Global Spending on Blockchain Solutions reached $ 16 Billion by 2023

According to the IDC report, global spending on developing blockchain solutions in 2023 will amount to almost $ 16 billion.

A new report published by the American research firm International Data Corporation (IDC) predicts that total spending on blockchain development in 2023 will reach $ 15.9 billion, with a five-year cumulative annual growth of 60.22% from 2018 to 2023.

The Worldwide Semiannual Blockchain Spending Guide released by IDC contains an analysis of the data on expenses for the blockchain industry in terms of regional, vertical integration, use cases, customers and technological prospects. The report predicts that in 2019, blockchain spending will increase by 80% compared to 2018. The banking industry is expected to control the lion’s share of investments worldwide – up to 30% over the forecast period.

It is estimated that 20% of the expenses will be spent on the development of blockchain solutions in the discrete and continuous production industry, and the latter direction will show the fastest growth in technology costs – at the level of 69.8%. When it comes specifically to the development of blockchain technology, it is expected that total IT and business services will account for 70% of the total costs, and software for blockchain platforms will become the largest investment area outside the service sector.

The U.S. will spend nearly $ 11 billion on blockchain in 2019, and Western Europe ($ 661 million) will be the second largest market, followed by China ($ 304 million). According to IDC, an increase in blockchain spending will be phenomenal in all nine regions analyzed. At the same time, Canada will demonstrate the highest five-year cumulative annual growth of 73.3%.

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James Wester, IDC’s Director of Blockchain Strategy Research, noted that despite some uncertainties associated with the management and regulation of blockchain systems, the introduction of technology in the corporate sector has reached a watershed in a number of areas of application:

“The introduction of the blockchain in the field of financial services, identification, trade and other markets is encouraging. Companies recognize the value of the initial pilot programs and move these projects into production. ”

Earlier, IDC predicted that by 2022 the cost of implementing blockchain solutions would amount to $ 2.4 billion. According to IDC forecast, by 2022, the US government will increase investment in blockchain to $ 123.5 million, which is 10 times more than the $ 10.7 million spent in 2017. .