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 US$2.4 billion, the company said in a statement.
"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.
"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.
IDC said it saw banking, securities and investment services, and insurance industries together investing US$294.8 million in blockchain solutions in 2019.
Manufacturing and resources, driven by the discrete and process manufacturing industries, and distribution and services, led by retail and professional services industries, were forecast to see spending of US$95 million and US$90.6 million respectively.
IDC said the infrastructure sector would 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%.