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Laxman Pai, Opalesque Asia: The amount spent on blockchain technology by businesses seeking to utilise the trust-enhancing features of distributed ledgers is expected to grow to $2.9 billion in 2019. This would represent a growth of 88.7% over the $1.5 billion spent on the technology during 2018.
The blockchain spending will grow at a robust pace over the 2018-2022 forecast period with a five-year compound annual growth rate (CAGR) of 76.0% and total spending of $12.4 billion in 2022, said a new study 'Worldwide Semiannual Blockchain Spending Guide' from International Data Corporation (IDC).
Global blockchain spending will be led by the financial sector, where the banking, securities and investment services, and insurance industries will invest more than $1.1 billion (combined in blockchain solutions this year.
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 $653 million and $642 million respectively this year.
The manufacturing and resources sector will see the fastest growth in blockchain spending over the 2018-2022 forecast with a five-year CAGR of 77.6%, followed closely by the distribution and services sector with a CAGR of 77.1%.
Cross border payments & settlements and trade finance & post-trade/transaction settlements are the two blockchain use case...................... To view our full article Click here
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