What is Major Trend Currently Witnessed in Global Blockchain Devices Market?
The increasing adoption of blockchain solutions in numerous industries for strengthening the day-to-day operations and enhancing security is one of the biggest factors propelling the demand for blockchain devices across the world. Since the last few years, there has been a huge surge in the adoption of blockchain technology in the banking, financial services, and insurance (BFSI) sector, on account of the increasing prevalence of financial frauds and transfer errors. Currently, more than 25% of the BFSI companies across the world are using this technology and this number is expected to rise considerably in future.
The burgeoning demand for cryptocurrencies is another major factor contributing toward the increasing demand for blockchain devices throughout the world. A cryptocurrency is basically a type of digital currency which is not regulated by any authority. Cryptocurrencies started becoming popular after the launch of Bitcoin in 2017 and this popularity is expected to soar massively in the coming years. Cryptocurrencies are being increasingly adopted in various government offices and BFSI institutions and this is in turn boosting the demand for blockchain devices across the globe.
Due to the above-mentioned factors, the global blockchain devices market is expected to demonstrate a CAGR of 48.7% during the forecast period (2020–2030) and its valuation is predicted to rise from $0.3 billion in 2019 to $23.5 billion by 2030. Blockchain devices are used for personal and corporate applications. Of these, the corporate applications are expected to record faster growth in the utilization of blockchain devices, such as crypto hardware wallets, blockchain smartphones, and point of sales (POS) terminals, during the forecast period.
The biggest trend presently being observed in the blockchain devices market is the incorporation of wireless communication technology. The major blockchain devices manufacturing companies all around the world are increasingly focussing on the development of wireless devices owing to the rising customer need for these devices and to enhance the overall user experience. For instance, Ledger SAS and FuzeW, two of the major blockchain device manufacturing companies in the world, recently launched the wireless hardware wallet, which uses wireless communication technologies such as near-field communication (NFC), Wi-Fi, and Bluetooth for connecting with smartphones.
Globally, North America is expected to witness the fastest growth in the utilization of blockchain devices during the forecast period. This is primarily ascribed to the fact that many new blockchain devices manufacturing companies are rapidly setting up their operations and several medium and large businesses are increasingly adopting blockchain technology in the region, owing to the presence of favorable government policies and regulations in the various countries of the region. In addition to this, the widespread awareness amongst the masses regarding blockchain technology is further pushing the demand for blockchain devices in the region.
Thus, it can be concluded that due to the rising adoption of blockchain technology solutions and the surging popularity of cryptocurrencies, the demand for blockchain devices will skyrocket across the globe in the coming years.
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https://www.psmarketresearch.com/market-analysis/blockchain-devices-marketWhat is Major Trend Currently Witnessed in Global Blockchain Devices Market?
The increasing adoption of blockchain solutions in numerous industries for strengthening the day-to-day operations and enhancing security is one of the biggest factors propelling the demand for blockchain devices across the world. Since the last few years, there has been a huge surge in the adoption of blockchain technology in the banking, financial services, and insurance (BFSI) sector, on account of the increasing prevalence of financial frauds and transfer errors. Currently, more than 25% of the BFSI companies across the world are using this technology and this number is expected to rise considerably in future.
The burgeoning demand for cryptocurrencies is another major factor contributing toward the increasing demand for blockchain devices throughout the world. A cryptocurrency is basically a type of digital currency which is not regulated by any authority. Cryptocurrencies started becoming popular after the launch of Bitcoin in 2017 and this popularity is expected to soar massively in the coming years. Cryptocurrencies are being increasingly adopted in various government offices and BFSI institutions and this is in turn boosting the demand for blockchain devices across the globe.
Due to the above-mentioned factors, the global blockchain devices market is expected to demonstrate a CAGR of 48.7% during the forecast period (2020–2030) and its valuation is predicted to rise from $0.3 billion in 2019 to $23.5 billion by 2030. Blockchain devices are used for personal and corporate applications. Of these, the corporate applications are expected to record faster growth in the utilization of blockchain devices, such as crypto hardware wallets, blockchain smartphones, and point of sales (POS) terminals, during the forecast period.
The biggest trend presently being observed in the blockchain devices market is the incorporation of wireless communication technology. The major blockchain devices manufacturing companies all around the world are increasingly focussing on the development of wireless devices owing to the rising customer need for these devices and to enhance the overall user experience. For instance, Ledger SAS and FuzeW, two of the major blockchain device manufacturing companies in the world, recently launched the wireless hardware wallet, which uses wireless communication technologies such as near-field communication (NFC), Wi-Fi, and Bluetooth for connecting with smartphones.
Globally, North America is expected to witness the fastest growth in the utilization of blockchain devices during the forecast period. This is primarily ascribed to the fact that many new blockchain devices manufacturing companies are rapidly setting up their operations and several medium and large businesses are increasingly adopting blockchain technology in the region, owing to the presence of favorable government policies and regulations in the various countries of the region. In addition to this, the widespread awareness amongst the masses regarding blockchain technology is further pushing the demand for blockchain devices in the region.
Thus, it can be concluded that due to the rising adoption of blockchain technology solutions and the surging popularity of cryptocurrencies, the demand for blockchain devices will skyrocket across the globe in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/blockchain-devices-market
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