asia pacific tokenization Market

The Asia-Pacific tokenization market was valued at US$ 244.7 million in 2019 and is projected to reach US$ 1743.4 million by 2027; it is expected to grow at a CAGR of 28.7% from 2020 to 2027.

The tokenization market in APAC comprises China, India, Japan, Australia, South Korea, and the Rest of APAC. In the past few years, payment frauds have grown to be a greater risk in the region. This is mainly because of rapidly increasing connectivity and rushing pace of digital transformation in the region, resulting in sharpening concern for technological threats among the businesses. The rising threat of cybercrime in the region is majorly because of the lack of transparency resulting in feeble cyber enforcements and regulations by the government authorities. The region is struggling with increasing fraud rates owing to growing real-time payment adoption, which is likely to increase the threat. For instance, according to the State Bank of Vietnam Payment Department, security risks in the country, which include network attacks on bank infrastructure, customer fraud, and user data leakage are growing. Hence, such growing frauds in the region are increasing the demand for tokenization technology. Companies are integrating advanced technologies such as machine learning (ML) and artificial intelligence (AI) to gain traction in the market.

The growing integration of advanced technologies with tokenization solutions helps protect the sensitive data of customers. To make payments safer and enhance the digital commerce, companies are investing in tokenization, which is integrated with machine learning, automation, and cloud technology. These technologies autonomously learn, uncover patterns, and drive hidden insights. Tokenization technology is being deployed across industries such as BFSI, government, IT & telecom, healthcare, and retail in the region; thus, the growing demand for tokenization in these industries is propelling the growth of the market in APAC.

The COVID-19 impact has accelerated a shift towards a cashless transaction among consumers as well as businesses alike. Consequently, the digital payment industry in APAC is expected to continue to attract investments over the coming years.

The overall Asia Pacific tokenization market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the tokenization market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific tokenization market. Broadcom Inc, Fiserv Inc, Visa Inc, and Thales Group are among the key players in the Asia Pacific tokenization market.