Blockchain Tech Spending To Reach $9.2 Billion By 2021 – IDC Reportbr>
A report by research firm IDC claims spending on blockchain solutions could top $9 billion within three years, more than tripling its expected $2.1 billion for 2018.
The findings were contained in the first Worldwide Semiannual Blockchain Spending Guide from the research firm, which tracks market growth in various sectors. Last year, the report claims, blockchain spending amounted to $945 billion, meaning the 2016-2021 forecast period will show a compound annual growth rate of 81.2%.
The United States will spend more than any other country on blockchain solutions, focusing on the distribution and services sector. Western Europe, China and the Asia-Pacific region will also invest heavily, but will focus on financial services.
“2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain. 2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments. As a leader in blockchain innovation and integration, the U.S. will continue to invest in blockchain throughout the forecast, spending heavily in financial services, manufacturing, and other industries. The U.S. will look to improve efficiencies in existing operations while promoting new applications in others, creating new streams of revenue and areas of spend,” said Stacey Soohoo, a research manager at IDC.
A combination of IT services and business services will account for roughly 75 percent of all blockchain spending throughout the 2016-2021 forecast, with spending fairly well balanced across the two categories.