Recent research data from the International Data Corporation estimates the worldwide spending on blockchain to hit the $11.7 billion mark by 2022. Data from the corporation also approximates 2018’s worldwide blockchain investment to reach the $1.5 billion mark, double the spending in 2017, by the end of the year.
The worldwide Semiannual Blockchain spending guide from the International Data Corporation projects the spending in 2021 to amount to $9.2 billion. The 2022 estimates are therefore in line with those projected in the spending guide. The International Data Corporation’s market intelligence team is very optimistic. The team strongly believes that the amount of investment going to the young technology is bound to increase exponentially in the coming years.
“Enthusiasm for blockchain continues to be universally shared across regions. Businesses and organizations alike continue to explore the technology’s potential application,” remarked International Data Corporation’s Customer Insights and Analysis research manager, Stacey Soohoo, during a press release. She went on to add, “Cross-business collaboration and blockchain interoperability are emerging as key aspects in the growth of the distributed ledger technology.”
The largest blockchain investment will happen in the United States where more than 36 percent of the total worldwide spending on Blockchain is predicted to happen. Western Europe, China, and the greater part of Asia (apart from Japan) closely follow the United States. These areas have been forecast to experience a phenomenal spending growth over a four-year period.
The distribution of expected investments across the other sectors is set to remain largely the same. Over the years, the finance and banking industries have been the main blockchain investors.
“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management,” remarked International Data Corporation’s vice president Jessica Geopfert. The vice president went on to further comment, “Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas.”