Soaring Popularity of Cryptocurrencies Propelling Blockchain Devices Demand

The popularity of cryptocurrency can be traced back to the introduction of Bitcoin, which observed an unprecedented growth in 2017. Following the popularity of Bitcoin, several new cryptocurrencies, such as Monero, Ethereum, Dash, Litecoin, and Ripple, were launched, owing to which corporate users in the banking, financial services, and insurance (BFSI) and government sectors have started using cryptocurrencies for transactions. 

As every transaction is validated through a decentralized system, it requires certain devices and technologies to protect cryptocurrencies. Therefore, the rising adoption of cryptocurrencies across sectors will facilitate the deployment of blockchain devices globally. Additionally, the increasing use of cryptocurrency as a mode of payment is expected to drive the blockchain devices market at a healthy CAGR of 48.7% during the forecast period (2020–2030).


According to P&S Intelligence, the market revenue will surge from $0.3 billion in 2019 to $23.5 billion by 2030. The escalating use of this digital currency as a payment mode in the retail sector will fuel the demand for blockchain hardware wallets and point of sales (POS) terminals. Between the two variants, hardware-based wallets are more secure, as they are not vulnerable to system errors and hacking and can be taken offline.

Blockchain devices such as blockchain smartphones, blockchain gateways, pre-configured devices, crypto hardware wallets, POS terminals, and crypto automated teller machines (ATMs) are used for personal as well as corporate applications. Among these, crypto hardware wallets were adopted in the highest number due to the booming number of cryptocurrency users and an increasing number of transactions. These wallets are either hardware-based or software-based. 

Thus, the rising adoption of cryptocurrencies and the surging use of this digital currency as a mode of payment will propel the usage of blockchain devices in the coming years.

Comments

Post a Comment

Popular posts from this blog

Increasing Penetration of Cloud Services Fueling AI-Powered Storage Market Growth

Image
The artificial intelligence (AI)-powered storage market growth thrives on the increasing adoption of data analytics to improve decision-making capabilities, burgeoning demand for AI in high-performance-computing data centers, mounting number of connected devices, surging use of cloud-enabled services by businesses to store their data on virtual servers, and soaring volume of data. Moreover, the rising number of government regulations and compliance rules related to data storage and protection will also facilitate the market growth in the foreseeable future. The surging adoption of cloud-based applications and services and rising number of connected devices are supporting the AI-powered storage market growth globally. Get the Sample Copy of this Report @  https://www.psmarketresearch.com/market-analysis/ai-powered-storage-market/report-sample The usage of AI-powered storage systems for high-performance computing assists businesses in working with and unifying high volumes of unstru...
Read more

Micro Battery Market Assessment Covering Growth Factors and Upcoming Trends

Image
Due to the mushrooming use of wearable devices, increasing adoption of the internet of things (IoT) in medical instruments, and surging utilization of compact batteries in the healthcare sector, the global micro battery market is expected to demonstrate a CAGR of 18.4% from 2019 to 2024. According to the estimates of the market research company, P&S Intelligence, the revenue of the market will surge from $418.2 million in 2018 to $1.1 billion by 2024. With the rising prevalence of chronic diseases, such as diabetes and cancer and the surging population of geriatric people, the incorporation of advanced technologies and solutions in the healthcare sector is rising sharply. For instance, as per the World Health Organization (WHO), 422 million people all over the world are diagnosed with diabetes every year. Furthermore, the organization found that the disease claims the lives of 1.6 million people across the world every year.  Besides the aforementioned factor, the growing use of...
Read more

Increasing Focus on Energy Conservation Fueling Popularity of Ambient Lighting

Image
The growing public awareness about environmental degradation and the importance of energy conservation has made the governments of many countries implement strict policies pertaining to the energy efficiency of lights. These policies are aimed at increasing energy and cost savings in several sectors.  Such energy codes for residential and commercial buildings are predicted to mitigate CO2 emissions by as much as 841 MMT and save around $126 billion in electricity costs. For instance, the U.S. Department of Energy has recently enacted the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and a critical parameter for developing various designs and systems.  Get the Sample Copy of this Report at:  https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report/report-sample China, which is one of the largest users of ambient lighting solutions in the world, has become one of the biggest consumers of power in the world...
Read more