Main driver of blockchain spending increase will purportedly be financial sector
On March 4, 2019, advisory services company International Data Corporation informed that global expenditure on blockchain solutions will reach 2.9 billion USD in 2019.
The report published by International Data Corporation was named “Worldwide Semiannual Blockchain Spending Guide”. It provides an analysis on the emerging blockchain market and assesses evaluating expenditure data for 10 technologies having the use in 19 industries, as well as for 15 use cases in 9 geographic regions.
The document forecasts that expenditure on blockchain solutions will be about 2.9 billion USD in 2019, that is up by 88.7% from the 1.5 billion USD spent in 2018. Considering the period from 2018 to 2022, blockchain spending will presumably show a compound annual growth rate of 76%, with total spending up to 12.4 billion USD in 2022.
The main driver of blockchain spending increase will apparently be the financial sector having investment volume of more than 1.1 billion USD. The manufacturing and resources sector will purportedly take the second place; apparent leaders in this sector are retail and professional services industries.
According to the report, IT and business services will jointly have about 70% of all blockchain spending in 2019, while blockchain platform software will be the biggest sector of spending outside of the services category.
Among the regions analyzed, the United States will presumably show the largest blockchain spending in 2019, about 1.1 billion USD. Western Europe and China, with 674 million USD and 319 million USD, will take the second and the third places respectively.
The report says: “All nine regions covered in the spending guide will see phenomenal spending growth over the 2018-2022 forecast period led by Japan and Canada with five-year compound annual growth rates of 110% and 90%, respectively.”
Author: Alena Snezhnaya