The blockchain devices market is expected to grow by 42.5% at a compound annual growth rate (CAGR) by 2024, according to a recent research by intelligence and market research platform MarketsandMarkets.
On Sept. 12, MarketsandMarkets released a report dubbed “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 company suggested that the blockchain devices market will see a 42.5% CAGR in coming years, to reach $1,285 million in 2024. In comparison, the volume of the market in 2019 has reportedly amounted to $218 million to date.
Major factors and major contributors
Among the main factors influencing the market’s growth, MarketsandMarkets named increasing adoption of blockchain technology in sectors such as retail and supply chain management, venture capital funding development and growing market capitalization for cryptocurrency and initial coin offering.
The absence of clear regulations and compliances and lack of awareness will constrain the blockchain devices market from its further growth, according to the report.
Blockchain-based devices using wireless connectivity for data transfer — e.g. blockchain smartphones, crypto hardware wallets and point-of-sale devices — will purportedly register the highest growth during the forecast period. However, they will be accompanied by blockchain gateways and pre-configured devices adopted in banking, government, automotive, telecommunication and other industries.
North America’s dominance
In terms of geography, North America will lead the world in the blockchain devices market development, the report says:
“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.”
Source: MarketsandMarkets report
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