Blockchain - Industry - Asia Pacific Market, Share and Trends 2023-2028

Summary of Blockchain

The blockchain industry in the APAC region has experienced significant growth in recent years that is driven by the adoption of decentralized technologies and the increasing demand for secure and transparent transactions. Based on our estimates, we can say that the regional Asia-Pacific’s blockchain industry is forecasted to be a $421.5 billion industry in 2029 from $33.6 billion in 2023 with a CAGR of 43.68 %.

The APAC region has seen a surge in the number of blockchain startups, with a focus on fintech, supply chain management and digital identity solutions. The growth of cryptocurrencies such as: Bitcoin and Ethereum– has fueled interest in the technology and led to increased investment in the sector. The region has also seen the emergence of blockchain-based supply chain management solutions, aimed at improving traceability, transparency and efficiency in global trade.

Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management and plenty 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.

Recent Trends and Insights

The APAC region is emerging as a major hub for blockchain innovation with countries like: China, South Korea and Japan leading the way in terms of investment, regulatory frameworks and adoption.

The region has seen a surge in the number of blockchain startups— with a focus on fintech, supply chain management and digital identity solutions. The growth of cryptocurrencies such as: Bitcoin and Ethereum– has fueled interest in the technology and led to increased investment in the sector.

The powerful regulatory environment which is seen across the APAC region is aiding in the emergence of Blockchain within this region. Rising demands and growth of the APAC blockchain market will essentially need a higher and quicker rate of transactions, a need to simplify business operations and create business transparency and immutability.

Cryptocurrencies is one of the emerging concepts in this digital world that is majorly based on blockchain technology. These cryptocurrencies present less transaction fees as compared to other traditional payment methods that attract people and organizations to cross-border payments because they need more transaction fees. This aspect further supports the growth of the blockchain technology market around the world.

Product Insights

The popularity of blockchain is growing at an exponential rate with successful use cases in various industries— ranging from BFSI to media and entertainment. 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 we assess that blockchain is a principal facilitating technology.

With big market players such as IBM, Accenture & Microsoft competing to stay ahead of each other within this industry it is only natural that more and more blockchain solutions are being implemented across major banks and insurance companies.

Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management and many other applications. IBM holds a prominent place in the market as a blockchain solution provider 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 plenty other examples of the successful implementation of blockchain in the BFSI sector that lead us to believe that this blockchain market is blooming within the said region.

Key Companies

Some major players within this vast domain of industry are

• Accenture
• Amazon Web Services
• Bitfury Group Limited
• Hewlett Packard Enterprise Development LP (HPE)
• IBM Corporation
• Intel Corporation
• Oracle Corporation
• Huawei
• NEO
• Bitmain
• Tata Consultancy
• Wipro

Regional Analysis

The Asia-Pacific blockchain market is expected to grow from $ 33.6 billion in 2023 to $ 421.5 billion by 2029 at a CAGR of 43.68 % from 2023 to 2029. Our analysis project that this upsurge has been led by- The BFSI sector- which is expected to drive the Asia-Pacific blockchain market during the forecast period.

The BFSI industry is principal for the market in terms of technology adoption and use cases— with blockchain solutions being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications.

The blockchain in BFSI market size was valued at $277.1 million in 2018 and is projected to reach $22.46 billion by 2026, growing at a CAGR of 73.8% from 2019 to 2026. The adoption of blockchain technology in the banking, financial services and insurance (BFSI) industry offers a systematic client identification system based on distributed ledger technology.

By integration of blockchain – banks & companies will have a well-maintained decentralized data— for their expenses and insurance policies— which helps prevent hacking by cyber-criminals. It provides a platform to the BFSI sector that allows participation of multiple parties with simultaneous access to a constantly updated digital ledger (recorded transactions) that cannot be altered but can be accessed from different geographical locations.

Market Segmentation

By Type:

• Public blockchain
• Private blockchain
• Consortium or hybrid blockchain

By End User:

• BFSI
• Retail & e-Commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• Government
• Media & Entertainment
• Travel & Hospitality
• Others

By Enterprise Size:

• Large Industries
• Small & Medium Industries

By Country:

• China
• India
• Japan
• Indonesia
• South Korea
• Australia

Our Methodology

We have offered a well-founded review of Asia-Pacific’s regional Blockchain Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.