Asia Pacific Blockchain Market to Grow at a CAGR of 75.4% to reach US$ 48,950.88 million from 2021 to 2028

The blockchain market in Asia-Pacific is expected to grow from US$ 957.83 million in 2021 to US$ 48,950.88 million by 2028; it is estimated to grow at a CAGR of 75.4% from 2021 to 2028.

Post the financial crisis in 2008,Bitcoin and other cryptocurrencies entered the financial sector and gradually gained a lot of prominence. However, with recent developments and uncertainties crowding the cryptocurrency space, its future is unclear. While the future cryptocurrency is still speculative, the underlying technology blockchain has emerged as a prime technology with huge potential to open many opportunities across various industries. The popularity of Blockchain is growing at an exponential rate with successful use cases in various industries, ranging from BFSI to media and entertainment. In terms of technology adoption and use cases, the BFSI industry is leading the market. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more blockchain solutions are being implemented across major banks and insurance companies.  When it comes to blockchain solution providers, IBM holds a prominent place in the market. The company provides a blockchain platform for various industries. For instance, with the help of IBM's Blockchain platform, banks can create secure, low-cost, and high-volume cross-border payments. There are numerous examples of the successful implementation of Blockchain in the BFSI sector. With an increasing number of well-established market players and startups entering the BFSI Blockchain market, it is expected that the BFSI segment will drive the Asia-Pacific blockchain market during the forecast period.

Governments in Asia Pacific countries are taking possible steps to reduce its effects by announcing lockdown, which is adversely affecting the manufacturing sector. The COVID-19 pandemic emerged as an unprecedented public health threat, infecting a large number of people across the region. The pandemic caused economic and financial harm to the economy and a number of industrial sectors. Several countries declared national emergencies and implemented lockdowns to prevent SARS-CoV-2 from spreading and infecting people. Clinical investigations and surveys in Asia Pacific have revealed a decrease in outpatient and emergency medical services. Many medical practices, particularly elective medical practices, were impeded, sidetracked, postponed, and discontinued, affecting industry growth.

 

Asia-Pacific Blockchain Market Revenue and Forecast to 2028 (US$ Million)

 

Asia-Pacific Blockchain Market Segmentation  

Asia-Pacific Blockchain Market – By Component

• Solutions
• Services

Asia-Pacific Blockchain Market – By Application

• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Governance, Risk and Compliance
• Others

Asia-Pacific Blockchain Market – By Industry Vertical

• BFSI
• Retail
• Government
• Transportation and Logistics
• Healthcare
• Automotive
• Media and Entertainment
• Others

Asia-Pacific Blockchain Market– By Country

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Asia-Pacific Blockchain Market-Companies Mentioned

• Accenture
• Amazon Web Services
• Bitfury Group Limited
• Hewlett Packard Enterprise Development LP (HPE)
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Ripple Labs Inc.
• SAP SE     

Asia Pacific Blockchain Market Report Scope