Blockchain Market Could Reach $1.28 Billion By 2024 Report Shows
The blockchain devices industry could reach $1.28 billion by 2024 according to a new report released by MarketsandMarkets. This is considering a CAGR of 42.5% from 2019 and during the next five years. One of the most important developments will take place in retail and supply chain management.
Blockchain Market To Continue Growing
As per the report, the blockchain devices market has a valuation of $218 million. By 2024, it is expected to grow by 485% and reach $1.28 billion. MarketsandMarkets considers that some of the major growth drivers for the industry are related to blockchain adoption.
For example, there are going to be improvements in retail and supply chain management and growing market capitalization for digital assets. Cryptocurrencies are also going to play an important role in increasing the adoption of blockchain devices.
VeChain (VET) is collaborating with Walmart in China to power the Walmart China Blockchain Traceability Platform (WCBTP) with the help of PwC, Inner Mongolia Kerchin and the Chin Chain-Store & Franchise Association. There are many other initiatives similar to this one in different regions.
Cryptocurrencies can be purchased through traditional crypto platforms or exchanges and also using crypto ATMs. We reported at UseTheBitcoin that Bitcoin ATM adoption grew 500% in just three years and if a new bull market starts, the positive trend could continue.
Moreover, blockchain smartphones are also being released to the market. There are many smartphones manufacturers that are adding blockchain solutions to their devices. Earlier this year, Samsung released its Galaxy S10 series with a crypto wallet integrated on it.
However, there are some issues that could restrain the expansion of this market, including regulations and lack of awareness.
On the matter, the report explains:
“One of the key opportunities for the market is the increasing acceptance of cryptocurrency across various industries and regions. Whereas, major factors restraining the market growth include uncertain regulations & compliances and lack of awareness.”
Some of the blockchain smartphones include the HTC Exodus, the Pundi Xphone, the Electroneum M1, and Sirin Lab’s Finney phone. Most of these devices provide a built-in hardware wallet, eliminating the need for the user to purchase a separate device to hold the private keys.
As digital currencies continue expanding, PoS devices to pay using virtual currencies will also help the blockchain industry grow. Companies could start accepting cryptocurrencies through blockchain-enabled PoS devices.
Some of the regions that will experience the largest growth in the blockchain market include North America, Europe and the Asia Pacific (APCA).