LONDON, Dec. 1, 2022 /PRNewswire/ — Blockchain smartphones is key trend in the blockchain devices market. Blockchain smartphones are mobile phone devices which use blockchain technology to provide crypto storage and support for decentralized applications, in addition to the functionality of a typical smartphone. Blockchain smartphones also allow users to host a blockchain node and mine cryptocurrencies. Some of the popular blockchain smartphones in the market include HTC Exodus 1, the FINNEY phone and Electroneum M1. The blockchain smartphones market consists of sales of blockchain smartphones by entities that manufacture blockchain smartphones.
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The global blockchain devices market size is expected to grow from $0.47 billion in 2021 to $0.67 billion in 2022 at a compound annual growth rate (CAGR) of 42.94%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The blockchain devices market value is expected to grow to $2.84 billion in 2026 at a CAGR of 43.66%.
Blockchain Devices Market Driver – Rising Adoption Of Blockchain Technology In Banking Sector
Blockchain technology is being increasingly implemented in the banking sector, driving the growth of the blockchain devices market. The use of blockchain enables more open, inclusive and secure business networks, shared operating models, more efficient processes, reduced costs and new products and services in banking and finance. It also enables digital securities to be issued within shorter periods of time, at lower unit costs, with greater levels of customization. According to Deloitte’s fourth annual ‘Global Blockchain Survey’, about 96% of Financial Services pioneers believed that blockchain is a broadly scalable solution, which has already achieved mainstream adoption.
Blockchain Devices Market Restraint – Data Localization Challenges
Governments across the world are implementing policies to improve data protection and safeguard the privacy of citizens. For example, the Data Protection Act of 2021 was proposed by the US government to protect individuals’ data, safeguard their privacy and ensure that data practices are fair and transparent. The implementation of these policies is expected to restrain the blockchain devices market by increasing the number of locations that providers must use for storing data, driving up costs and prices, and therefore, limiting the growth of the blockchain devices market.
Blockchain Devices Market Segments
The global blockchain devices market is segmented –
1) By Type: Blockchain Smartphones, Crypto Hardware Wallets, Crypto Automated Teller Machines (ATMs), Point Of Sales (POS) Terminals
2) By Connectivity: Wired, Wireless), By Application (Personal, Corporate
3) By End User: Consumer, BFSI, Government, Retail & E-Commerce, Travel & Hospitality, Automotive, Transportation & Logistics, IT & Telecommunication, Others (Energy & Utilities, Education, Agriculture, Healthcare, Manufacturing)
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