A report by U.S.-based market research company International Data Corporation (IDC) has indicated that blockchain solutions spending in the Asia-Pacific excluding Japan (APEJ) region is projected to hit US$2.4 billion by the year 2022.
According to Cointelegraph, the firm’s Worldwide Semiannual Blockchain Spending Guide analyzes spending data from the emerging blockchain sector from a regional, vertical, industry, technology, buyer, and use case perspective.
The report predicts a sharp rise in regional blockchain solutions spending in 2019, expecting that APEJ spending will reach nearly US$523.8 million in 2019, up 83.9% from US$284 million in 2018. IDC also forecasts a five-year compound annual growth rate (CAGR) of 77.5% for the 2018-2022 period, concluding with an estimated US$2.4 billion.
Ashutosh Bisht, senior research manager for customer insights and analysis at IDC, released a statement saying the financial sector, where the blockchain economy is better established, accounts for roughly 50% of total spending over the forecast period.
As stated in the report, the APEJ contributes roughly 18.4% of total global spending on blockchain in 2019, ranking third after the United States, the highest spender at 37.6%, and Western Europe, the second-highest at 23.7%. Within the APEJ, China is expected to contribute about 70% of overall spending by 2022.
IDC’s March 2019 forecast for worldwide blockchain solutions spending across all countries projected the total combined figure at US$2.9 billion in 2019 for an increase of 88.7% from 2018. A separate report for the same month expects blockchain spending in the United States to soar from its current level of US$3.12 billion to US$41 billion by 2025.
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