Blockchain Devices Market Will Reach $1.2B In 5 Years: New Research

Blockchain devices market is expected to grow about five times in the next five years according to the latest research by Markets&Marktes as we are reading today in the coming altcoin news.

The blockchain devices market that is dedicated mostly to cryptocurrency features will grow by huge leaps of 40 percent each year according to the research. The sales will also increase for almost every category including hardware wallets, ATMs, POS terminals for crypto payments and crypto-enabled smartphones. According to the research:

 “Of all the types of devices, other devices such as blockchain gateways & pre-configured devices expected to grow at the highest CAGR during the forecast period. Blockchain is a universal purpose digital identity gateway, which enables corporations, governments, and institutions to bridge their legacy systems with the decentralized blockchain networks.’’

The climate for investments is also in a good position since there is a lot of venture capital that is growing and also boosting the blockchain adoption. North America more specifically, is expected to be the biggest driver for the blockchain-powered devices because the businesses but also the individuals require better connectivity to private and public blockchains. As of this year, one of the biggest moves for the crypto adoption was the decision of the electronics giant Samsung to add a hardware wallet feature but also private key protection to its Samsung S10 models. The crypto payment option is connected to SamsungPay feature. Also, HTC as another electronics giant launched a new phone with support for the Exodus wallet.

However, some of the biggest issues that the crypto hardware devices face are the bugs, exploits and security problems which are hard to overcome. Blockchain-powered technology also includes multiple smart devices or internet-of-things technology. For example, the auto industry opened its electronics for testing blockchain protocols including the VeChain and IOTA. Another trend for this year is the custodial services option which is mainly related to institutional investments which could boost the need for key protection devices and blockchain connections.

As per some of the analysts whose researches we have read in our latest cryptocurrency news, the next few years could bring the usage of blockchain closer and will separate it from the producers and other experts. The consumers also have to know more about the network’s potential and features and learn some higher technical skills.