The Asia Pacific Blockchain IoT Market would witness market growth of 58.3% CAGR during the forecast period (2023-2030).
To improve the security of hospitals, government structures, and populations during upcoming epidemics, the healthcare and government sectors are anticipated to embrace IoT sensors and blockchain technology gradually. Additionally, the growing trend of utilizing blockchain technology regionally is anticipated to fuel market expansion. Collaborations between state-backed projects and digital service providers are supporting this trend. For instance, in November 2022, the "International Supernode" was created and run by the Chinese initiative Xinghuo Blockchain Infrastructure and Facility in collaboration with MY EG, Services Berhad (MyEG), a Malaysian digital service provider. This collaboration reflects Beijing's continued efforts to increase its influence globally in the market. The market's growth is anticipated to be fueled by such strategies employed by major players.
A digital asset's origin is tracked by the ultra-transparent ledger system used by blockchain technology. The security and transparency of the technology have been successfully & consistently applied to the management of the Internet of Things, cryptocurrencies, digital IDs, copyright and royalty protection, real estate, tax regulation & compliance, and other areas. Its decentralized characteristic makes it more challenging to manipulate, which raises user popularity. Due to its low human involvement, lack of third-party verifications, improved transparency, peer-to-peer network, and ease of use, it is a more cost-effective and preferable option. Its popularity has grown due to its widespread application across numerous industrial sectors, including BFSI, healthcare, and manufacturing. Consequently, this is fuelling the market's revenue.
Blockchain, a subset of distributed ledger technology, and other emerging technologies are not restricted to a particular area or use case. The ability of blockchain to outperform the usage of cryptocurrencies and its potential to reshape crucial business, government, healthcare, and supply chain operations are being acknowledged by major world powers. China is a prominent player in testing blockchain technology and putting legal frameworks, rules, and government initiatives into place as part of its quest for global competitiveness. These aspects are predicted to support the growth of the regional market.
The China market dominated the Asia Pacific Blockchain IoT Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $935.8 million by 2030. The Japan market is anticipated to grow at a CAGR of 57.3% during (2023 - 2030). Additionally, The India market would register a CAGR of 59.2% during (2023 - 2030).
Based on Application, the market is segmented into Smart Contracts, Data Security. Asset Tracking & Management, and Others. Based on Vertical, the market is segmented into Transportation & Logistics, Consumer Electronics, Manufacturing, Healthcare, Retail, Smart City, and Others. Based on Component, the market is segmented into Software & Platform, Hardware, and Services. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. 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 IoT Market is Projected to reach USD 11.9 Billion by 2030, at a CAGR of 57.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
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