The Asia/Pacific, excluding Japan, is expected to increase their spendings on Blockchain solutions to over $2 Billion by 2022 according to an April 23, 2019 report by the International Data Corporation.
An Asian Connection
It is no secret that blockchain has many applications in both the business world and everyday life. This has seen it be embraced by a diverse range of areas such as the business world, agriculture, and education. Whilst this is a global phenomena, it is interesting to observe just how enthusiastic Asia, in particular, has been about blockchain. Places such as Seoul, Hong Kong, and Japan have seen enormous growth with regards to blockchain.
With all this in mind, it is no surprise that blockchain spending in Asia has reached new heights; according to a report by the International Data Corporation (IDC), blockchain solutions spending in the Asia/Pacific excluding Japan (APEJ) is expected to hit $2.2 billion by 2022. The report was published on April 23, 2019.
As per the report, blockchain solutions spending in the APEJ is expected to reach $523.8 million in 2019 which represents an increase of 83.9% from the spending in 2018. The figures quoted were taken from the Worldwide Semiannual Blockchain Spending Guide, and it was also noted that there will be a significant increase in spending from 2018 to 2022, with an annual compound growth rate of 77.5% the total spending of over $2 billion by 2022.
“Networked Integrity, Distributed Power, Value as Incentive, Security, Privacy, Rights Preserved, and Inclusion are the seven basic design principle of Blockchain Economy,” said Ashutosh Bisht, Senior Research Manager for Customer Insights and Analysis at IDC, who noted that financial sector was more established and also accounts for half of all spending.
The IDC stated that banking securities and investment services and insurance industries will invest $294.8 million in blockchain Solutions in 2019 while the infrastructure sector will see the fastest growth in spending over the four-year period with a CAGR of 99.6%.
It was also stated that manufacturing would focus much of its blockchain investment in LoT Lineage/Provenance as well as Trade Finance & Post trade/Transaction settlements use cases as well as regulatory compliance use cases.
Simon Piff, Vice President for Security and Blockchain Research at IDC Asia/Pacific added:
“After much experimentation, this technology is beginning to emerge in a range of production environments driven by the thought leadership of early adopters and an ever-growing industry of blockchain businesses helping their customers realize the value of this technology,”