SkyQuest Technology: Blockchain device market size to reach $16 billion

There is a growing interest of venture capitalists and large investment companies in investing in projects developing blockchain technologies and related peripherals, SkyQuest analysts say.

In 2022-2023, the volume of investments in blockchain technologies grew from $22 billion to $30 billion, with more than $10 billion in investments by major financial players. For example, Microsoft (NASDAQ:MSFT) invested more than $2 billion in blockchain platform Chainlink in 2023.

North America is expected to dominate the blockchain devices market by 2028. This is due to the presence of large technology companies, high adoption of the technology, and favorable regulatory environment.

SkyQuest Technology predicts that the blockchain device market in Europe will grow at a moderate rate through 2028, with a compound annual growth rate of less than 25%.

The fastest growing market will be Asia Pacific with a compound annual growth rate of around 42%. This is due to robust economic development, increasing investment in blockchain technology and growing demand for such devices from SMEs.

Earlier, the team of blockchain platform Universal Trusted Credentials (UTC) announced that it will help Cambodian authorities work out a procedure to securely generate and manage digital credentials for SMEs to access financial services.