According to the research report, the global blockchain equipment market size and share was USD 482.85 million in 2021 and is expected to reach USD 8,399.43 million by 2030, growing at a CAGR of 38.3% during the forecast period.
Key drivers of the market include growing demand for faster and more seamless currency transactions, expanding demand for blockchain technology in supply chain management, and growing demand for cryptocurrencies. Uncertain legislation and compliance involving data exchange and transfer, a lack of awareness of the technology, and governmental organizations' refusal to legalize cryptocurrency commerce have all stifled the industry's growth to some extent.
Additionally, the increased use of the technology in payments, smart contracts, and digital identities, as well as increased government laws and initiatives related to the technology and devices, may offer attractive prospects for the global industry. Furthermore, the industry's growing popularity in retail and supply chain management applications is likely to increase the demand for such equipment systems. The prevention of data tampering by integrating this technology into supply chain management systems is expected to be a major driving factor for market growth.
On the other hand, the lack of understanding, understanding and user experience of the technology is a big obstacle for the industry. From the application point of view, the blockchain technology in the financial field will occupy a leading share in the industry in 2021. With the advent of Bitcoin, the technology quickly gained traction and is now being adopted by various financial institutions.
Payments, exchanges, smart contracts, documents and digital identification are just a few examples of the adoption of this technology. The technology provides a secure and tamper-resistant ledger, allowing for increased accuracy and secure data sharing in the financial services industry.
Top market players are: Riddle&Code, Coinsource, General Bytes, Helium Systems, HTC, Lamassu Industries, Tangem, Ledger, Modum, Pundi X, Avado, Satoshilabs, Shapeshift, Sirin Labs, and Bitaccess
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