Blockchain spending in Asia Pacific, excluding Japan, (APEJ) is expected to reach nearly US$523 million in 2019, an increase of 83.9% from the US$284.8 million spent in 2018, according[1] to the latest findings from the International Data Corporation (IDC)’s Worldwide Semiannual Blockchain Spending Guide.
IDC, a provider of market intelligence and advisory services for the information technology, telecommunications and consumer technology markets, forecasts that blockchain spending in the region will grow at a strong pace between 2018 and 2022 with a five-year compound annual growth rate (CAGR) of 77.5%. The firm estimates a total spending of US$2.4 billion by 2022.
APEJ is set to contribute around 18.4% of the overall worldwide spending on blockchain this year, ranking third after Western Europe at 23.7% and the US, the biggest spender, at 37%. In APEJ, China is expected to contribute the most, representing 70% of the region’s overall spend in 2022.
According to Ashutosh Bisht, senior research manager for customer insights and analysis at IDC, blockchain implementations are moving quickly beyond the pilot and proof of concept phase in APEJ. “We have reached an inflection point,” Bisht said. “Networked integrity, distributed power, value as incentive, security, privacy, rights reserved and inclusion are the seven basic design principle of the blockchain economy, and are providing the confidence for industry leaders to accelerate their adoptions of this maturing technology.”
Findings[2] from a recent report by Global Market Insights go even further, suggesting that the Asia Pacific region will likely user in a new era and lead in blockchain adoption. The region’s blockchain market is estimated to grow by an estimated 87% over the next six years.
According to Amyn Gillani, CEO of Talos Digital, a software development company, one of the primary reasons APAC looks poised to blaze trails in blockchain is its consumer market which is not only
