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)
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Blockchain Market – By Component
1.3.2 APAC Blockchain Market – By Application
1.3.3 APAC Blockchain Market – By Industry Vertical
1.3.4 APAC Blockchain Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Blockchain Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 APAC
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Blockchain Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Extensive Adoption of Blockchain Solutions in BFSI Industry Vertical
5.1.2 High Transparency and Operational Efficiency with Substantial Cost Savings
5.1.3 Increase in Innovative Start-ups
5.2 MARKET RESTRAINTS
5.2.1 Data Privacy, Confidentiality, and Security Concerns
5.2.2 Unclear Regulatory Environment
5.2.3 Interoperability, Scalability, and Sustainability Challenges
5.3 MARKET OPPORTUNITIES
5.3.1 Rising Government Support and Initiatives
5.3.2 Increasing Demand for Blockchain-as-a-Service Due to COVID-19 Pandemic
5.4 FUTURE TRENDS
5.4.1 Combination of Blockchain and Artificial Intelligence for Advanced Applications
5.4.2 Application of Blockchain in Vaccine Manufacture and Tracking
5.5 Impact Analysis of Drivers and Restraints
6. Blockchain Market – APAC Market Analysis
6.1 APAC Blockchain Market Overview
6.2 APAC Blockchain Market Forecast and Analysis
7. APAC Blockchain Market – By Component
7.1 Overview
7.2 APAC Blockchain Market, by Component (2020 and 2028)
7.3 Services
7.3.1 Overview
7.3.2 Services: APAC Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Solutions
7.4.1 Overview
7.4.2 Solutions: APAC Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
8. APAC Blockchain Market – By Application
8.1 Overview
8.2 APAC Blockchain Market, by Application (2020 and 2028)
8.3 Payments
8.3.1 Overview
8.3.2 Payments: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Exchanges
8.4.1 Overview
8.4.2 Exchanges: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Smart Contracts
8.5.1 Overview
8.5.2 Smart Contracts: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Documentation
8.6.1 Overview
8.6.2 Documentation: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Digital Identity
8.7.1 Overview
8.7.2 Digital Identity: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Governance, Risk and Compliance
8.8.1 Overview
8.8.2 Governance, Risk and Compliance: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Blockchain Market – By Industry Vertical
9.1 Overview
9.2 APAC Blockchain Market, by Industry Vertical (2020 and 2028)
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Retail
9.4.1 Overview
9.4.2 Retail: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Transportation and Logistics
9.6.1 Overview
9.6.2 Transportation and Logistics: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Healthcare
9.7.1 Overview
9.7.2 Healthcare: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Automotive
9.8.1 Overview
9.8.2 Automotive: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Media and Entertainment
9.9.1 Overview
9.9.2 Media and Entertainment: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
10. APAC Blockchain Market – Country Analysis
10.1 Overview
10.1.1 APAC Blockchain Market Breakdown, by Country
10.1.1.1 Australia Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.1.1 Australia Blockchain Market Breakdown, By Component
10.1.1.1.2 Australia Blockchain Market Breakdown, By Application
10.1.1.1.3 Australia Blockchain Market Breakdown, By Industry Vertical
10.1.1.2 China Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.2.1 China Blockchain Market Breakdown, By Component
10.1.1.2.2 China Blockchain Market Breakdown, By Application
10.1.1.2.3 China Blockchain Market Breakdown, By Industry Vertical
10.1.1.3 India Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.3.1 India Blockchain Market Breakdown, By Component
10.1.1.3.2 India Blockchain Market Breakdown, By Application
10.1.1.3.3 India Blockchain Market Breakdown, By Industry Vertical
10.1.1.4 Japan Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.4.1 Japan Blockchain Market Breakdown, By Component
10.1.1.4.2 Japan Blockchain Market Breakdown, By Application
10.1.1.4.3 Japan Blockchain Market Breakdown, By Industry Vertical
10.1.1.5 South Korea Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.5.1 South Korea Blockchain Market Breakdown, By Component
10.1.1.5.2 South Korea Blockchain Market Breakdown, By Application
10.1.1.5.3 outh Korea Blockchain Market Breakdown, By Industry Vertical
10.1.1.6 Rest of APAC Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.6.1 Rest of APAC Blockchain Market Breakdown, By Component
10.1.1.6.2 Rest of APAC Blockchain Market Breakdown, By Application
10.1.1.6.3 Rest of APAC Blockchain Market Breakdown, By Industry Vertical
11. Impact of COVID-19 Pandemic on APAC Blockchain Market
11.1 Overview
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 IBM Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Microsoft Corporation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Accenture
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Amazon Web Services
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 SAP SE
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Bitfury Group Limited
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Ripple Labs Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Hewlett Packard Enterprise Development LP (HPE)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Oracle Corporation
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Intel Corporation
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. APAC Blockchain Market Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. APAC Blockchain Market, Revenue and Forecast to 2028 – By Country (US$ million)
Table 3. Australia Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 4. Australia Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 5. Australia Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 6. China Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 7. China Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 8. China Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 9. India Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 10. India Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 11. India Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 12. Japan Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 13. Japan Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 14. Japan Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 15. South Korea Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 16. South Korea Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 17. South Korea Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 18. Rest of APAC Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 19. Rest of APAC Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 20. Rest of APAC Blockchain Market, Revenue and Forecast to 2028 – By Vertical (US$ million)
Table 21. Glossary of Terms, APAC Blockchain Market
LIST OF FIGURES
Figure 1. APAC Blockchain Market Segmentation
Figure 2. APAC Blockchain Market Segmentation – Country
Figure 3. APAC Blockchain Market Overview
Figure 4. APAC Blockchain Market, By Component
Figure 5. APAC Blockchain Market, By Application
Figure 6. APAC Blockchain Market, By Industry Vertical
Figure 7. APAC Blockchain Market, By Country
Figure 8. APAC: PEST Analysis
Figure 9. APAC Blockchain Market Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. APAC Blockchain Market Impact Analysis of Drivers and Restraints
Figure 12. APAC Blockchain Market, Forecast and Analysis (US$ Mn)
Figure 13. APAC Blockchain Market Revenue Share, by Component (2020 and 2028)
Figure 14. Services: APAC Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
Figure 15. Solutions: APAC Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Blockchain Market Revenue Share, by Application(2020 and 2028)
Figure 17. Payments: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Exchanges: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Smart Contracts: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Documentation: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Digital Identity: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Governance, Risk, and Compliance: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC Blockchain Market Revenue Share, by Industry Vertical(2020 and 2028)
Figure 25. BFSI: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Retail: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Government: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Transportation and Logistics: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Healthcare: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Automotive: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Media and Entertainment: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Others: APAC Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. APAC Blockchain Market, by key Country, Revenue and Forecast to 2028 (US$ million)
Figure 34. APAC Blockchain Market Breakdown, by Country, 2020 & 2028 (%)
Figure 35. Australia Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 36. China Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 37. India Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 38. Japan Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 39. South Korea Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 40. Rest of APAC Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 41. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.