According to the latest report, the market for blockchain-related equipment will grow from $218 million to $1,285 million between 2019 and 2024 in a cumulative annual growth rate, so let’s see what contributes to this rapid change.

Factors that contribute to technology development

The main engine responsible for market growth is becoming the implementation of increasingly common blockchain technology or the implementation of cryptocurrencies, both in supply chain management and retail trade. Not only is the market capitalization of cryptocurrencies growing, but also the number of ICO projects is growing. A key opportunity that would contribute to the dynamic development of this industry is the acceptance of cryptocurrencies on several levels. Of course, there are also restrictions of some kind that hamper the revolution, such as uncertain regulations or lack of complete knowledge or little knowledge in this area.

Blockchain devices with the largest market share

The presented research shows that it is the segment of hardware portfolios that will have the largest share in the market of devices related to blockchain in the forecast period. This is because it is one of the most secure portfolios that are designed to manage virtual currencies. Firstly, they allow holders to store secure coins offline.

Thanks to the fact that this type of wallets are not constantly connected to the Internet. The risk of crypto loss alone is extremely low. They are resistant to hacking attacks and are comfortable to use as well as practical. Among the leaders of this type of devices are such companies as Trezor or Ledger.

Very interesting is also the fact that the analysis indicates that among corporate applications the greatest use until 2024 will be those that are based on blockchain. Among other things, PoS devices, which are used in the retail industry to make payments, stand out here. Other devices include cryptographic wallets, blockchain gateways or cryptographic ATMs are used in such industries as travel, commerce, automotive, logistics, transport or hotel industry.

It is also expected that APAC (a region consisting of countries in or near the western Pacific Ocean) will be the largest equipment market in the forecasting period. It includes: The most important markets are India, Japan, China, Singapore, South Korea, Australia, Thailand, Malaysia and New Zealand. It is very interesting that China is the largest market among all countries – APAC. The scope of research will include applications, connectivity and geographical location. Four main regions have been thoroughly analyzed. These are the RoW, APAC, Europe and North America. It is really impressive.