Asia Pacific Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others)

Asia Pacific Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation & Logistics, Healthcare, Automotive, Media & Entertainment, and Others)

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 register a CAGR of 75.4% from 2021 to 2028. The adoption of blockchain depends on government support and a favorable business environment. Blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the blockchain market, a unified regulatory framework is crucial, which depends on governments' support. Various governments are adopting initiatives to help the fast adoption of blockchain. The European Commission has recently supported signing a 27-country pact on blockchain, known as the European Blockchain Partnership. The EU is also planning to invest EUR 300 million in blockchain over the next three years. Moreover, the rising use cases of blockchain in government applications is supporting the companies operating in this market. A few of the most common public sector use cases include digital identity, digital voting, inter & intra-governmental transactions, documentation records, and supply chain traceability.

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.

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 in the Asia Pacific blockchain market. In terms of technology adoption and use cases, the BFSI industry is leading the market across the region. Blockchain solutions are being implemented in various applications, such as payments, remittances, identity management, fund processing, dispute management, risk management. BFSI sector has discontinued its operations due to limitations and obsolete aspects of the mainframe computing technology. Blockchain is a principal facilitating technology used by the BFSI industry, as it moves into the advanced age of real-time transaction processing. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With the presence of major market players, such as IBM, Accenture, and Microsoft, more blockchain solutions are being implemented across major banks and insurance companies. There are several use cases of blockchain technology in the BFSI sector, which is being implemented by various companies. For instance, Payments are foremost use case of any banking &/or financial system. In blockchain finance, both commercial and central banks are gaining benefits of this new technology in terms of payment processing. IBM holds a prominent place in the market as blockchain solution provider; it provides a Blockchain platform for various industries.

The overall Asia Pacific blockchain market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific blockchain market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific blockchain market. 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 key players operating in the Asia Pacific blockchain market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia-Pacific Blockchain Market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Asia-Pacific Blockchain Market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Asia-Pacific market trends and outlook coupled with the factors driving the Blockchain Market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution