Blockchain Devices Market to Surpass USD 15696.22 Million by 2031 | SkyQuest Technology

Westford, USA, May 21, 2024 (GLOBE NEWSWIRE) — SkyQuest projects the Global Blockchain Devices Market to attain a value of USD 15696.22 Million by 2031, with a CAGR of 43.15% over the forecast period (2024-2031). The growing demand for blockchain solutions dominates the blockchain devices market. Blockchain technology has been implemented by companies from various industries to enhance security and make daily work more secure. The banking and financial services sector is turning to blockchain solutions in efforts to address the increasing financial fraud cases and errors during transfers. Blockchain technology offers extremely high security and safety for data, money, and information exchange.

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Browse in-depth TOC on the ” Blockchain Devices Market”

  • Pages – 197
  • Tables – 95
  • Figures – 76

Blockchain Devices Market Overview:

Report Coverage Details
Market Revenue in 2023 $890.15 Million
Estimated Value by 2031 $15696.22 Million
Growth Rate Poised to grow at a CAGR of 43.15%
Forecast Period 2024–2031
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Connectivity and Application
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Increasing Adoption of Blockchain-as-a-Service
Key Market Opportunities Increasing acceptance of cryptocurrencies as mode of payment across various industries
Key Market Drivers Rapid Growth in Digital Asset Ownership

Unmatched Scalability of Public Cloud Solutions Enables Public Cloud to Rule Market

The market is dominated by public clouds, which are driven by an association between scalability requirements and technical improvements. With the unmatched scalability provided by public cloud technologies, blockchain networks can effectively handle expanding user bases and transaction volumes. Public cloud services are widely adopted due to their scalability, affordability, and accessibility, which has cemented their supremacy in the blockchain device industry.

Blockchain Technology Ensures Secure and Transparent Transactions to Help Payment Segment Dominant

The global blockchain devices market’s payment segment applications are dominating due to the link between transaction efficiency and security concerns. As a result of the safe and transparent transactions, it ensures, Blockchain technology has been solving persistent problems in the payment sector regarding fraud and breaches in data for a long time now. Consequently, many firms are increasingly leaning on blockchain devices for payment processing; hence making it a more secure and efficient transaction method in the market.

Strong ecosystem of Tech Startups and Established Companies Helps North America Dominate

North American region has a sturdy ecosystem comprising major academic institutions, reputable brands and technology startups which drive the blockchain development. The hot spot for this is Silicon Valley which has seen the influx of these blockchain businesses courtesy of venture capital funding. Furthermore, a wide range of businesses in North America, including supply chain management, energy, and finance and healthcare, recognise the revolutionary potential of blockchain technology.

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Blockchain Devices Market Insight

Drivers: 

  1. Increasing Adoption of Blockchain Technology
  2. Rapid Growth in Digital Asset Ownership
  3. Growing visibility of benefits of blockchain technology in financial sector

Restraints: 

  1. Security Concerns and Regulatory Uncertainty
  2. Limitations of Connectivity and Scalability
  3. Regulatory Uncertainty Associated with Blockchain Implementation

Prominent Players in Global Blockchain Devices Market

  • GENERAL BYTES (Czech Republic)
  • HTC (Taiwan)
  • RIDDLE&CODE (Austria)
  • ShapeShift (UK)
  • Bitaccess (Canada)
  • Coinsource (US)
  • Samsung (South Korea)
  • Infineon Technologies (Germany)
  • Helium Systems (US)
  • AVADO (Switzerland)

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Key Questions Answered in Global Blockchain Devices Market Report

  • What factors are driving the dominance of public cloud solutions in the global blockchain devices market, according to the provided analysis?
  • Why is the payment segment application dominating the global blockchain devices market, and what is the key factor behind its dominance?
  • How does the strong ecosystem of tech startups and established companies contribute to North America’s dominance in the global blockchain devices market?

This report provides the following insights:

  • Analysis of key drivers (Increasing adoption of blockchain technology, dedicated and secure way to record transactions, making applications that require reliability & transparency and demand for compatible blockchain-enabled devices), restraints (Lack of standardized regulations, digital assets poses challenges for developers and compliance risks & legal uncertainty emergencies), opportunities (Increasing acceptance of cryptocurrencies as a mode of payment, rapid growth in digital asset ownership and development of more efficient & secure blockchain devices), and challenges (Limitations in connectivity and scalability of blockchain networks and requiring specialized knowledge for implementation & maintenance) influencing the growth of blockchain devices market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the blockchain devices market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the blockchain devices market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports:

Global Blockchain Market
Global Blockchain as a Service Market
Global Blockchain IoT Market
Global Fintech Blockchain Market
Global Blockchain In Manufacturing Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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