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Laxman Pai, Opalesque Asia: Blockchain spending in Asia Pacific, excluding Japan, (APEJ) is expected to reach nearly $523.8m in 2019, an increase of 83.9% from the $284.8m spent in 2018.
According to the analyst firm International Data Corporation (IDC), 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 $2.4bn.
According to a statement from Ashutosh Bisht, senior research manager for customer insights and analysis at IDC, the financial sector - where the blockchain economy is better established - accounts for about half of the total spending throughout the forecast period.
From the financial sector's perspective, IDC sees banking, securities and investment services, and insurance industries will invest $294.8m combined in blockchain solutions this year.
The manufacturing and resources sector, driven by the discrete and process manufacturing industries, and the distribution and services sector, led by the retail and professional services industries, are forecast to see blockchain spending of $95.0m and $90.6m respectively this year.
The infrastructure sector will 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%.
Simon Piff, Vice President for Security and Blockchain Research at IDC Asia/Pacific. "As we ...................... To view our full article Click here
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