A market research report from P&S intelligence has projected the market for crypto devices—such as hardware wallets and blockchain smartphones—will soar in the next decade.
The report estimates the market will be valued at $23.5 billion come 2030. This would be a growth of 7,700% from the market’s current size, which is estimated at $300 million.
Hardware wallets will lead the growth, the report states, since they had the biggest share of the blockchain device market last year.
Ledger is highlighted as a pivotal player within the market, having launched its latest wallet in 2019, The Ledger Nano X. This wallet made several upgrades to the precursor Nano S, introducing wireless capabilities such as Bluetooth connectivity and mobile remote control.
Notably, wireless connectivity stands as one of the foremost trends going into the new decade, with devices that offer such capabilities seeing a predicted growth rate of 57.6%.
But, it estimates that crypto ATMs—where you can buy Bitcoin with dollars—will play a big role too. An increase in interest in paying with cryptocurrencies is helping to lead this trend. The report notes that 13,000 retailers actively accept cryptocurrency.
Blockchain-based phones are also primed to make their mark between 2020-2030. In fact, many have already materialized over the past few years, offering a multitude of crypto-centric capabilities. The HTC Exodus 1 entered the market last year, providing a built-in hardware wallet for the transfer and safe storage of Bitcoin, Litecoin, Ethereum, and a range of ERC-20 tokens.
North America and Europe will lead the growth, according to the report, accounting for over 85.6% of market share by 2030. It claims this will be due, not just to increased adoption rates, but to beneficial blockchain regulation—something we haven’t seen much of.