MarketsandMarkets, a global business-to-business marketing research firm, recently published a lengthy global forecast report for Blockchain devices, including Hardware Wallets, Blockchain Smartphones, Crypto ATMs, PoS Devices, and Blockchain IoT Gateways. The report finds that the blockchain device market is projected to grow to $2,459 million by 2026. That is up from the current rate of $482 million in 2021.
A blockchain devices, according to PR Newswire, are “designed for handling the blockchain technology transactions and work in the same way as blockchain technology, i.e. decentralized system or decentralized ledger. The primary application of the blockchain technology is cryptocurrency.” These devices may come in the form of point of sales terminals, blockchain smartphones, crypto automated teller machines (ATMs), and crypto hardware wallets.
According to the report, what is driving the uptick in the market is the “adoption of blockchain technology increased rapidly after the introduction of Bitcoin and is being used by various financial institutions. This technology is being increasingly used in various business applications, such as payments, exchanges, smart contracts, documentation, and digital identity. Blockchain technology offers secure and tamper-proof ledgers, thereby infusing greater accuracy and secure information sharing into the financial services ecosystem.”.
The report expects that North America will hold the majority of the blockchain devices market throughout the forecast period. The United States is home to the largest blockchain service providers, including Microsoft, IBM, and Oracle.