Global Blockchain Smartphones Market – Industry Trends and Forecast to 2029

Blockchain Smartphones Market Analysis and Size

The cryptocurrencies are becoming more widely available to the general public, further boosting the utilization of blockchain smartphones. In sectors like media and entertainment, automotive, retail and e-commerce, travel and hospitality, transportation and logistics, and IT and telecommunications, the use of cryptocurrencies is anticipated to increase. As a result, the growing acceptability of cryptocurrencies is fostering the development of a robust cryptocurrency ecosystem. Consequently, the demand for the blockchain devices especially the smartphones is anticipated to be fueled by the growth of cryptocurrency exchange over forecasted timeline.

Global blockchain smartphones market was valued at USD 483.20 million in 2021 and is expected to reach USD 5426.37 million by 2029, registering a CAGR of 35.30% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Blockchain Smartphones Market Scope and Segmentation

Market Definition

Blockchain devices are the devices that support blockchain technology include both hardware and software. The divided cryptocurrencies, trading, and payment processing are just a few uses for blockchain technology. In addition to other things, they are utilized in intelligent electrical equipment like cars and personal identity. Blockchain smartphones include a built-in "hardware wallet" that adds an extra layer of security for bitcoin owners. This wallet functions effectively as an offline digital safe that encrypts and secures sensitive personal data, such as cryptocurrency keys.

Blockchain Smartphones Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surging awareness of Blockchain Technology's advantages across Financial Industry

The adoption of blockchain technology accelerated and is now being used by many financial organizations following the launch of Bitcoin. Payments, exchanges, smart contracts, documentation, and digital identification are just a few of the business applications where this technology is being used more and more. Blockchain technology provides secure and tamper-proof ledgers by infusing higher accuracy and secure information sharing into the financial services sector. Blockchain technology would considerably boost market participants' transparency, as per the National Payments Corporation of India (NPCI). The blockchain technologies have a ton of potential applications in the financial sector. By developing a decentralized payment ledger, they could facilitate speedier payments at cheaper costs than banks. Distributed ledgers can save operating expenses and get us closer to real-time financial institution transactions. The increased awareness regarding the blockchain technologies advantages across financial industry further boost the demand for the blockchain smartphones over the forecast period.

Additionally, the retail industry's explosive growth has also expanded the use of these sensors in that industry. Blockchain smartphones are also employed as glass-break sensors in homes, businesses, autos, and burglar alarms to sound an alarm in the case of a forced entrance. Sales of these goods are anticipated to increase as a result of the numerous applications for these sensors in the consumer electronics market.

Opportunities

• Growing Investments In Blockchain Technology

The growth in the investments in blockchain technology is estimated to generate lucrative opportunities for the market, which will further expand the blockchain smartphones market's growth rate in the future. Blockchain technology is gradually moving up the list of business priorities. In a survey conducted by Deloitte, 55% of respondents cited blockchain as one of their top five strategic objectives. In the upcoming 12 months, 66 percent of executives expect investments of $1 million or more.

• Surging Adoption Of Wireless Communication Technology

Additionally, the surging adoption of wireless communication technology further offers various growth opportunities for the market. Businesses are using next-generation wireless technologies in an effort to acquire a competitive edge and foster innovation. For instance, networking executives see advanced wireless technology as being more and more important to their company's performance, according to a Deloitte poll conducted in June 2020. According to 86% of networking professionals questioned, enhanced wireless will significantly change their business in three years.

Restraints/Challenges

• Regulatory uncertainty regarding Blockchain Implementation

Regulatory uncertainty is one of the biggest obstacles to introducing blockchain across sectors. There isn't a single set of criteria for bitcoin transactions, though. The lack of laws and the resulting ambiguity are currently two of the main barriers preventing the production and acceptance of blockchain smartphones across most industries. Implementing a blockchain, for instance, is difficult due to financial legal restrictions. It will be complicated for blockchain apps to establish the procedure for locating the fraudster in the event of a scam. In order to encourage the widespread usage of blockchain technology, other legislative issues must first be developed. Finding and comprehending these regulatory criteria creates hurdles for the blockchain developers as well as research organizations.

• Issues associated with Privacy, Security and Control

The hackers have a bigger attack surface via which they can access sensitive and important data due to the distributed public ledger in which blockchain transactions are recorded. Replicating the file could offer hackers more access to it if a blockchain device is used to store private contract information or payment data and both hub-and-spoke and node-and-spoke topologies can be used to access the database if a key is compromised. The network's public block chains allow for open access to the encrypted and anonymous data by anyone. The same way that businesses typically use web trackers and cookies, transactional data might be used to identify a person within the network. Unfortunately, this shows that blockchain security is not perfect which poses as a major challenge for the market.

This blockchain smartphones market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain smartphones market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Blockchain Smartphones Market

The COVID-19 situation is causing market uncertainty, a significant slowdown in the supply chain, a decline in corporate confidence, and growing panic among various client sectors. The pandemic's effects are expanding daily, and the supply chain is also being impacted. The pandemic's overall impact is having an impact on numerous industries' production processes. The outbreak of the virus immensely impacted the blockchain smartphones market. The recent COVID-19 epidemic is anticipated to have an effect on the global market for blockchain smartphones. The entire supply chain is affected due to the scarcity of hardware components. The market is likely to witness a slight plunge in year-on-year growth in 2021 as a result of the affected supply chains in 2020 and the first half of 2021 due to the lockdowns and shifting priorities of healthcare and other end-use industries.

However, a key factor in the market's expansion was the use of collaborative applications, security measures, big data, and contactless transactions. This scenario shows the market for blockchain-based gadgets while taking into account the pandemic's present effects. Moreover, due to the enormous advantages provided by blockchain technology, the industry is anticipated to rebound quickly in the second half of 2021. Also, the surge in adoption of blockchain devices especially smartphones is expected to have a huge influence on the blockchain smartphones market.

Recent Developments

• In April 2020, Portis Wallet was purchased by ShapeShift for an unknown sum. ShapeShift provides web and mobile platforms for international trade of a range of digital assets. Through this merger, the two businesses have a common vision that includes building an open financial system where self-sovereignty is simple to use. Additionally, all ShapeShift Platform users will be able to sign in and access DeFi services using a single account. Portis wants to give DeFi developers the tools they need to give users a straightforward but effective experience.

Global Blockchain Smartphones Market Scope

The blockchain smartphones market is segmented on the basis of connectivity, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Connectivity

• Wired
• Wireless

 Application

• Personal
• Corporate

 End User

• BFSI
• Government
• Retail
• Travel and Hospitality
• Transportation and Logistics

Blockchain Smartphones Market Regional Analysis/Insights

The blockchain smartphones market is analyzed and market size insights and trends are provided by country, connectivity, application and end user as referenced above.

The countries covered in the blockchain smartphones market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the blockchain smartphones market because of the increase in the deployment of emerging technologies within the region during the forecast period of 2022 to 2029. Moreover, the growing demand for blockchain solutions from the U.S.is further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to growth in development of blockchain network by BFSI, government and several retail industries within the region. The growing visibility of benefits of blockchain technology in the financial sector is also a significant contributor to the regional market expansion.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Blockchain Smartphones Market Share Analysis

The blockchain smartphones market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain smartphones market.

Some of the major players operating in the blockchain smartphones market are

• Ledger SAS (France)
• IBM (U.S.)
• SatoshiLabs (Czechia)
• SIRIN LABS (Switzerland)
• Pundi X Labs Pte. Ltd. (Singapore)
• GENERAL BYTES s.r.o.  (Czechia)
• HTC Corporation (Taiwan)
• RIDDLE&CODE GMBH (Austria)
• ShapeShift (U.K.)
• Bitaccess (Canada)
• Coinsource (U.S.)
• SAMSUNG (South Korea)
• Infineon Technologies (Germany)
• Helium Systems (U.S.)
• AVADO Learning Limited (U.K.)
• Lamassu Industries AG (Switzerland)
• PAYMYNT Financial Group, Inc (U.S.)
• modum.io AG (Switzerland)
• NXM Labs, Inc., (U.S.)

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