Blockchain Devices Market size set for healthy growth at a CAGR of 42.81% between 2020 and 2026
Research analyst “Deepthi” talks to the project head of OG Analysis Mr. Snehith R and outlines upcoming market trends and drivers impacting the burgeoning BlockChain devices market growth opportunities during 2020- 2026.
Deepthi: Is the emerging blockchain device market scalable through the forecast period?
Snehith: With growing focus on blockchain, cryptocurrency and bitcoins key end-users are accelerating the market growth at a strong CAGR of 42.81% during 2020-2026.
Although there are many prospects in this market, challenges such as regulatory fronts, cybersecurity and money laundering remain threat to the blockchain device market growth. Mass-market usage of existing blockchains and cryptocurrencies has yet to reach mainstream adoption and is hindered by their instability.
Deepthi: How are tech leaders capitalizing the blockchain devices market growth opportunities?
Snehith: Both prominent players and emerging market players are investing to focus on cybersecurity challenges of the blockchain device market. Strategic trending technologies that tech leaders are adopting include security solutions for connected devices, related critical infrastructure and IoT networks. The 2019, release of IoT Armour by Block Armour, startup market participant is an example of a Blockchain-enabled security solution designed specifically for IoT and smart devices.
Further, Ledger and Pundi X manufacturers are focusing on blockchain devices that are implemented with wireless connectivity. Furthermore, smartphone vendors are releasing cheaper blockchain smart devices to enable users with flexibility when accessing blockchain networks. The 2019 release of blockchain phones by HTC is an example of such an approach.
Deepthi: Where does blockchain devices stand for awareness and social care?
Snehith: Key OEMs driving blockchain for awareness and social care boost the market growth opportunities over the forecast period till 2026. The adoption of latest blockchain-based technology for voters to cast ballots with a mobile device is collaboration between the Utah County Elections Division, Tusk Philanthropies, the National Cybersecurity Center and Boston-based voting app developer Voatz.
UAE embracing blockchain to improve the social development by striving to meet objectives of the, Emirates Vision 2021 and calls for a shift to knowledge-based economy. The MOCD (Ministry of Community Development) recently announced “Social Blockathon” competition to encourage the development of blockchain-based applications for educational, social and recreational purposes.
Deepthi:At what extent cryptocurrencies are going to play an important role in increasing the adoption of blockchain devices?
Blockchain devices market is driven by increasing adoption of blockchain technology in IIOT, flexible chain management, and
Market participants are releasing global currency backed with reserve banks to provide low volatility, wide global acceptance, and fungibility. Accordingly, in June 2019, the Libra Association announced plans for Libra Blockchain, a global cryptocurrency currency built to prioritize scalability, security, and reliability, as well as the flexibility.
In October 2019, Tron, cryptocurrency company announced a partnership with Samsung Tron, to integrate into Samsung Blockchain Keystore, which gives direct access to the blockchain via Samsung devices.
Deepthi: How blockchain devices are in response to lawmaker and public concerns about video tampering?
Snehith: Key market players are researching into data tracking technologies such as blockchain to deal with “deepfake”. The 2019 rollout of Body 3 camera by Axon Enterprise Inc is aiming the emerging blockchain devices with the potential to secure captured footage inaccessible for playback, download or edit.
Deepthi: In what way North America dominates the global blockchain devices market as the region is an early adopter of blockchain devices?
Ongoing AI and IoT convergence to manage the information via blockchain devices, awareness of distributed ledgers and emergence of non-volatile cryptocurrency set to thrust the blockchain devices market growth across Americas.
Further, the U.S based nanomaterials producers are deploying blockchain devices to protect goods from counterfeit. Blockchain is also being used to prove if diplomas are authentic. According to reports, there are 200,000 fake diplomas in the U.S. alone. Based on these trends, OG Analysis expects blockchain devices market size to boost across Americas over the forecast period.
Deepthi: How is the Asian blockchain device market impacted by the evolution of blockchain technology??
Snehith: China is investing in endorsing blockchain devices and technology though it stands against foreign cryptocurrency exchanges. Accordingly, China Merchants Bank are looking to release their own decentralized finance (DeFi) applications making waves and surging platform for the blockchain device market growth over the forecast period.
Chinese blockchain start-ups are using blockchain to create a more trusted and safe environment for telecommunication services. Blockchain devices companies in the telecommunication space are investing to focus not only on implementation of cryptocurrency wallet functions as wells as on blockchain smartphones which provides encrypted messaging and private email services.
Whereas, the key participants in India are exploring market growth opportunities through collaborative approaches and triggers new revenue streams through aftermarket ecosystem. For example, Tech Mahindra announced collaboration with Quantoz, a blockchain technology application incubator to offer blockchain-as-a-service for secure digital payments.
Deepthi: Is there presence of key participants in the blockchain devices market?
Snehith: Yes. Ledger SAS, HTC Corporation, Pundi X Labs Private Limited, Filament, GENERAL BYTES R.O., RIDDLE&CODE, AVADO, Sikur, SIRIN LABS, BlockChains Luxembourg S.A. are amidst prominent players which contribute to the macro blockchain devices market share.