If its analysis is correct, that would mean the global Blockchain market could end the year at $2.9bn compared to this year’s $1.5bn, according to the group’s latest Worldwide Semiannual Blockchain Spending Guide.
Surprising literally no-one, IDC states that global Blockchain spending will be led by the financial sector, where the banking, securities and investment services, and insurance industries will invest more than $1.1bn in blockchain solutions this year.
At the same time, the manufacturing and resources sector, driven by the discrete and process manufacturing industries, and the distribution and services sector, led by the retail and professional services industries, are forecast to see blockchain spending of $653m and $642m respectively this year it adds – with the manufacturing and resources sector set to see the fastest growth in blockchain spending over the 2018-2022 forecast, with a five-year CAGR (compound annual growth rate) of 77.6%, followed closely by the distribution and services sector with a CAGR of 77.1%.
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Cross border payments & settlements and trade finance & post-trade/transaction settlements are the two Blockchain use cases that will receive the most investment – $453m and $285m respectively – in 2019: “The banking industry will be the largest investor in both use cases.”
“Blockchain is maturing rapidly, and we have reached an inflection point where implementations are moving quickly beyond the pilot and proof of concept phase,” claims the group in its announcement.
“That is why data on the actual spend on the technology is so vital: it provides the context in which blockchain is evolving. Understanding how and where enterprises are investing their money gives vendors a better sense of where they need to deliver products and services as well as offering technology buyers insight into how their peers are adopting blockchain. It also provides a snapshot of where we can expect to see this new technology disrupt the way enterprise software is delivered.”
By 2022, IDC states that it expects the total spent on blockchain to reach $12.4bn.