26.01.2021

Blockchain Devices Market to Grow to $1.285 Billion by 2024

On Sept. 12, MarketsandMarkets released a report dubbed “Blockchain Devices Market by Type (Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, & Others), Connectivity (Wired & Wireless), Application (Personal & Corporate), and Geography – Global Forecast to 2024.”

The blockchain devices market is expected to grow by 42.5% at a compound annual growth rate (CAGR) by 2024, according to a recent research by intelligence and market research platform MarketsandMarkets.
The company suggested that the blockchain devices market will see a 42.5% CAGR in coming years, to reach $1,285 million in 2024. In comparison, the volume of the market in 2019 has reportedly amounted to $218 million to date.

Major factors and major contributors

Among the main factors influencing the market’s growth, MarketsandMarkets named increasing adoption of blockchain technology in sectors such as retail and supply chain management, venture capital funding development and growing market capitalization for cryptocurrency and initial coin offering.

The absence of clear regulations and compliances and lack of awareness will constrain the blockchain devices market from its further growth, according to the report.

Blockchain-based devices using wireless connectivity for data transfer – e.g. blockchain smartphones, crypto hardware wallets and point-of-sale devices – will purportedly register the highest growth during the forecast period. However, they will be accompanied by blockchain gateways and pre-configured devices adopted in banking, government, automotive, telecommunication and other industries.

North America’s dominance

In terms of geography, North America will lead the world in the blockchain devices market development, the report says:

“North America dominates the global market as the region is an early adopter of blockchain devices. […] Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.”

Source: MarketsandMarkets report

As previously reported by Cointelegraph, mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners. The company claimed at the time that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.

The announcement followed the news that Bitmain had lost $625 million in the first two months of 2019. The results were reportedly driven by sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, Bitmain expects new profits from the sale of new, 7-nanometer mining rigs.

Blockchain Among Highest-Paying Industries in Canada

A recent report from the Canadian Digital Chamber of Commerce shows that salaries in the Canadian blockchain industry are amongst the highest in the country.

Much needed legal clarity

The Chamber of Digital Commerce Canada released its October report on the country’s blockchain ecosystem, showing insights into the health of the industry, current strengths and legal needs throughout Canada.

The report collected data from more than 150 participants coming from the cryptocurrency and blockchain industries, Canada’s government and academia. The study was conducted by the Blockchain Research Institute (BRI) with support from professional services company Accenture.

The report, which takes a closer look at Canada’s blockchain ecosystem by region and company size, stated that the industry desperately needs government commitment to move this highly innovative technology sector forward by providing legal clarity. BRI’s chairman Don Tapscott said:

“While the research showed that the blockchain industry is diverse and growing in Canada, it also surfaced challenges regarding access to funding and business services, and uncertain regulatory environments.”

Although the report claims that Canada is well-positioned to become a global leader in the blockchain industry, the ecosystem is facing major challenges that include funding, lack of regulatory environment, insufficient public education and little to no cooperation of banking and auditing services.

Blockchain salaries among the highest in Canada

A big positive, according to the report, is that the average annual blockchain salary in Canada is more than $98,000, making blockchain careers among the highest-paying in the country. Managing director of the Chamber of Digital Commerce Canada Tanya Woods said:

“Canada’s existing innovation ecosystem offers best-in-class talent and pro-growth policies that can be leveraged to establish a leading global blockchain hub here at home. It is clear that Canada’s blockchain ecosystem offers tremendous opportunity to those interested in a career in this field.”

Bitcoin tax payments in Canada

Cointelegraph previously reported that Evan Kuhn, the co-founder of Toronto-based cryptocurrency exchange Coinberry, claimed Bitcoin (BTC) is more efficient for paying taxes than bank cards. Kuhn explained that his company takes much lower fees than the ones that card institutions impose on their clients, adding:

“A credit card company charges a 3% fee. […] Our fee is .5%, so that’s a lot more beneficial for the municipalities.”

cointelegraph.com

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