Asia Pacific Spending in Blockchain Solutions Will Reach $2.4 Billion USD By 2022, IDC Reports
The U. S.-based market research firm International Data Corporation (IDC) has recently revealed that the blockchain solutions spending in the region of Asia and the Pacific will reach $2.4 billion by 2022. The research excluded Japan, which is one of the countries that spend the most in the area.
This report was published in the IDC's Worldwide Semiannual Blockchain Spending Guide. The document is focused on the spending data from the blockchain sector in this region, which is considered an emergent market. On it, you can see use cases and the perspective of the technology buyers.
According to the predictions made on the report, spending on blockchain solutions will hit around $523 million USD this year and it will get far higher later. In fact, this value already represents an increase of almost 84% from 2018. When comparing 2018 to 2022, the annual growth rate will be around 77.5% and it will culminate in spending of $2.4 billion USD in 2022.
Ashutosh Bisht, the senior research manager of the company, believes that the financial sector, in which the blockchain is considerably more well-established, will account for over half of the spending. It makes sense considering how the blockchain technology is often used in this field.
For instance, banking and investment companies will spend almost $300 million USD of the annual $523 million USD spending. The sector which will see the largest growth in the infrastructure sector, which will grow 99.6% annually during the timespan of five years.
The Blockchain Use Cases
Several individual use cases were cited in the report. For instance, the blockchain spending will grow a lot in very important cases like post-trade and financial transaction settlements, as well as cross-border payments. This means that, once more, the banking industry will lead the spending in the area.
According to the reports, this region will contribute with 18.4% of the global expending in 2019. Western Europe is the second biggest spender with 23.7% and then the United States with 37.6%. Inside the Asia Pacific region, China will lead the spending with around 70% of it all in 2022.