The “Global Blockchain Devices Market with COVID-19 Impact Analysis, by Type, Connectivity, Application, End User, and Region Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The blockchain devices market is expected to grow from USD 482 million in 2021 and is projected to reach USD 2,459 million by 2026; it is expected to grow at a CAGR of 38.5% during the forecast period.
Growing visibility of benefits of blockchain technology in financial sector is expected to drive the blockchain devices market and to promote new revenue opportunities for blockchain devices manufacturers. Blockchain technology offers secure and tamper-proof ledgers, thereby infusing greater accuracy and secure information sharing into the financial services ecosystem.
Furthermore, rapid development of blockchain technology in retail & supply chain management applications is also expected to raise the demand for blockchain devices systems. The incorporation of blockchain technology into a supply chain management system prevents data manipulation, which is expected to be a major driving factor in the growth of the blockchain devices market.
However, lack of awareness, comprehension, and user experience about blockchain technology are major hindrance for blockchain devices market.
Market for corporate application to grow at higher CAGR during the forecast period
The corporate application is expected to dominate the blockchain devices market throughout the forecast period. It is also expected to grow at a higher CAGR during the forecast period. This growth is due to the transition of businesses toward the integration of blockchain technology, machine learning, artificial intelligence, and IoT across the supply chain.
The integration of these technologies with blockchain’s distributed ledger technology (DLT) into a supply chain management system prevents data manipulation. Blockchain offers high-speed transactions, parts traceability, and improved security and privacy due to decentralized structures, which are further expected to fuel the use of blockchain devices in corporate applications. With parts traceability, blockchain can help corporations reduce losses due to counterfeit parts and recall costs due to faulty parts.
Travel & hospitality end use segment for blockchain devices is expected to grow at the highest rate during the forecast period
The travel & hospitality segment is expected to grow at the highest CAGR throughout the forecast period. The use of cryptos for digital and contactless payments is critical in increasing travelers’ convenience in the tourism industry. The use of cryptocurrency eliminates the need to carry currency bills. Blockchain technology can help cut the middlemen and eliminate third-party commissions for hotel services, encouraging direct provider-to-consumer interaction and lowering costs.
Tagging luggage with blockchain devices such as tags, loggers, and chips can reduce luggage misplacement while traveling. Similarly, implementing blockchain technology to secure and reconcile traveler data can result in a safer and more convenient journey. The conversion of a physical ticket into a digital token adds a new layer of security. Using a smart contract as part of the ticket token can assist airlines in controlling the sale and use of tickets to provide customers with verified experiences.
Key Topics Covered:
- Hardware Wallets to Hold Largest Share of Blockchain Devices Market During Forecast Period
- Wired Segment of Blockchain Devices Market is Projected to Grow at Higher Rate Than Wireless Segment During Forecast Period
- Corporate Application to Hold Larger Share of Blockchain Devices Market During Forecast Period
- Blockchain Devices Market for Travel & Hospitality to Grow at Highest Rate During Forecast Period
- North America Was Largest Market for Blockchain Devices in 2020
- Increasing Significance of Blockchain Technology in Financial Institutions Has Fueled Market Growth
- One-Way Crypto ATMs Estimated to Hold a Larger Share of Crypto ATM for Blockchain Devices Market in 2021
- Corporate Application and Us are Estimated to Account for Largest Share of North American Blockchain Devices Market in 2021
- Travel & Hospitality End-user Segment to Grow at Highest CAGR During Forecast Period
- Blockchain Devices Market in Us Hold Largest Share During Forecast Period
- Decentralized Structure and Various Other Attributes Associated with Blockchain Technology
- Rapid Penetration of Blockchain Technology in Retail & Supply Chain Management Applications
- Growing Visibility of Benefits of Blockchain Technology in the Financial Sector
- Growth in Cryptocurrency Market Capitalization and Initial Coin Offering
- Regulatory Uncertainty Associated with Blockchain Implementation
- Lack of Awareness, Comprehension, and User Experience About Blockchain Technology
- Increasing Acceptance of Cryptocurrencies as Mode of Payment Across Various Industries
- Anticipated Adoption of Blockchain Technology in Automotive Industry for Maintaining Records and Securing Payments
- Integration of Blockchain Technology with the Internet of Things (IoT), Artificial Intelligence (AI), and Cloud
- Security-, Privacy-, and Control-Related Challenges Associated with Blockchain Technology