The blockchain devices market is expected to grow from USD 482 million in 2021 to USD 2,459 million by 2026, at a CAGR of 38.5% during the forecast period. Decentralized structure and various other attributes associated with blockchain technology is expected to drive the blockchain devices market. Blockchain devices, for instance, hardware wallets, offer multiple security measures such as firmware verification, protected key operations (requirement of an authentic PIN for all operations), protected bootloader, and security updates. Rapid development of blockchain technology in retail & supply chain management applications are facilitating the growth of blockchain devices market. Several stakeholders in the supply chain management industry have begun to use blockchain technology to improve transparency and efficiency in their business operations, as well as to improve the delivery phase. Also, growth in cryptocurrency market capitalization and initial coin offering (ICO) is one of the main drivers for the blockchain devices market.
Although the blockchain devices market is growing at a steady pace, it is moderately competitive owing to the presence of several players such as Ledger (France), SatoshiLabs (Czech Republic), Genesis Coin (US), Pundi X (Singapore), and SIRIN LABS (Switzerland) venturing into blockchain hardware R&D. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include product launches, deals (partnerships and collaborations), and others (expansions) were the major growth strategies adopted by the players in the blockchain devices market. These strategies enabled them to efficiently cater to the growing demand for blockchain devices and expand their global footprint by offering their products globally.
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For instance, in December 2020, SatoshiLabs (Czech Republic) announced that its subsidiary Tropic Square (Czech Republic) would create a secure and transparent chip called TASSIC. TASSIC is the first custom chip (ASIC) with a minimalistic implementation of fundamental functionality—secure storage and associated cryptography—to securely store digital data. The prototype is likely to be developed by the end of 2021.
In December 2020, RIDDLE&CODE (Austria) announced the release of Trusted Gateway, a device that transforms distributed energy resources such as PV systems, solar panels, and microgrids into trusted data sources and self-sovereign energy marketplace participants. This gateway will speed up the future of the distributed energy market. Apart from this, players have also adopted acquisition, partnership and expansion strategies to enhance their product portfolio and geographical reach. For instance, in November 2020, Pundi X (Singapore) partnered with Merkle Science— a Singapore based cryptocurrency risk and intelligence company. The partnership is focused on preventing the illegal use of cryptocurrencies on the Pundi X platform to create a safe ecosystem for carrying legal transactions.
Ledger (France) is engaged in the development of security and infrastructure solutions for cryptocurrency and blockchain applications. The company was founded in 2014 and is headquartered in Paris, France. Ledger has a team of 170 professionals that specialize in the development of various products and providing services to safeguard cryptocurrency assets of individuals and companies. The company offers two types of hardware wallets, namely, Ledger Nano S and Ledger Nano X. It has introduced a fully managed SaaS solution named Vault that helps safeguard multiple cryptocurrencies simultaneously and mitigates threats such as IT and physical assault in enterprises and corporations. The company also operates in the industrial IoT market, where it offers secure hardware technology to connect sensors and machines, as well as smart contracts and blockchain-based assets.
Ledger is expanding its business by adopting organic strategies. The company has signed numerous strategic partnerships to build innovative products for managing digital assets in the banking, financial services, and insurance (BFSI) sector in the future. In October 2018, Ledger (France) partnered with ENGIE (France) to develop the first secure, autonomous, and blockchain-agnostic hardware oracle for the energy sector. The company also partnered with Blochain.com (UK) and launched a hardware wallet, Blockchain Lockbox. Ledger has partnered with many companies to provide new hardware devices in the crypto security sector. The company also focuses on launching products to expand its business. For instance, Ledger launched Ledger Nano X, a hardware wallet, at the Consumer Electronics Show (CES) held in Las Vegas in 2019. Ledger aims to increase capital and boost its future growth. It has raised more than USD 380 million in Series C funding in June 2021. More than 50 investors have contributed to the funding of Ledger, MACSF (France), Samsung Ventures (South Korea), and 10T Holdings (US) being the most recent investors. The advent of IoT services connected to blockchain and IoT blockchain devices would boost the growth of the blockchain devices market and help the company maximize its revenue by tapping the opportunities.
SIRIN LABS (Switzerland) is a prominent player in the mobile cybersecurity industry. The company was founded in 2014 and is headquartered in Switzerland. In the blockchain devices market, the company offers blockchain smartphones. The company’s first product, the SOLARIN, the world’s most secure super high-end smartphone, was released in 2016, and the FINNEY, the premier, ultra-secure blockchain smartphone with an embedded cold storage crypto wallet, was released in 2018. FINNEY smartphone is powered by SIRIN OS, which includes a Security Suite Layer, embedded cold storage wallet, Token Conversion Center, and the DApp nation available via SIRIN’S dCENTER.
SIRIN LABS has strategically partnered with Cardano (Netherlands), one of the top five cryptocurrency providers. SIRIN LABS also teamed up with Emurgo (Singapore) to integrate its device into the decentralized blockchain ecosystem of Cardano. Under this agreement, the FINNEY cold-storage wallet is supporting Cardano’s native token (ADA), and Emurgo’s team is assisting the R&D team of SIRIN LABS in integrating the FINNEY smartphone and SIRIN OS with the Cardano protocol. The company also partnered with MyEtherWallet (US) in January 2019 to enable MEW users to purchase devices from SIRIN LABS via the latter’s mobile and web interfaces. MEW also serves as the primary wallet interface for Finney users. SIRIN LABS and MEW took this initiative to increase adoption and simplify accessing and managing cryptocurrency tokens. In addition to that, SIRIN LABS also expanded its global customer reach by opening a new store in New York, US, in January 2019 and eight new stores in Vietnam and Turkey in April 2018.
Blockchain Devices Market with COVID-19 Impact Analysis, by Type (Hardware Wallets, Blockchain Smartphones, Crypto ATMs, PoS Devices, Blockchain IoT Gateways), Connectivity, Application, End User, and Region - Global Forecast to 2026
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