Asia Pacific Blockchain Technology Market Share, Size, Trends, Industry Analysis Report, By Type (Private Cloud, Public Cloud, Hybrid Cloud); By Component; By Enterprise Size; By End-Use; By Country; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 116
- Format: PDF
- Report ID: PM4213
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
The Asia Pacific blockchain technology market size and share was valued at USD 2.64 Billion in 2023 and is expected to grow at a CAGR of 56.8% during the forecast period.
In recent times blockchain technology has recently gained widespread adoption across the banking, financial services, insurance, and Internet of Things (IoT) industries. This technology provides a lucrative opportunity for service providers to enter this market and broaden their consumer reach. By removing intermediaries from the transaction process, blockchain ensures increased security and efficiency, making it an increasingly popular choice in the fields of cybersecurity, IoT, and banking.
Cryptocurrencies are a burgeoning digital phenomenon based primarily on blockchain technology. Cryptocurrencies, with significantly lower transaction fees than alternative payment methods, entice individuals and organizations to make cross-border payments, where higher transaction fees are typically incurred. This significantly contributes to the expansion of the blockchain technology market in the Asia-Pacific.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Asia Pacific blockchain technology market based on SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
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Blockchain technology enables the recording of Bitcoin transactions via a network of computers. It consists of an ever-expanding chain of interconnected and securely encrypted blocks, with each new block cryptographically encrypted to the previous one. The Asia-Pacific region has seen the most rapid adoption of Blockchain technology in recent years.
The COVID-19 pandemic has significantly impacted the Asia Pacific blockchain technology market. While the pandemic caused initial disruptions in various industries, it also accelerated the region's adoption of blockchain technologies. The demand for blockchain solutions increased as businesses sought to improve transparency, security, and efficiency in their operations. In the Asia-Pacific region, industries such as healthcare, supply chain, and finance turned to blockchain to address pandemic-related challenges such as data security concerns and the need for transparent and traceable supply chains.
Growth Drivers
Implementation of new business models by using blockchain technology will drive the growth of the market in the Asia Pacific
The growth of the blockchain technology market in the Asia Pacific is driven by the implementation of the latest business models by utilizing blockchain technology. The Asia-Pacific region is rapidly establishing itself as a thriving hub for the adoption and implementation of innovative business models that leverage Blockchain technology. This is being driven by the region's accessibility to technological advancements, growing digitalization, and a thriving entrepreneurial ecosystem.
The decentralized and secure nature of blockchain is viewed as a catalyst for transforming industries ranging from finance and supply chain to healthcare and beyond. Businesses in Asia-Pacific are embracing Blockchain in order to improve transparency, efficiency, and trust in their operations, creating a dynamic environment for the evolution of new and disruptive business models.
Report Segmentation
The market is primarily segmented based on type, component, enterprise size, end-use, and country.
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By Type |
By Component |
By Enterprise Size |
By End-Use |
By Country |
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By Type Analysis
The public cloud segment accounted for the largest market share in 2023
The public cloud segment held the largest market share in the Asia Pacific blockchain technology market. Public cloud services offer a flexible and cost-effective platform to deploy blockchain solutions. Scalability is critical as blockchain networks grow, requiring more resources to handle rising transaction volumes. Additionally, these providers have made substantial investments in compliance and security measures, which are crucial in blockchain applications.
The private cloud segment is witnessed the fastest growth in the Asia Pacific blockchain technology market. Private cloud solutions provide businesses with a dedicated and secure infrastructure for deploying blockchain technology while addressing data privacy, security, and compliance concerns. Organizations in the region are increasingly adopting private cloud-based blockchain solutions to streamline operations and enhance transparency.
By End-Use Analysis
The healthcare segment accounted for the largest market share in 2023
The healthcare segment held the largest market share in the Asia Pacific blockchain technology market. Securing and protecting patient data is critical in the healthcare industry. Blockchain emerges as a decentralized and tamper-resistant system, providing a solid framework for safeguarding confidential medical information. By dispersing data across a network of nodes, blockchain effectively reduces the likelihood of data breaches and unauthorized access. Every block in the chain is encrypted and intricately linked to its predecessor, resulting in a secure and transparent ledger that ensures the integrity and confidentiality of patient data.
The financial services segment witnessed for the fastest growth in the Asia Pacific blockchain technology market. Financial service providers are increasingly embracing blockchain technology to improve authenticity, security, and risk management. Numerous organizations are incorporating blockchain into their trade and finance systems to facilitate the establishment of smart contracts among participants, improve operational efficiency and transparency, and explore potential revenue streams.
Country Insights
China dominated the Asia Pacific market in terms of revenue share in 2023
In China, blockchain technology has been embraced across numerous sectors. The Chinese government and the companies in China have shown a keen interest in utilizing the blockchain, realizing its ability to improve, security, transparency, and efficiency in diverse processes. Primarily, China has been a quick adopter and a developer of blockchain technology mainly in the areas of medicine, finance, supply chain, and energy.
The use of blockchain in these sectors has been recognized as an approach to resolve issues such as counterfeit goods, data tampering, and bureaucratic inefficiencies. The Chinese government's support for blockchain technology is evident in its inclusion in national development plans, emphasizing its strategic importance in shaping the country's digital infrastructure and economic landscape.
Key Market Players & Competitive Insights
The Asia Pacific blockchain technology market is highly competitive, with several prominent players vying for market share. Leading manufacturers such as Antier Solutions Pvt. Ltd, Blockchain Foundry, Circle Internet Financial Ltd., Consensys, Deloitte Touche Tohmatsu Ltd., Dragonchain, IBM Corp., Infosys, Microsoft Corp., NTT Data, RecordsKeeper, and Ripple are also present in the region.
Some of the major players operating in the Asia Pacific market include:
- Antier Solutions Pvt. Ltd.
- Blockchain Foundry
- Circle Internet Financial Ltd.
- Consensys
- Deloitte Touche Tohmatsu Ltd.
- Dragonchain
- IBM Corp.
- Infosys
- Microsoft Corp.
- NTT Data
- RecordsKeeper
- Ripple
Recent Developments
- In November 2023, Microsoft Corporation partnered with Aptos Labs for the utilization of AI Tools including a new chatbot called Aptos Assistant.
- In September 2020, Blockchain Community Initiative partnered with IBM to enhance financial services through blockchain technology by introducing an Electronic Letter of Guarantee for their clients in Thailand.
Asia Pacific Blockchain Technology Market Report Scope
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Report Attributes |
Details |
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Market Size Value in 2024 |
USD 4.11 Billion |
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Revenue Forecast in 2032 |
USD 150.04 Billion |
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CAGR |
56.8% from 2024 – 2032 |
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Base Year |
2023 |
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Historical Data |
2019 – 2022 |
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Forecast Period |
2024 – 2032 |
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Quantitative Units |
Revenue in USD Billion, and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Component, By Enterprise Size, By End-Use, By Country |
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Country Scope |
Japan, China, India, South Korea, Australia, New Zealand, Rest of Asia Pacific |
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Customization |
Report customization as per your requirements concerning countries, regions, and segmentation. |
Gain profound insights into the 2024 Asia Pacific blockchain technology market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.
FAQ's
The asia pacific blockchain technology market size is expected to reach USD 150.04 Billion by 2032
Key players in the market are Antier Solutions Pvt. Ltd., Blockchain Foundry, Circle Internet Financial Ltd., Consensys, Deloitte Touche Tohmatsu Ltd
The asia pacific blockchain technology market is expected to grow at a CAGR of 56.8% during the forecast period.
The Asia Pacific Blockchain Technology Market report covering key segments are type, component, enterprise size, end use, and country.
