On March 4, researchers at International Data Corporation (IDC) issued a report that indicated that spending on blockchain solutions across the world would reach nearly $3 billion this year. IDC called the report the "Worldwide Semiannual Blockchain Spending Guide." In it, they studied 9 geographical areas and analyzed spending for 10 separate technologies across nearly 20 industries. Included in the report was also 15 use case studies. With total blockchain spending this year forecast at $2.9 billion, spending will increase by almost 90% from last year when it reached $1.5 billion. IDC further predicts that blockchain spending will continue to expand and experience a compound annual growth rate in excess of 75% every year until 2022. By then, IDC believes that blockchain spending will be at more than $12 billion per year. The financial sector is what is driving this year's growth in blockchain spending. The sector accounts for more than $1 billion of total spending, followed by the manufacturing and resources sector and the distribution and services sector. Spending in both of these latter sectors is predicted to reach around $650 billion. The blockchain use case that will receive the most investment this year is cross border payments and settlements, which will receive more than $450 million in investment. Coming in second is trade finance and post-trade/transaction settlements, which will receive close to $300 million in investment. In both of these use cases, the banking sector will be the biggest investor. As far as technologies, IDC thinks that IT and business services together will receive around 70% of blockchain spending this year. Coming in second place is blockchain platform software, which IDC predicts will experience a compound growth rate in excess of 80% in the coming years. In terms of geographical areas, the United States will receive the most blockchain spending this year, with more than $1 billion. Coming in second and third are Western Europe and China, with around $675 million and $320 million, respectively. Though IDC predicts that Japan and Canada will experience the greatest compound growth rates in the coming years, at 110% and 90%, respectively.
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