According to a recent study by the MarketsandMarkets analytic and research platform, by 2024, the aggregate annual growth rate of the blockchain- enabled device market will reach 42.5%.
On September 12, MarketsandMarkets published a report entitled “Market for devices with blockchain support by category (smartphones with blockchain, crypto-hardware wallets, crypto-ATMs, POS devices and others), connectivity options (wired and wireless), applications (personal and corporate) and geography. Global Forecast until 2024. "
The company suggests that in the coming years the growth in the blockchain device market will reach 42.5% and that in 2024 the market will grow to $ 1,285 million. For comparison, at the moment (September 2019), the volume of this market is $ 218 million.
MarketsandMarkets highlights the introduction of blockchain technology in such sectors as retail and logistics management, the development of venture financing, as well as the growth in the market capitalization of cryptocurrencies and initial coin offerings among the main drivers of the market.
According to the report, the lack of clear rules and regulations, as well as low awareness will hamper the further growth of the blockchain device market.
Blockchain-based devices that use wireless communication to transfer data, such as smartphones with blockchain support, hardware crypto-wallets and cash registers, will show the greatest growth during the forecast period. However, they will work closely with blockchain gateways and pre-configured devices implemented in banking, government, automobile, telecommunications and other industries.
As for geography, North America will become the leader in the blockchain device market:
“North America dominates the global market, as in this region the maximum number of users of blockchain devices, as well as their manufacturers, contributes to the growth of this market.”
Publication date 09/14/2019
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