The Asia Pacific Blockchain Technology Market would witness market growth of 54.4% CAGR during the forecast period (2021-2027). Blockchain technology offers quicker, end-to-end, and safe transactions. It is because there is no third party involved in any transaction over blockchain technology, hence it is widely adopted by the cybersecurity industry across the globe.
In addition, various banking, financial services, insurance, and Internet of Things (IoT) industries have adopted blockchain technology in recent times, due to the various benefits offered by this technology. Many service providers can capitalize on this market and can further expand their consumer base. By eliminating the mediators from the transaction process, blockchain technology provides better and safer transactions and thus it is increasingly used in cybersecurity, loT, and banking sectors.
Cryptocurrencies is one of the emerging concepts in this digital world, which is majorly based on blockchain technology. These cryptocurrencies provide less transaction fees as compared to other 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. Additionally, the decentralized nature of cryptocurrencies does not allow cross-border regulatory bodies to impose any kind of direct restrictions on these transactions. Low transaction fees and few more aspects are contributing to the market capitalization of cryptocurrencies, which further attracts venture capitalists to invest in some blockchain technology startups.
The Public market dominated the South Korea Blockchain Technology Market by Type 2020, thereby, achieving a market value of $791.1 million by 2027. The Private market is showcasing a CAGR of 57.2% during (2021 - 2027). Additionally, The Hybrid market is anticipated to witness a CAGR of 58.5% during (2021 - 2027).
Based on Type, the market is segmented into Public, Private and Hybrid. Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain Technology Market is Projected to reach USD 72 Billion by 2027, at a CAGR of 51.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Microsoft Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., The Linux Foundation, Monax Industries Limited, and Interstellar.
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