Blockchain Devices Market Size May Hit $16.81 Billion by 2032, SNS Insider Report Claims

Blockchain devices market size is expected to climb to $16.81 billion by 2032 from its present level of $900 million.

Blockchain devices are experiencing a surge in demand, thanks to government initiatives, technological advancements, and rising industry acceptance, according to a report by SNS Insider. The report projects a massive eight-year CAGR of 38.44%.

The report highlights several key factors driving the growth of the blockchain devices market. One crucial aspect is the increasing adoption of blockchain solutions at the state level. Governments are exploring innovative applications, such as digital IDs and advanced fraud prevention measures, to enhance efficiency and transparency.

Another significant driver is the utility of blockchain devices in financial applications. Financial institutions are setting up camp with blockchain-based solutions, aiming to reduce settlement times and improve cross-border operations. On the retail side, individuals are turning to hardware wallets to safeguard their assets.

Moreover, blockchain devices are finding use cases in various industries to boost productivity. Supply chain, health, and manufacturing are leading the way in integrating blockchain technology to optimize processes and enhance efficiency.

The report also analyzes the market segments, revealing that wired blockchain devices currently dominate with nearly 80% of the share. However, by 2032, the wireless segment is expected to rise in demand, with experts attributing this shift to the widespread availability of 5G and Wi-Fi 6 technologies. The wireless segment is projected to achieve a CAGR of 38%.

Regarding corporate applications, they are anticipated to lead over the personal segment throughout the period. This trend is largely driven by multinational corporations utilizing blockchain devices to monitor their supply chains and enhance transparency.

In terms of regional analysis, North America holds a clear lead over other regions, currently boasting a 39% market share. However, this dominance is expected to be challenged by the rapidly growing figures in the Asia Pacific region.

Among the key players in the blockchain devices ecosystem are Ledger, Trezor, HTC, Bitmain, and Samsung (NASDAQ: SSNLF). It remains to be seen if any new disruptors will emerge and rise to the top of the rankings by the end of the decade.

Despite the optimistic predictions, the report also acknowledges some challenges that could hinder blockchain devices from reaching the projected $16 billion valuation. One key obstacle is the high cost associated with blockchain devices, which may slow adoption among SMEs and enterprises in developing regions.

To mitigate this challenge and accelerate widespread adoption, support from national governments is crucial. Initiatives like India's National Blockchain Strategy, which outlines ambitious plans to bolster the blockchain ecosystem, are a step in the right direction. Additionally, the European Union (EU) is making progress with its European Blockchain Services Infrastructure (EBSI).

Fujitsu joins new logistic service with an eye on sustainability

In other news, tech giant Fujitsu (NASDAQ: FJTSY) has announced its partnership with Yamato, a parcel delivery company based in Japan, to establish a new digital logistics company focused on sustainable operations.

The platform, named Sustainable Shared Transport, will enable collaboration among logistic companies to optimize deliveries and achieve greater efficiency. It will involve sharing long-distance shipments between logistic firms and shippers, a solution to several problems plaguing Japan's local ecosystem.

Half-empty trucks traversing Japanese highways are a fairly common occurrence, a situation that costs shippers and logistic firms a fortune due to the systemic inefficiencies.

To address this issue, Fujitsu and Yamato's platform will introduce a new trunk route system, which will feature seven hubs in Miyagi, Fukushima, Atsugi, Hamamatsu, Kyoto, Hiroshima, and Fukuoka.

Instead of covering long distances, a shipment can be "relayed" between operators across the seven hubs, a measure that is expected to save millions of yen for the logistics ecosystem.

The platform also provides a solution as the country edges toward new legislation at the end of Q1, which will require operators to optimize operations in line with climate change rules.

Currently, Yamato dominates the Japanese parcel delivery market, and pundits note that onboarding operators for the new service, which is set to launch on February 1, may not be a difficult task.

Leveraging blockchain expertise

Fujitsu has been actively involved in blockchain technology, rolling out offerings and striking partnerships in Japan and the broader Asia Pacific (APAC).Fujitsu's experience in blockchain is expected to extend to the new logistic project, providing transparent and immutable operations.

The IT giant's previous experience with blockchain-based environmental tracking may play a key role when the new optimization legislation for logistic operators comes into force.

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