Report: Blockchain Devices Market to Grow to $1.285 Billion by 2024

Report: Blockchain Devices Market to Grow to $1.285 Billion by 2024

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

Source: MarketsandMarkets report

As previously reported by Cointelegraph, mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners. The company claimed at the time that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.

The announcement followed the news that Bitmain had lost $625 million in the first two months of 2019. The results were reportedly driven by sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, Bitmain expects new profits from the sale of new, 7-nanometer mining rigs.

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