New York, Nov 30, 2021 (GLOBE NEWSWIRE) - Reportlinker.com Announces Release of Report "Blockchain Device Market with COVID-19 Impact Analysis, by Type, Connectivity, Application, End User and Region - Global Forecast for 2026 "- https://www.reportlinker.com/p05815914/?utm_source=GNW
Blockchain technology offers secure and tamper-proof ledgers, instilling greater accuracy and a secure exchange of information in the financial services ecosystem.
In addition, the rapid development of blockchain technology in retail and supply chain management applications is also expected to increase the demand for blockchain device systems. Incorporating blockchain technology into a supply chain management system prevents the data manipulation, which is expected to be a major driver. in the growth of the blockchain device market.
However, the lack of awareness, understanding and user experience about blockchain technology are a major obstacle to the market for blockchain devices.
The corporate applications market will grow at a higher CAGR during the forecast period
The corporate application is expected to dominate the blockchain device market during the forecast period and is also expected to grow at a higher CAGR during the forecast period.
This growth is due to the transition of companies towards the integration of blockchain technology, machine learning, artificial intelligence and the IoT throughout the supply chain. Integrating these technologies with blockchain Distributed Ledger Technology (DLT) in a supply chain management system prevents data manipulation.
Blockchain offers high-speed transactions, part traceability, and enhanced security and privacy due to decentralized structures, which are expected to drive the use of blockchain devices in corporate applications. With part traceability, blockchain can help corporations reduce losses due to counterfeit parts and recovery costs due to defective parts.
The travel and hospitality end-use segment for blockchain devices is expected to grow at the highest rate during the forecast period.
The travel and hospitality segment is expected to grow at the highest CAGR during the forecast period. Using crypto for digital and contactless payments is critical to increasing traveler convenience in the tourism industry.
The use of cryptocurrencies eliminates the need to carry bills. Blockchain technology can help reduce intermediaries and eliminate third-party commissions for hotel services, fostering direct interaction between provider and consumer and reducing costs.
Tagging luggage with blockchain devices such as tags, recorders, and chips can reduce lost luggage while traveling. Similarly, implementing blockchain technology to secure and reconcile traveler data can result in a safer and more convenient trip.
Converting a physical ticket to a digital token adds a new layer of security. Using a smart contract as part of the ticket token can help airlines control the sale and use of tickets to provide customers with verified experiences. S7 Airlines, for example, uses a private Ethereum-based blockchain and smart contracts to issue and sell tickets.
RoW's Blockchain Device Market Will Record Highest CAGR Between 2021-2026
RoW has the smallest share of the global blockchain device market, as most companies are based in North America, Europe, and APAC; However, the Middle East and Africa are expected to see rapid growth in the adoption of blockchain devices.
The Middle East and Africa include economies such as the United Arab Emirates, Israel, Kenya, Egypt, Libya, and South Africa. Increasing challenges in money transfer and complex documentation processes in different verticals have led to the high adoption of smart contracts.
Blockchain technology is expected to play a key role in the Smart Dubai initiative. The growing number of crypto-asset transactions in the African region is expected to boost the hardware wallet market in Africa.
Due to their low cost and ease of use, smart card hardware wallets have enormous potential to expand the market for blockchain devices for hardware wallets in the RoW region. Pundi X, for example, shipped more than 10,000 custom XPASS cards (smart cards) to a private company in the United Arab Emirates in early 2021. These smart cards are less expensive than crypto hardware wallets and are as simple to use as a debit or credit card. with a simple swipe or NFC. According to the Africa Report, cryptocurrency adoption in Africa increased by 1200% between July 2020 and June 2021, making it the fastest growing region in the world. Furthermore, according to a leading manufacturer of PoS devices, the volume of crypto transactions on PoS devices in African countries is significantly higher than in the rest of the world. As a result, Africa is a hotspot region for the expansion of the blockchain device market.
Primary breakdown
In the process of determining and verifying the market size for various segments and subsegments collected through secondary research, extensive primary interviews have been conducted with key industry experts in the blockchain device market. The breakdown of the main participants in the report is shown below:
โข By type of company: Level 1 - 40%, Level 2 - 30% and Level 3 - 30%
โข By appointment: C-level executives - 40%, directors - 40% and others - 20%
โข By region: America: 35%, APAC: 35%, Europe: 20% and RdW: 10%.
The report outlines the key players in the blockchain device market with their respective market ranking analysis. Featured players described in this report are Ledger (France), SatoshiLabs (Czech Republic), SIRIN LABS (Switzerland), Pundi X (Singapore), Genesis Coin (US), GENERAL BYTES (Czech Republic), HTC (Taiwan). ), RIDDLE & CODE (Austria), ShapeShift (UK), Bitaccess (Canada), Coinsource (US), Samsung (South Korea), Infineon Technologies (Germany), Helium Systems (US), AVADO (Switzerland), Lamassu Industries (Switzerland), Tangem (Switzerland)), SafePal (China), PAYMYNT (USA), Modum (Switzerland) and NXM Labs (USA).
Research coverage:
The report outlines the detailed information on the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the blockchain devices market, and also includes technology trends, business data, and patent analysis.
This research report classifies the blockchain device market based on type, connectivity, application, end user, and region. A detailed analysis of key industry players was carried out to provide insight into their business prospects; solutions and services offered; Key strategies adopted including new product launches, agreements (partnerships and collaborations) and others (expansions), and the impact of COVID-19 on the blockchain device market.
Key benefits of purchasing the report
The report would help the leaders / new entrants in this market in the following ways:
1. This report segments the blockchain devices market comprehensively and provides the closest market size projection for all sub-segments in different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders to better understand their competitors and gain more insights to improve their position in the business. The competitive landscape section includes the competition ecosystem, product launches and developments, partnerships, and mergers and acquisitions.
4. Analysis of the top 25 companies, based on market share / rank as well as product footprint, will help stakeholders to visualize the market positioning of these key players.
5. Patent analysis, business data, and technology trends that will shape the market in the years to come have also been covered in this report.
Read the full report: https://www.reportlinker.com/p05815914/?utm_source=GNW
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