period, but currently most devices are supported on public blockchain networks.

Related report:

Blockchain Market

Blockchain as a Marketplace for Services

Blockchain in the Healthcare Market

Cryptocurrency Market

Blockchain in the manufacturing market

About us:

SkyQuest is an IP-focused Research and Investment Bank and Technology and Asset Accelerator. We provide access to technology, markets and finance across sectors including Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovators, entrepreneurs, companies and investors, leveraging external sources of research and development. We also help them optimize the economic potential of their intellectual assets. Our experience in innovation management and commercialization has broadened our reach in North America, EuropeASEAN and Asia and Pacific.

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SOURCE SkyQuest Technology