Market intelligence company IDC published the latest update to its Worldwide Semiannual Blockchain Spending Guide. The report found that for Asia/Pacific excluding Japan (APEJ) in 2018 trade finance & post trade/transaction settlements accounted for 16.1% or $82.1 million of enterprise blockchain spending, closely followed by cross border payments & settlements at 15.9% or $79 million.
The only other applications that accounted for more than 5% were regulatory compliance (9.5%), transaction agreements (9.3%) and lot lineage or provenance (6.9%).
Total 2018 APEJ spend amounted to $284.8 million and is expected to grow by 83.9% to $523.8 million this year. The projected figure for 2022 is $2.4 billion or compounded growth of 77.5%.
The financial sector accounts for about half of the spend and is forecast at $294.8 million for 2019.
“Networked Integrity, Distributed Power, Value as Incentive, Security, Privacy, Rights Preserved and Inclusion are the seven basic design principle of Blockchain Economy, and are providing the confidence for industry leaders to accelerate their adoptions of this maturing technology,” said Ashutosh Bisht, Senior Research Manager for Customer Insights and Analysis at IDC. “And we have reached an inflection point where implementations are moving quickly beyond the pilot and proof of concept phase for the adoption of Blockchain in APEJ.”
The manufacturing and resources sector is the second highest forecast for 2019 at $95 million, followed by the distribution and services sector with $90.6 million.
Previous IDC blockchain spending reports:
IDC forecasts rapid enterprise blockchain spending growth March 2019
IDC predicts huge blockchain impact on digital transformation by 2021 November 2018
IDC blockchain spending predictions overshadowed by startups July 2018
Below are other recent blockchain surveys:
Accenture: blockchain for aerospace
Boston Consulting Group: blockchain for transport and logistics
Cap Gemini blockchain survey
Deloitte blockchain survey
EY blockchain (finance and tech professionals) survey
KPMG technology industry innovation survey
PwC blockchain survey
PwC China blockchain survey
World Energy Council / PwC blockchain survey
SAP blockchain survey
TD Bank payments industry survey
BNY Mellon payments survey
BNY Mellon / ICC trade finance gap
Friss insurance survey
Juniper enterprise blockchain survey
BIS Central Bank Digital Currency survey
IBM / OMFIF Central Bank Digital Currency survey
ING general population cryptocurrency attitudes