According to a recent study report, global spending on Blockchain technology will touch its highest amount of USD 2.9 billion this year. Published by advisory services firm IDC (International Data Corporation), the report titled “Worldwide Semiannual Blockchain Spending Guide” analyzed the emerging Blockchain market. It also evaluated spending data for 10 technologies across 19 industries and 15 use cases in nine geographic regions.
The global spending on Blockchain solutions will be high at a growing rate of 88.7 percent as the value was worth USD 1.5 billion last year. Moreover, the study report predicted that the Blockchain spending to reach USD 12.4 billion marks by 2022, at a staggering CAGR of 76 percent. It also highlighted the major drivers of the global Blockchain spending growth, in which the financial sector will purportedly be responsible for the growth with an investment volume of over USD 1.1 billion. After that, the manufacturing and resource sector led by the retail and professional services industries will see the amount of USD653 million and USD642 million Blockchain spending this year, respectively. According to the report, cross-border payments and settlements, along with trade finance and transaction settlements will attain the highest investment with an amount of USD453 million and USD USD283 million this year, respectively. In the Blockchain space, IT and business services will jointly see nearly 70 percent of all Blockchain spending in 2019, while Blockchain-based platform software will be the larger sector of spending outside of the services category, with a five-year CAGR of 81.2 percent.
According to the report, the United States will see the largest Blockchain spending this year on the basis of regional level, which investing to USD 1.1 billion, following Western Europe and China with USD674 million and USD319 million, respectively. As part of the spending on this technology, another report from Infoholic Research LLP, issued in February this year, anticipated that the Global Blockchain spending in energy utility market will touch USD 3.4 billion by 2024, with 60 percent of CAGR.