The increasing popularity of blockchain solutions is a key factor responsible for the burgeoning demand for blockchain devices across the world. “Blockchain technology and solutions are being increasingly incorporated by companies from multiple domains for enhancing security and strengthening their business processes and operations”. A blockchain is basically a decentralized digital public ledger that is used for recording transactions across multiple computers so that the information and data present in the record cannot be modified or removed without altering all the subsequent blocks and the overall network.
One of the major sectors wherein the blockchain solutions are bring rapidly adopted is the banking, financial services, and insurance (BFSI) sector. “According to many surveys, over 25% of all the organizations operating in the BFSI sector all over the world are currently using blockchain solutions and devices”. This is mainly because of the fact that the blockchain solutions mitigate the incidence of financial frauds and transaction errors and also significantly enhance the security and safety of the data, information, and money exchange processes.
The increasing adoption of cryptocurrencies for digital transactions is another important factor fuelling the demand for blockchain devices. These currencies are basically digital currencies that are not regulated by any central authority. They become popular after the invention of Bitcoin. The absence of regulatory bodies increases the speed of transactions as well as eliminates the transfer fees charged by the banks. As a result, many corporate users in the BFSI sector and government offices are using cryptocurrencies for transactions.
Due to the aforementioned reasons, the global blockchain devices market will increase, in valuation, from $300.0 million to $23,500.0 million from 2019 to 2030. According to the calculations of the market research firm, P&S Intelligence, the market will grow at a CAGR of 48.7% from 2020 to 2030. Blockchain devices are adopted in both corporate and personal applications, of which, the corporate applications are predicted to exhibit higher usage of these devices in the upcoming years, because of the large-scale uitlization of various blockchain devices such as blockchain smartphones, blockchain gateways, and crypto hardware wallets in corporate applications.
Globally, “the blockchain devices market is predicted to demonstrate the highest growth in North America over the next several years”. This is attributed to the presence of favorable government laws and policies pertaining to the adoption of blockchain and other advanced technologies and the existence of numerous blockchain devices producing companies in the various North American nations. Additionally, the increasing public awareness about cryptocurrencies and blockchain technology is further boosting the growth of the market in the region.
Thus, it can be said without any hesitation that the demand for blockchain devices will skyrocket all over the world in the next few years, predominantly because of the increasing adoption of cryptocurrencies for transactions and the growing utilization of blockchain solutions in the BFSI sector.
