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As per a new study by International Data Corporation (IDC), a United-States based market research firm, Global blockchain spending will count for almost $2.9 billion in 2019.
This depicts an 88.7% increase form 2018. The report also provided an in-depth analysis of blockchain developments in various segments.
The report also states, when it comes to building use cases, cross border settlements and trade finance are expected to receive over $738 Million.
Whereas, distribution services and manufacturing are forecasted to spend $653 Million and $642 Million over blockchain respectively in 2019.
As per the report, the financial sector will lead the industry when it comes to allocation of funds in blockchain development. Also, investment services, banking and insurance services are predicted to invest more than $1.1 Billion in the global blockchain spending motives.
Considering geographic terms, US will see the largest blockchain spending of $1.1 Billion. Furthemore, Western Europe and China are predicted to invest $674 million and $319 million respectively.
Stacey Soohoo, Research Manager for IDC's Customer Insights & Analysis team, said :
‘’2019 will be a year of mainstream adoption, but will rely heavily on reshaping the ideology of a blockchain revolution.”
A previous ICDC report has predicted global blockchain spending would reach $9.7 in 2021 and $11.7 billion in 2022. The report mentioned:
“Capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies.”
IDC has a strong belief that worldwide blockchain spending will witness rapid growth between 2018 and 2022. Moreover, the growth will be with a five-year compound annual growth rate of 76 percent. Also, The study predicts that total global spending will amount to $12.4 billion in 2022.
A few hours back, CoinMarketFeed reported that KPMG one of the “Big Four” auditors, alongside Deloitte, Ernst & Young and Price Waterhouse Cooper (PwC), found out that 41% of tech leaders are highly likely to enable blockchain technology into their business well within the next 3 years.
Whereas, 31% were neutral in their observations and the changes taking place, On the other hand, the remaining 28% said they were not keen in implementing Blockchain technology.
The survey noted that the industries that fell in the probability of being disrupted by Blockchain technology the most will be the Internet of Things (IoT) processes at 27%, trading at 22&, reduced cyber risks at 20%, and contracts at 18% in the coming three years.