Global Blockchain Devices Market - 2023-2030

Overview

Global Blockchain Devices Market reached US$ 0.5 billion in 2022 and is expected to reach US$ 2.7 billion by 2030, growing with a CAGR of 35.6% during the forecast period 2023-2030.

Blockchain has decentralized and encrypted techniques that enhance the nature of security and privacy which makes them attractive solutions for the industry which deals with sensitive information including healthcare, finance and supply chain management. In blockchain devices once the data is submitted it cannot be deleted or altered, this feature is valuable in industries where an accurate and tamper-proof record is necessary.

Blockchain devices can enable end-to-end traceability of products by recording every step of the supply chain process and this transparency is vital for industries like agriculture, pharmaceuticals and luxury goods to prevent counterfeiting and ensure authenticity. Blockchain devices can execute and enforce smart contracts automatically based on predefined conditions, this reduces the need for intermediaries, speeds up processes and ensures accuracy in contract execution.

Asia-Pacific is among the growing regions in the global blockchain devices market with about 1/4th of the market and the region actively investing in digital transformation for enhancing its technology infrastructure. In 2023, Wipro Lab45, the innovation arm of Wipro Limited, a leading technology services and consulting company, introduced its Decentralized Identity and Credential Exchange ID and this new solution aims to revolutionize digital identification and credential verification processes by offering speed, simplicity and enhanced security.

Dynamics

Growing Benefits of Blockchain Technology in Finance Industry

The finance industry deals with private, sensitive and confidential information. Blockchain devices offer heightened security through cryptographic encryption, decentralization and immutability, reducing the risk of data breaches, fraud and unauthorized access. Blockchain devices can help automate regulatory compliance processes, ensuring that financial transactions adhere to relevant regulations and standards.

For instance, on 16 August 2023, BitPay, a U.S.-based Bitcoin payments company, introduced "Bill Pay," a solution that enables users to pay bills directly from their cryptocurrency wallets and this innovative offering allows users to make payments to over 5,000 service providers using cryptocurrencies. From credit cards and mortgages to car payments and personal loans, BitPay users can settle their balances using this service

Rising Collaboration between Companies

Collaborations enable companies to leverage the specialized knowledge and expertise of different partners accelerating the development and integration of cutting-edge technologies into blockchain devices. Collaboration with other entities fosters a culture of innovation by combining different perspectives and ideas leading to quicker development and deployment of innovative blockchain solutions.

The prominent provider of digital asset management solutions Ledger joined forces with PayPal to offer a secure and user-friendly method for individuals new to digital currencies to explore and invest in them. Through this partnership, users can now purchase cryptocurrencies directly within the Ledger Live companion app using their PayPal accounts. Ledger users in U.S. have the ability to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin using their linked PayPal accounts.

Advancement in Technology

IoT devices generate large amounts of data and blockchain has immutable nature that ensures the security and integrity of the data and IoT is an important application where data accuracy and trust are paramount that includes supply chain tracking. IoT devices facilitate micro-transactions that allow devices to exchange value directly without any intermediaries. IoT-generated data stored in the blockchain can be used later for advanced analytics and machine learning applications.

For instance, on 26 July 2023, FARM2FORK Technologies Pvt. Ltd., the company behind the agricultural platform CultYvate and Dhiway, a leading provider of enterprise Web 3.0 technologies, have joined forces in a partnership aimed at revolutionizing the digital landscape of the agricultural sector. By utilizing IoT sensors, the platform monitors crop parameters and offers real-time advisories to farmers through their mobile devices, empowering them to make informed decisions and optimize crop yields.

Scalability and Complex Structure

Blockchain networks, especially public ones, face scalability issues as the number of transactions increases, this results in slower transaction times and higher fees impacting the performance of blockchain devices in applications requiring high throughput. Some blockchain networks particularly those that use Proof of Work consensus mechanisms, consume significant amounts of energy and this can be a concern for IoT devices with limited power sources and a focus on energy efficiency.

Developing, deploying and managing blockchain-based devices can be complex and require specialized knowledge. Ensuring proper integration, security and interoperability can be challenging for IoT developers. Implementing blockchain technology can add to the overall cost of developing and maintaining IoT devices. The resources required for network participation, data storage and smart contract execution impact the economic feasibility of certain applications.

Segment Analysis

The global blockchain devices market is segmented based on component, connectivity, application, end-user and region.

Adoption of Smartphones Increases Demand for the Market

The blockchain smartphones segment is expected to be the major segment fueling the market growth with a share of about 1/3rd in 2022. The growing adoption of cryptocurrencies and decentralized applications has created a demand for secure and convenient ways that manage and interact with digital assets. Blockchain-enabled smartphones offer a user-friendly solution for accessing and managing crypto assets. It enables secure, encrypted communication, protecting sensitive conversations from eavesdropping and unauthorized access.

For instance, on 13 April 2023, Solana, a blockchain company, unveiled its crypto-focused smartphone called Saga on May 8th. The eagerly anticipated device is designed to cater to cryptocurrency enthusiasts and comes with the capability to interact with blockchain networks. Notably, the company has already initiated the shipping of pre-ordered Saga phones, marking a significant step towards bringing this concept to reality.

Geographical Penetration

Growing Supply Chain Transparency and Cryptocurrency in North America

North America is among the largest regions in the global blockchain devices market covering more than 1/3rd of the market and the region includes manufacturing and retail has vested its interest in supply chain transparency and blockchain devices provide real-time visibility for the movement of goods. It has compliances with regulations used mainly in the finance and healthcare industries. As device automates the compliance process and leads to ensures regulatory standards.

A payment company and U.S. fintech introduced a stablecoin called PYUSD and these coins used to dominate U.S. dollar and these ERC-20 tokens operate on the Ethereum blockchain. Each PYUSD token can be redeemable for one U.S. dollars. The issuer of the USDC stablecoin unveiled its latest innovation "Programmable Wallets" cryptocurrency wallet infrastructure. The wallet design includes the option to choose suitable security controls that align with their specific use cases. The Programmable Wallets Beta version is currently accessible to businesses, developers and creators.

Competitive Landscape

The major global players include: Ledger, SatoshiLabs, SIRIN LABS, HTC, RIDDLE&CODE, Genesis Coin, ShapeShift, Helium Systems, AVADO and Tangem.

COVID-19 Impact Analysis

Many firms had to switch to remote work and digital operations as a result of the pandemic. The use of blockchain systems and devices for secure remote collaboration, document validation and digital identity management has grown. The manufacturing and distribution of the hardware parts required for blockchain devices were impacted by the COVID-19 worldwide supply chain problems.

The capacity of blockchain to securely communicate and manage data became crucial in the healthcare industry. The pandemic made clear the importance of precise and tamper-proof data sharing, particularly for the provision of vaccines and medical information and there was more interest in contactless payments and transactions due to hygiene concerns. As a safe substitute, cryptocurrency and blockchain-based payment systems have gained popularity.

Demand for effective logistics and supply chain management surged as a result of the spike in internet buying during lockdowns. The transparency and traceability capabilities of blockchain have grown more important for verifying product validity and following their path. The pandemic brought centralized systems' flaws to light, igniting debates about the advantages of decentralized technology like blockchain for boosting security and resilience.

AI Impact

Blockchains contain enormous volumes of data, which AI can analyze to uncover insights and patterns that might help with decision-making and enhance corporate operations. Smart contracts' functionality can be improved by AI by giving them the ability to respond to data from the real world. For instance, if certain criteria are met, a smart contract powered by AI may automatically initiate particular operations.

AI can improve blockchain security by spotting and stopping illegal activity. Within the blockchain network, machine learning algorithms can find irregularities and potential dangers. Blockchain privacy-preserving measures can be created using AI techniques. This is crucial in situations when sensitive data needs to be exchanged and stored in a secure manner.

A supply chain's movement of commodities can be tracked and verified with the aid of AI-powered analytics, increasing transparency and lowering fraud. AI models can be trained cooperatively without a central repository of data via distributed AI networks, which can be created by fusing the blockchain's decentralized nature with AI technology.

For instance, on 21 February 2023, Global technology company Bosch joined forces with AI firm Fetch.ai for establishing the Fetch.ai Foundation and aims to provide $100 million in grants to fund the development of Web3, AI and IoT technologies and this collaboration effort seeks to drive the industrial adoption of innovative software, AI and Web3 solutions and has focused on real-world use cases.

Russia- Ukraine War Impact

Conflicts may give rise to worries about the security and privacy of data. Because of its security advantages, blockchain technology may attract businesses, thereby boosting the need for blockchain-based solutions. Investment in technological innovation may be impacted by geopolitical unpredictability, which could have an impact on the creation of new blockchain devices and technologies.

International development and adoption of blockchain technology may be impacted by tensions between nations, which may have an impact on global technology alliances and collaboration. The use of blockchain technology for managing and securing digital assets may increase as more people use cryptocurrencies as a store of value in areas where the economy is unstable due to armed conflict.

By Component

• Blockchain Smartphones
• Hardware Wallets
• PoS Devices
• Crypto ATMs
• Blockchain IoT Gateways
• Others

By Connectivity

• Wired
• Wireless

By Application

• Personal
• Corporate

By End-User

• Consumer
• BFSI
• Government
• Retail & E-Commerce
• Travel &Hospitality
• Automotive
• Transportation & Logistics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On 14 October 2022, Samsung introduced a new blockchain-based security solution called Samsung Knox Matrix to enhance the security of its SmartThings platform. SmartThings is designed for managing and controlling smart home devices and at the Samsung Developer Conference 2022, the company unveiled its updated vision for SmartThings, which includes deeper integration with its smart assistant, Bixby.
• On 29 November 2022, EPILLO, a Blockchain-based health and fitness company, recently unveiled its line of smart wearable products integrated with a Digital Health Ecosystem. Founded in 2020, EPILLO Health Systems focuses on empowering consumers to manage various aspects of their health, including health services, medications, physical activity, diet and lifestyle.
• On 20 September 2022, Helium, a crypto-powered wireless network, is partnering with T-Mobile to launch a 5G mobile service called Helium Mobile and this mobile virtual network operator service will leverage both T-Mobile's nationwide 5G network and Helium's user-operated 5G nodes.

Why Purchase the Report?

• To visualize the global blockchain devices market segmentation based on component, connectivity, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Blockchain Devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global blockchain devices market report would provide approximately 69 tables, 73 figures and 204 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies