Wednesday, 24 April 2019 10:58

IDC sees blockchain spending boom in Asia-Pacific excluding Japan

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IDC sees blockchain spending boom in Asia-Pacific excluding Japan Pixabay

Spending on blockchain solutions in the Asia-Pacific region, excluding Japan, are expected to reach nearly US$523.8 million this year, up 83.9% on the US$284.8 million in 2018, the analyst firm IDC claims.

Robust growth in spending over the 2018-2022 period would see a five-year compound annual growth rate of 77.5%, meaning that the total spend in 2022 would be US$2.4 billion, the company said in a statement.

"Networked Integrity, Distributed Power, Value as Incentive, Security, Privacy, Rights Preserved and Inclusion are the seven basic design principle of Blockchain Economy, and are providing the confidence for industry leaders to accelerate their adoptions of this maturing technology," said Ashutosh Bisht, senior research manager for Customer Insights and Analysis.

"We have reached an inflection point where implementations are moving quickly beyond the pilot and proof of concept phase for the adoption of blockchain in APEJ.

“Blockchain that emerged out of the financial sector is more well-established in this vertical industry. The financial sector accounts for about half of the spend, throughout the forecast period."

IDC said it saw banking, securities and investment services, and insurance industries together investing US$294.8 million in blockchain solutions in 2019.

Manufacturing and resources, driven by the discrete and process manufacturing industries, and distribution and services, led by retail and professional services industries, were forecast to see spending of US$95 million and US$90.6 million respectively.

IDC said the infrastructure sector would see the fastest growth in blockchain spending over the 2018-2022 forecast, with a five-year CAGR of 99.6%, followed closely by the distribution and services sector with a CAGR of 83.0%.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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