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The global blockchain device market is experiencing significant growth and is expected to grow significantly in the coming years. Blockchain devices are the hardware and components used to support blockchain technology. Blockchain technology has various applications such as decentralized cryptocurrency, trade processing, and settlement. They are used in smart home appliances such as cars, personal identification devices among others. Blockchain devices guarantee higher security cryptography, which has led to the increase in its demand globally. Blockchain devices are of various types such as blockchain smartphones, cryptographic hardware wallets, cryptographic ATMs, POS devices, among others. Furthermore, the advancement of wireless technologies such as Wi-Fi, Bluetooth, NFC and others add advantages to the technology, thus increasing the market demand for blockchain devices globally.
The global blockchain device market it is segmented into type, connectivity, application and region. By type, the market is further segmented into blockchain smartphones, crypto hardware wallets, crypto ATMs, POS devices, and others. In terms of connectivity, the market is divided into wired connectivity and wireless connectivity. Based on end use, the market is segmented into automotive, transportation and logistics, retail, IT and telecommunications, government and BFSI and others. By region, the global market is divided into North America, Europe, Asia-Pacific, and LAMEA.
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Major blockchain device market players analyzed in the research include Ledger SAS, HTC Corporation, Pundi X Labs Private Limited, Filament, GENERAL BYTES RO, RIDDLE & CODE, AVADO, Sikur, SIRIN LABS, Blockchain Luxembourg SA, SatoshiLabs, Genesis Coin Inc ., and Lamassu Industries AG and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers and acquisitions, joint ventures, agreements and others to gain a stronghold and an international presence around the world.
Main impact factors:
Factors such as the growing need for faster and seamless monetary transactions, the increased demand for blockchain technology in supplychain management, and the growing demand for cryptocurrency act as the main drivers for the blockchain device market. However, uncertain regulations and compliance regarding data exchange and transfer, a lack of awareness regarding blockchain technology, and the refusal of government bodies to legalize trading through cryptocurrencies are hindering the growth of the market to some extent. Furthermore, the acceptance of cryptocurrency in different vertical sectors, the increasing adoption of blockchain technology for payments, smart contracts and digital identity, and the increase of government regulations and initiatives related to blockchain technology and devices are expected. offer profitable opportunities to the global market. The global blockchain devices market trends are as follows:
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Strategies used by market operators to increase demand in the sector
New products containing improved features have been launched by the major players in the market. They have taken the necessary steps to improve the technology. For example, HTC launched its blockchain smartphone in October 2019. The smartphone runs a full bitcoin node, allowing it to propagate the respective transactions.
The adoption of wireless communication technology is one of the most important trends in the blockchain device market. To increase convenience for users, blockchain device vendors Ledger SAS and FuzeW have launched a wireless hardware wallet. These wallets use wireless communication technologies, such as Bluetooth, Wi-Fi, and Near Field Communication (NFC), to connect with smartphones. Additionally, the market is seeing the adoption of blockchain smartphones, which are expected to boost the growth of wireless technology.
The smartphone works over a wireless network such as Wi-Fi and has a built-in hardware wallet to help users securely store cryptocurrencies. Therefore, the launch of advanced blockchain devices that offer better functionality has increased the market demand.
Increasing adoption of blockchain technology
The adoption of blockchain technology by various sectors and companies in order to strengthen their operations and improvise their monetary transactions and security has driven the market globally. These devices provide security and protection in various applications such as data exchange, transaction monitoring, and the transfer of vital information. The BFSI sector is quite prone to fraud and monetary errors, which is why the sector dominated the market share of blockchain devices over the period.
For example, more than half of US banks have explored blockchain technology in the field of payments to facilitate cross-border payments. The adoption of Blockchain technology in BFSI improves the performance and productivity of financial organizations and has contributed to the growth of the sector.
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Main benefits of the report:
- This study presents the analytical representation of the global blockchain device industry along with current trends and future estimates to determine upcoming investment pockets.
- The report presents information related to key factors, restrictions and opportunities along with a detailed analysis of the global blockchain devices market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario of the global blockchain devices market.
- Porter’s five forces analysis illustrates the power of buyers and suppliers in the market.
- The report provides a detailed analysis of the global blockchain devices market based on competitive intensity and how the competition will take shape in the coming years.
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