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.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $155.36B $8,764.9392 9.46% $8.7B
ETH $28.5B $268.3083 7.36% $3.05B
XRP $17.31B $0.4110 7.19% $758.94M
BCH $7.72B $433.7867 8.46% $659.61M
LTC $7.07B $114.1938 12.04% $1.45B
EOS $6.36B $6.9674 9.58% $988.67M
BNB $4.84B $34.2827 1.41% $345.88M
USDT $3.08B $1.0072 0.38% $7.66B
XLM $2.57B $0.1332 7.08% $63.33M
ADA $2.23B $0.0861 7.10% $87.74M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here