LondonAnd the December 1, 2022 /PRNewswire/ — Blockchain smartphones are a major trend in the blockchain device market. Blockchain smartphones are mobile devices that use blockchain technology to provide cryptographic storage and support for decentralized applications, in addition to the functionality of a typical smartphone. Blockchain smartphones also allow users to host blockchain nodes and mine cryptocurrencies. Some of the popular blockchain smartphones in the market include HTC Exodus 1, Finney phone, and Electroneum M1. The blockchain smartphone market consists of sales of blockchain smartphones by entities that manufacture blockchain smartphones.
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The size of the global blockchain hardware market is expected to grow $0.47 billion In 2021 to $0.67 billion in 2022 at a compound annual growth rate (CAGR) of 42.94%. The Russia–Ukraine The war has disrupted the chances of a global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to the imposition of economic sanctions on many countries, higher commodity prices, and disruption of the supply chain, affecting many markets around the world. The market value of blockchain devices is expected to grow to $2.84 billion in 2026 at a compound annual growth rate of 43.66%.
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Blockchain Hardware Market Driver – Growing adoption of blockchain technology in the banking sector
Blockchain technology is increasingly being implemented in the banking sector, driving the growth of the blockchain hardware market. The use of blockchain enables more open, inclusive, and secure business networks, common operating models, more efficient operations, lower costs, and new products and services in banking and finance. It also enables the issuance of digital securities in shorter lead times, at lower unit costs, and at higher levels of customization. According to Deloitte’s fourth annual Global Blockchain Survey, about 96% of financial services leaders believe that blockchain is a widely scalable solution that has already achieved mainstream adoption.
Blockchain Hardware Market Constraints – Data Localization Challenges
Governments around the world are implementing policies to improve data protection and protect citizens’ privacy. For example, the US government has proposed the Data Protection Act of 2021 to protect individuals’ data, protect their privacy, and ensure that data practices are fair and transparent. The implementation of these policies is expected to constrain the blockchain device market by increasing the number of locations that service providers must use to store data, increasing costs and prices, and thus limiting the growth of the blockchain device market.
Blockchain hardware market segments
The global blockchain hardware market is segmented –
1) By Type: Blockchain Smartphones, Crypto Hardware Wallets, Cryptocurrency Automated Teller Machines (ATM), Point of Sale (POS) Terminals
2) By connection: wired, wireless), by application (personal, corporate
3) By End User: Consumer, BFSI, Government, Retail & E-Commerce, Travel & Hospitality, Automotive, Transport & Logistics, ICT, Other (Energy & Utilities, Education, Agriculture, Healthcare, Manufacturing)
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