According to a recent report by ResearchAndMarkets.com, the market for cryptocurrency is expanding rapidly as corporate users in the banking, financial services, & insurance (BFSI) sector and government offices are increasingly adopting digital tokens.
The Blockchain Devices market report offers a database of industry-related information, which extends to all crucial market aspects, including invaluable facts and figures.
As per the report, the global Blockchain devices market was valued at $0.3 billion in 2019, and it is expected to grow with a compound annual growth rate (CAGR) of 48.7% during the forecast period (2020–2030).
Moreover, 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 the forecast period as more sectors embrace Blockchain technology.
ResearchAndMarkets Report Shows Crypto Hardware Wallets Would Experience High Growth
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. Software-based and hardware-based wallets are used to keep the digital wealth safe, and of these, the hardware-based variants are generally more preferred, as they are not susceptible to hacking.
These observations are attributed to the increasing number of people opting for cryptocurrency, with the likes of BTC being increasingly used as a safe haven asset for investors, along with gaining popularity as a payment method for everyday purchases.
Cryptocurrency is rapidly becoming popular as more governments and central banks ramp up efforts to regulate it, which is boosting trust in digital assets and reducing criminal aspects associated with them.
Interestingly, adoption for crypto, particularly BTC, is likely to increase in the near future. With the 3rd BTC halving just two months away, a projected Bitcoin bull could lead to BTC value appreciation over the next two years that could increase demand.
With the rise of crypto use, more and more retailers will likely start accepting BTC and other altcoins as a payment mode, thereby driving the growth of blockchain devices market prosperity.
Highest CAGR Expected For Crypto ATMs
The ResearchAndMarkets report further highlighted that during the forecast period, the highest CAGR is expected for crypto ATMs. This observation is attributed to the increasing number of people opting for cryptocurrency.
Indeed, CoinATMRadar, in its blog post on Feb. 3, 2020, revealed that over 400 BTC ATMs were launched in January alone, with countries such as the U.S, Austria, and Canada showing high-level adoption for these machines.
Users can be charged a 15% extra transferring and processing fee, which is quite beneficial to an owner of a crypto ATM. Despite these additional charges, users prefer such equipment, owing to the convenience and security they offer.