This IDC Presentation is part of IDC New Zealand's 3rd Platform Heatmap series. The analysis is based on data gathered from a range of sources including existing IDC research such as IDC's Worldwide Semiannual Blockchain Spending Guide and supplementary secondary research. The report examines factors and trends shaping the New Zealand blockchain market and provides an overview of deployed blockchain initiatives by New Zealand organisations as well as how blockchain relates to IDC's 3rd Platform.
NZ$2.2 billion is expected to be spent worldwide on blockchain technologies in 2018, up from NZ$1.1 billion in 2017. In Asia/Pacific (excluding Japan) (APEJ), IDC forecasts that blockchain spending will grow to NZ$3 billion by 2022, significantly more than the NZ$384 million expected to be spent in the region in 2018. Blockchain spending in the region is expected to be led by the financial sector, driven primarily by investments in banking.
Chayse Gorton, market analyst, IT Services and Blockchain, says of the local market, "Although there is a broad range of blockchain initiatives under way in New Zealand, the market is yet to achieve the full potential of using blockchain as a disrupter, as few of these projects have made it past the proof of concept stage."
IDC believes there is strong potential for organisations to use blockchain to enhance many technologies including IoT, next-generation security, robotics, AR/VR in a variety of ways. As such, it will be exciting to keep up to date with the range of initiatives that utilise blockchain in New Zealand over the next few years.