Asia Pacific Blockchain Market is expected to reach US$ 48,950.88 million by 2028

BFSI Segment to Dominate Asia-Pacific Blockchain Market during 2019–2028

According to The Insight Partners market research study on “Asia-Pacific Blockchain Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Industry Vertical,” is expected to reach US$ 48,950.88 million by 2028 from US$ 957.83 million in 2021. The market is estimated to grow at a CAGR of 75.4% from 2021 to 2028. Extensive adoption of blockchain solutions in BFSI industry vertical is the major factor driving the growth of the Asia-Pacific blockchain market. However, interoperability, scalability, and sustainability challenges may hinder the growth of Asia-Pacific blockchain market. The report provides trends prevailing in the Asia-Pacific blockchain market along with the drivers and restraints pertaining to the market growth.

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.

The Asia-Pacific blockchain market is segmented based on component, application, industry vertical, and country. Based on component, the Asia-Pacific blockchain market is segmented into solutions and services. In 2020, the solutions segment held the largest share Asia-Pacific blockchain market. Based on application, the Asia-Pacific blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2020, the payments segment held the largest share Asia-Pacific blockchain market. Based on industry vertical, the Asia-Pacific blockchain market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2020, the BFSI segment held the largest share Asia-Pacific blockchain market. Similarly, based on country, the market is segmented into the China, Japan, India, Australia, South Korea, and rest of Asia-Pacific. China contributed a substantial share in 2020. 

Accenture, Amazon Web Services, Bitfury Group Limited, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE are among the leading companies in the Asia-Pacific Blockchain Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, IBM blockchain solution used by Volkswagen Group to track minerals supply chain. The solution would help Volkswagen Group meet the reliable sourcing standards plan by the Organization for Economic Cooperation and Development by offering a permanent record of mineral movements to help the compliance process.

Asia-Pacific Blockchain Market, By Country, 2020 and 2028 (%)

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