A report recently released by MarketsandMarkets, a market research and intelligence platform indicated that the BTC devices market was expected to grow by an annual compound growth rate of 42.5%.
The platform released its report on September 12th. The report formally focused on BTC devices such as crypto ATMs, POS devices, Crypto hardware wallets, wired and wireless connectivity, and blockchain smartphones. It also looked into the geographical locations where these devices were likely to be deployed, at what rate.
When compiling the report, the platform suggested that the BTC devices market was likely to notice a substantial growth in the next three years. The growth would see the market valuation come to $1,285 million by the end of 2024. At the moment, the market valuation currently stands at $218 million.
Major Factors and Contributors
MarketsandMarkets stated that some of the factors that had contributed to this growth were the increased adoption of BTC technology in many areas such as venture capital funding development, retail and supply chain management, as well as the growing market capitalization for initial coin offering and cryptocurrency.
According to the same report, it was estimated that the lack of awareness, compliances, and clear regulations would likely curtail the growth and development of this market.
It went on to say that blockchain devices that relied on wireless connectivity for data transfer, such as point of sale devices, crypto hardware wallets, and smartphones were likely to register the highest growth in the period that had been forecasted.
Nonetheless, it was expected that these devices would be accompanied by pre-configured devices and blockchain gateways that had been adopted in telecommunication, banking, automotive, government, and other sectors.
North America’s Dominance
The report went on to note that when geographical boundaries were considered, chances are that North America would lead the rest of the world in the BTC devices marketplace. The reason for this is that the region has become an early adopter of BTC technology and accompanying devices.
Additionally, many of the BTC devices vendors are based in North America, and will thus contribute to its growth in the region.