Press release
Why Wireless Technology is Trending in Blockchain Devices Market?
The market revenue is projected to rise from $0.3 billion in 2019 to $23.5 billion by 2030, at a 48.7% CAGR during 2020-2030 (forecast period).
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These devices are designed to put the blockchain technology to practice, by transferring, storing, receiving, and withdrawing data or records, known as blocks, which are secured by cryptography.
When segmenting by type, the blockchain devices market is categorized into crypto automated teller machines (ATM), crypto hardware wallets, blockchain smartphones, point of sale (POS) terminals, and others.
Among these, crypto hardware wallets held the largest share in 2019 and are expected to do the same till 2030. During the forecast period, the highest CAGR is expected for crypto ATMs; both these observations are attributed to the increasing number of people opting for cryptocurrency.
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Cryptocurrency is rapidly becoming popular in the banking, financial services, and insurance (BFSI) and government sectors. As these are digital currencies, with no government body or bank regulating it, a decentralized system is needed to oversee transactions.
After the launch of Bitcoin in 2009, the concept gained worldwide popularity, and soon, several cryptocurrencies, including Ripple, Ethereum, Dash, Litecoin, and Monero, came into the market. Seeing this, several retailers began accepting it as a payment mode, thereby driving the blockchain devices market prosperity.
Software-based and hardware-based wallets are used to keep the wealth safe, and of these, the hardware-based variants are generally more preferred, as they are not susceptible to hacking.
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With several governments putting favorable regulations in place regarding crypto ATMs, their installation is expected to increase during the forecast period. Users can be charged 15% extra transferring and processing fee, which is quite beneficial to an owner of a crypto ATM. Despite these additional charges, users are preferring such equipment, owing to the convenience and security they offer.
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