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“Asia-Pacific Expected to Surpass the United States in the 11 Trillion KRW Blockchain Market”
Asia Times, an English news outlet in Thailand, reported on last 18th that the Asia-Pacific blockchain market will grow at the fastest pace in the global market due to its high level of blockchain technology adoption, citing “Blockchain Market Industry Forecast 2018 – 2013,” the April report by the global research company Genesis Market Insights (GMI).
An analysis of the global blockchain market, which is expected to grow to the size of 11 trillion KRW, has shown that Asia-Pacific countries will outpace the United States, the current leader in terms of market occupancy, in the global market.
Last year’s scale of the global blockchain market was 357 million USD (about 400 billion KRW),
and the report forecast that the market will grow to over 10 billion USD (about 11 trillion KRW) by year 2023.
Current slowdown of the cryptocurrency shall pass anyway
The outlet explained that “the current slowdown of the crytocurrency market could be a temporary phenomenon before the expansion of blockchain and electronic money technology that is to take place for the next 10 years.”
In particular, the report predicted that the Asia-Pacific region will overtake the United States, the market occupancy leader, in the global blockchain market within a few years. In terms of individual countries, Japan and China are expected to show significant growth.
Asia is regarded as a major driving force that is leading the growth of the cryptocurrency market. Four out of the five major cryptocurrency exchange markets are located in Asia, especially in Hong Kong and South Korea.
[Excerpt from Asia Today]