International Data Corporation (IDC) published a report two days ago where it shows that the global blockchain spending will reach up to $2.9 billion at the end of this year which is an 88.7 percent increase from 2018. In today’s crypto news we find out more about what the report says.
IDC’s Worldwide Semiannual Blockchain Spending Guide shows the various analyses of blockchain developments in a couple of segments. According to this report, the financial sector will be a leading industry regarding spending in blockchain development, whereas, investment services, insurance services, and banking will likely invest more than $1.1 billion of the total blockchain spending.
When looking at the use cases, cross border settlements and trade finance are forecasted to receive investments in about $748 million. The United States will likely see the largest blockchain spending of about $1.1 billion followed by China and Western Europe reaching $674 million and $319 million.
The research manager for IDC’s Customer Insights & Analysis team Stacey Soohoo believes that 2019 will be the year when the mainstream adoption happens but will ‘’still rely on reshaping the ideology of a blockchain revolution.’’
IDC predicts that the worldwide blockchain spending will start rapidly growing up until 2022 with a five-year annual growth rate of 76 percent according to the report. The report predicts that the total global spending will reach up to $12.4 billion by 2022.
The International Data Corporation has already predicted that the global blockchain spending would hit about $10 billion in 2021 and almost $12 billion in 2022.
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