Global Blockchain Device Market Outlook to 2026: Growing Acceptance of Cryptocurrencies as a Payment Method in Various Industries – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD) – The report “Global Blockchain Device Market with COVID-19 Impact Analysis, by Type, Connectivity, Application, End User and Region Forecast to 2026” has been added to ResearchAndMarkets.com offer.

The blockchain device market is expected to grow from 482 million USD in 2021 and is expected to reach 2,459 million USD by 2026; it is expected to grow at a CAGR of 38.5% during the forecast period.

The increasing visibility of the benefits of blockchain technology in the financial industry is expected to boost the blockchain device market and promote new revenue opportunities for blockchain device manufacturers. Blockchain technology offers secure and tamper-proof ledgers, infusing greater accuracy and secure sharing of information into the financial services ecosystem.

In addition, the rapid development of blockchain technology in retail and supply chain management applications is also expected to increase the demand for blockchain device systems. The incorporation of blockchain technology into a supply chain management system prevents manipulation of data, which is expected to be a major factor in the growth of the blockchain device market.

However, the lack of awareness, understanding, and user experience about blockchain technology is a major hurdle for the blockchain device market.

The enterprise applications market is expected to grow at a higher CAGR during the forecast period

Enterprise application is expected to dominate the blockchain device market throughout the forecast period. It is also expected to grow at a higher CAGR during the forecast period. This growth is due to the transition of companies towards the integration of blockchain technology, machine learning, artificial intelligence and IoT throughout the supply chain.

Integrating these technologies with blockchain distributed ledger (DLT) technology into a supply chain management system prevents data manipulation. Blockchain offers high-speed transactions, traceability of coins, as well as improved security and privacy through decentralized structures, which are further expected to fuel the use of blockchain devices in business applications. With parts traceability, blockchain can help businesses reduce losses from counterfeit parts and recall costs from defective parts.

Travel and Hospitality End Use Segment for Blockchain Devices Expected to Grow at the Highest Rate During the Forecast Period

The travel and hospitality segment is expected to grow at the highest CAGR throughout the forecast period. The use of cryptos for digital and contactless payments is key to increasing the comfort of travelers in the tourism industry. The use of cryptocurrency eliminates the need to carry banknotes. Blockchain technology can help cut down on middlemen and eliminate third-party commissions for hotel services, encouraging direct supplier-consumer interaction and lowering costs.

Tagging baggage with blockchain devices such as tags, recorders, and chips can reduce baggage misplacement during travel. Likewise, implementing blockchain technology to secure and reconcile traveler data can result in safer and more convenient travel. Converting a physical ticket to a digital token adds a new layer of security. Using a smart contract as part of the ticket token can help airlines control the sale and use of tickets to provide customers with verified experiences.

Main topics covered:

Abstract

  • Hardware Wallets To Hold Largest Blockchain Device Market Share During Forecast Period

  • The wired segment of the Blockchain devices market is expected to grow at a higher rate than the wireless segment during the forecast period

  • Enterprise Application To Hold Greater Blockchain Device Market Share During Forecast Period

  • The Travel and Hospitality Blockchain Device Market To Rise At The Highest Rate During The Forecast Period

  • North America Was The Largest Market For Blockchain Devices In 2020

Premium previews

  • Growing Importance Of Blockchain Technology In Financial Institutions Has Fueled Market Growth

  • One-Way Crypto ATMs Expected to Hold Greater Crypto ATM Market Share for Blockchain Devices in 2021

  • The Enterprise App and We Are Expected to Account for the Largest Share of the North American Blockchain Device Market in 2021

  • Travel and Hospitality End User Segment to Grow at Highest CAGR During Forecast Period

  • The Blockchain Device Market In Us Holds Biggest Share During Forecast Period

Market dynamics

Conductors

  • Decentralized structure and various other attributes associated with Blockchain technology

  • Rapid Penetration of Blockchain Technology in Retail and Supply Chain Management Applications

  • Growing Visibility of the Benefits of Blockchain Technology in the Financial Sector

  • Growth in cryptocurrency market capitalization and initial coin offering

Constraints

  • Regulatory uncertainty associated with blockchain implementation

  • Lack of awareness, understanding and user experience about Blockchain technology

Opportunities

  • Growing acceptance of cryptocurrencies as a method of payment in various industries

  • Anticipated Adoption of Blockchain Technology in Automotive Industry for Record Keeping and Secure Payments

  • Integration of Blockchain technology with the Internet of Things (IoT), artificial intelligence (AI) and the cloud

Challenges

  • Security, Privacy and Control Challenges Associated with Blockchain Technology

Company Profiles

  • AVADO

  • Bit access

  • Coinsource

  • GENERAL BYTES

  • Genesis coin

  • Helium systems

  • HTC

  • Infineon Technologies

  • Lamassu Industries

  • register

  • Modum

  • NXM Laboratories

  • PAYMYNT

  • Monday X

  • Riddle and Code

  • Safepal

  • Samsung

  • Satoshilabs

  • Metamorphose

  • SIRIN LABORATORIES

  • Tangem

For more information on this report, visit https://www.researchandmarkets.com/r/q0s9a8

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