Research: Blockchain Devices Market Will Be Worth $1.2B in 5 Years

[derdemo]

The market for blockchain devices will grow about fivefold in the next five years, making big annual leaps. This is the vision of Markets&Markets proprietary research.

https://bitcoinist.com/research-blockchain-devices-market-will-be-worth-1-2b-in-5-years/

[1714153159]

1714153159

[1714153159]

1714153159

[1714153159]

1714153159

[hatshepsut93]

Sales may increase for all categories, including ATM, hardware wallets, crypto-enabled smartphones, POS terminals for crypto payments and other devices.

So, all of these things are related to cryptocurrency, yet they call them "blockchain devices", I wonder why? Do they think that "blockchain" sounds cooler than "cryptocurrency", or what? It's so misleading when people use "blockchain" and "crypto" interchangeably.

Also, listing crypto-enabled smartphones can inflate the numbers significantly, if smartphone manufacturers will start integrating crypto wallets into more phones - people might be buying them without ever touching those wallets.

And $1,2B isn't that big, isn't Bitmain alone already worth a hundred of millions?

[palle11]

"As of 2019, one of the biggest moves for crypto adoption was the decision of Samsung to add hardware wallet and private key protection to the Samsung S10 models. The crypto payment is also connected to the Samsung Pay fintech feature. HTC also launched its phone with native support for the Exodus wallet".

This achievement for 2019 is a move to further marks in the history of blockchain adoption. I do know that come 2020, we are going to see more of it. The market for blockchain will expound more maybe more than the estimated market value in the 5years time.

[jseverson]

And $1,2B isn't that big, isn't Bitmain alone already worth a hundred of millions?

Most of their products apparently aren't considered because:

The research does not include specifically ASIC, which are not on the consumer side of crypto electronics.

It's also not confined to just cryptocurrency because they're apparently expecting a huge bump from the digital identity sector of blockchain technology. Considering the fact that big corporations are working on projects like this, I could see this field rapidly developing within the next five years. I'm not sure why people might need specific devices for these applications, but these researchers know more than I do.

[fiulpro]

I think it will be more than 1.2 billion infact because the market itself is something from the future therefore one cannot take into account how much it values .. people often confuse blockchain with bitcoins ..but it's. Lot more than that , it's already being used everywhere in the community and you won't even know about it .. maybe in your college and University and even the hospital that you just visited of the library that you issued a book from last week .
It's actually an amazing code that could stabilize everything.

[crwth]

I imagine that as more and more people are acknowledging the use of cryptocurrencies in our everyday lives, the devices that are needed to be used to let it continue would rise. The demand is increasing, and more and more tools like miners would probably be improved and be revamped for a better performance as we all know that the difficulty of the cryptographic puzzles is increasing. The need for better devices is crucial. I think this is what the article missed. It’s not all about the hardware wallets, smartphones with crypto features, etc.

Since the article focused on hardware stuff and how it predicted that there would be a lot of users coming into the crypto space is the friendliness of the hardware. I know that in some cryptocurrencies it’s quite a lot to handle if the user is not so much a tech-savvy person. The most helpful thing that I think would let a consumer good be widespread and sell like hotcakes are the easiness of its use.

I have tried explaining the concept of cryptocurrencies to a lot of elderly people, not necessary Bitcoin only, but they had a hard time grasping the idea. The probability of having older people use it is probably less than Millenials. I’m not saying that they couldn’t handle it, but if they were ever to be utilized entirely, they would even contribute to an even larger percentage in the predicted Market worth. More than $1.2B for sure.

[kryptqnick]

By 'Blockchain devices' the research means "Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices". The smartphones with some built-in wallets, IMO, should not count. What if it's just about the number of smartphones growing rapidly, and the models of Samsung and HTC count automatically towards 'blockchain devices'?
The company that conducted the research seems big, but it has negative reviews from the employees, and I find it hard to find professional reviews about the quality of research.
But it's nice to think that this is actually going to happen.