Blockchain Devices Market to Grow by $1.285 Billion by 2024
Recent research by MarketsandMarkets shows a CAGR of 42.5% for blockchain devices market by 2024. The study was filtered through their 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.”
The research also showed an indication that the motivating factors for the market growth was the increased adoption of blockchain technology in sectors such as retail and supply chain management, venture capital funding development and growing market capitalization for cryptocurrencies and initial coin offerings. However, the report highlighted the absence of clear regulations and awareness of compliance will limit the market from further growth.
With regards to the device, the blockchain-based wireless connectivity for data transfer such as smartphones, crypto hardware wallets, and point-of-sale devices will denote the highest growth point in the duration of the forecast period. These will be accompanied by blockchain gateways and pre-configured devices adopted in banking, government, automotive, telecommunication as well as other industries.
Geographically, the report pointed out that North America will lead in the global market of the blockchain devices market, to quote,
“North America dominates the global market as the region is an early adopter of blockchain devices. [...] Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.”
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