NEW YORK, April 6, 2020 /PRNewswire/ --
Blockchain Devices Market Research Report: By Type (Blockchain
Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Terminals),
Connectivity (Wired, Wireless), Application (Personal, Corporate),
End User (BFSI, Government, Retail, Travel and Hospitality,
Transportation and Logistics) - Industry Trends Analysis and Growth
Forecast to 2030
Read the full report:
https://www.reportlinker.com/p05879086/?utm_source=PRN
The market for cryptocurrency is expanding rapidly as corporate
users in the banking, financial services, & insurance (BFSI)
sector and government offices are increasingly adopting
cryptocurrencies. Digital currency which is not regulated by any
central authority is referred to as a cryptocurrency. No bank is
involved in the transactions of these currencies and a
decentralized system is in place for checking and validating every
transaction. The concept of cryptocurrency became famous after the
launch of Bitcoin, following which different companies started
launching new cryptocurrencies. Since many retailers started
accepting cryptocurrency as a mode of payment, the adoption of
blockchain devices has also increased.
Blockchain devices are designed for handling the blockchain
technology transactions and work in the same way as blockchain
technology, i.e. decentralized system or decentralized ledger. The
primary application of the blockchain technology is cryptocurrency.
As per a report , in 2019, the global blockchain devices market
generated a revenue of 0.3% billion and is projected to reach
$23.5 billion by 2030, advancing at a
48.7% CAGR during the forecast period (2020–2030). Blockchain
devices are used for both personal and corporate applications;
however, the larger demand for blockchain devices is predicted to
be created for corporate applications during the forecast
period.
Different types of blockchain devices are point of sales terminals,
blockchain smartphones, crypto automated teller machines (ATMs),
and crypto hardware wallets. Some other types are blockchain
gateways and pre-configured devices. Out of these, the largest
demand during 2014–2019 was created for crypto hardware wallets,
which are going to be the most in demand in the coming years as
well, particularly because of the growing cryptocurrency market. As
the number of transactions and cryptocurrency users are increasing,
the requirement for securing cryptocurrency is rising as well. The
users can use software-based and hardware-based wallets for keeping
cryptocurrency safe. The fastest growth in demand is expected to be
witnessed by crypto ATMs during the forecast period.
Several industries which make use of blockchain devices are retail,
BFSI, transportation & logistics, government, travel &
hospitality, and some other industries including IT &
telecommunication and automotive. During 2014–2019, the BFSI sector
created the largest demand for blockchain devices and the situation
is projected to remain the same in the coming years as well. This
is because, the blockchain technology is being utilized in the BFSI
sector for different applications such as fundraising, loans and
credits, payments, trade finance, and clearance and settlement
systems. The fastest growth in demand for blockchain devices is
predicted to be created by the retail sector during the forecast
period.
The demand for blockchain solutions is increasing due to the rising
adoption of the blockchain technology by companies for
strengthening their day-to-day operations and increasing security.
This is contributing significantly to the growth of the blockchain
devices market. These devices provide the highest safety and
security when it comes to exchanging money, data, and information.
The BFSI sector is prone to frauds and errors related to money
management systems, which is why the sector is increasingly making
use of blockchain devices
Read the full report:
https://www.reportlinker.com/p05879086/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution.
Reportlinker finds and organizes the latest industry data so you
get all the market research you need - instantly, in one place.
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
View original
content:http://www.prnewswire.com/news-releases/blockchain-devices-market-301035712.html
SOURCE Reportlinker