Blockchain Spending to Reach Almost $12 Billion in 2022
There is a new update to the Worldwide Semiannual Blockchain Spending Guide, from International Data Corporation (IDC). As per the update, worldwide spending on blockchain solutions is forecast to reach $11.7 billion in 2022.
Worldwide Semiannual Blockchain Spending Guide examines the blockchain opportunity from a region, an industry, a use case, and a technology perspective. Worldwide blockchain spending is expected to be $1.5 billion in 2018 which is double the amount spent in 2017. IDC also blockchain spending to grow at a robust pace throughout the 2017-2022 forecast period with a five-year compound annual growth rate (CAGR) of 73.2%.
The Research manager with IDC’s Customer Insights & Analysis team, Stacey Soohoo, said:
“Enthusiasm for blockchain continues to be universally shared across regions as businesses and organizations alike continue to explore the technology’s potential business application. Regulatory concerns and industry standards continue to hinder widespread adoption as governments around the globe work with enterprises to formulate policies and governance. As such, cross-business collaboration and blockchain interoperability are emerging as key aspects in the growth of the distributed ledger technology (DLT).”
Jessica Goepfert, program vice president, IDC’s Customer Insights and Analysis, said:
“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management. Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas. End to end, the stakeholders have a vested interest in solving these issues. Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers.”
As per the report, the United States will see the largest blockchain investments. It will deliver more than 36% of worldwide spending throughout the forecast. The next largest region for blockchain spending will be Western Europe, followed by China and Asia/Pacific (excluding Japan and China) (APeJC).
All nine regions covered in the spending guide will see remarkable spending growth over the 2018-2022 forecast period. Japan and Canada will lead the way with CAGRs of 108.7% and 86.7%, respectively. The report mentioned that the fastest growth among the various industries for blockchain spending will be experienced in process manufacturing (78.8% CAGR), professional services (77.7% CAGR) and banking (74.7% CAGR).
International Data Corporation (IDC) is the premier global provider of advisory services, market intelligence, and events for the telecommunications, information technology, and consumer technology markets. It employs more than 1,100 analysts worldwide in over 110 countries. It offers global, regional, and local expertise on technology and industry opportunities.
It was founded in 1964. IDC is a wholly-owned subsidiary of International Data Group (IDG) which is the world’s leading media, data and marketing services company that activates and engages the most influential technology buyers. The global research approach of IDC and its rigorous methodologies for technology suppliers and IT buyers as well as strong industry coverage set it apart from other market research firms.
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