The blockchain devices market is expected to grow into a $1.3 billion market by 2024, a new report has revealed. The report by research firm MarketsandMarkets revealed that the sector will be propelled by the rising adoption of blockchain technology in retail as well as increased venture capital funding for the industry.

The report predicts the market to grow at compound annual growth rate of 42.5% between 2019 and 2024, pushing it from the current $218 million valuation to $1.285 billion.

The rising adoption of blockchain technology in the retail and supply chain industry is one of the key drivers of the growth, the report noted. Applied with other technology such as the Internet of Things (IoT) and artificial intelligence (AI), blockchain technology is solving some of the recurring challenges in these industries including tracing, security and sharing of data between participants.

The industry has also seen increased venture funding, the report stated.

Blockchain devices have continued to expand and now consist of such devices as blockchain smartphones, PoS devices and crypto hardware wallets. In the past year, this industry has greatly expanded with HTC, Sirin Labs, Samsung and Pundi X making great advances in the blockchain phone industry while Trezor and Ledger led the crypto hardware sector.

Of all the types of blockchain devices in the market, the report by the Indian intelligence firm singled out blockchain gateways and pre-configured devices as the fastest growing segment. These devices have become especially crucial for institutions that seek to connect their legacy systems with blockchain networks.

The report explained, “The pre-configured devices equipped with an operating system allow access to the blockchain network from a normal network. They are used to provide Web3 access and personal home servers to blockchain networks. This device majorly adopted in industries such as banking, financial service, and insurance (BFSI), government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc.”

The report also recognized the North American region as the world leader in the field, with the United States taking the lion’s share. The region has many large corporations which are intent on securing the latest technology to stay ahead of the “ever-increasing challenges related to security & transparency of the data and the transactions.”

Ledger, HTC, Pundi X, Filament, AVADO, Satoshi Labs, SIRIN Labs, Blockchain Luxembourg and Genesis Coin were recognized as some of the major players in the blockchain devices market.

The race for the best blockchain phone has heated up in recent months, with Samsung, HTC and SIRIN Labs all making great advances in the field. The latest to venture into the industry is China Telecom which announced recently that it was readying its plans for a 5G blockchain-powered phone.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.