Blockchain Devices Market Set to Soar to $23.5 Billion by 2030
Cryptocurrency Markets Witnessing Swift and Significant Growth
The blockchain devices market is on an upward trajectory, with a projected value of $23.5 billion by 2030. This growth is expected to occur at a compound annual growth rate (CAGR) of 48.7% during the forecast period of 2020-2030.
The surge in demand for blockchain devices can be attributed to their use in exchanging money, data, and information with the highest level of safety and security. The concept of cryptocurrency, which became popular after the launch of Bitcoin, has played a significant role in this growth. Since then, numerous companies have launched new cryptocurrencies, leading to increased adoption and demand for blockchain devices.
During the period from 2014 to 2019, the largest demand for blockchain devices was for crypto hardware wallets. This trend is expected to continue in the coming years due to the growing stock market today. In fact, the BFSI sector, which created the largest demand for blockchain devices during this period, is projected to continue doing so in the future.
The BFSI sector is increasingly making use of blockchain devices for various applications such as fundraising, loans and credits, payments, trade finance, and clearance and settlement systems. Moreover, blockchain devices are being employed to combat frauds and errors related to money management systems.
The retail sector is predicted to witness the fastest growth in demand for blockchain devices during the forecast period. This growth can be attributed to the increasing adoption of cryptocurrency as a mode of payment by retailers.
The global blockchain devices market generated $0.3 billion in revenue in 2019. The fastest growth in demand for blockchain devices is expected to be witnessed by crypto ATMs during the forecast period.
Different types of blockchain devices include point of sales terminals, blockchain smartphones, crypto ATMs, crypto hardware wallets, blockchain gateways, and pre-configured devices. These devices are designed for handling blockchain technology transactions and operate on a decentralized system or decentralized ledger.
The blockchain technology is also being utilized in other sectors such as transportation & logistics, government, travel & hospitality, IT & telecommunication, and automotive. The demand for blockchain solutions is increasing across various sectors due to the growing adoption of the blockchain technology by companies for strengthening their day-to-day operations and increasing security.
Cryptocurrency refers to digital currency not regulated by any central authority. Transactions of cryptocurrencies occur without banks, and a decentralized system checks and validates every transaction. This decentralized nature of cryptocurrency makes it an attractive option for many users who seek to secure their cryptocurrency using software-based and hardware-based wallets.
The company responsible for the worldwide largest demand for blockchain devices from 2014 to 2019, and expected to continue fulfilling the largest demand in the coming years, is typically associated with the cryptocurrency sector, especially Bitcoin mining companies and hardware manufacturers focused on blockchain technology. However, no specific single company or institution is explicitly named in the provided search results.
In conclusion, the blockchain devices market is poised for significant growth in the coming years. The increasing demand for these devices across various sectors, coupled with the expanding stock market today, suggests a bright future for the blockchain devices industry.
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