Worldwide Spending on Blockchain Technologies Is Expected to Reach $9.7 Billion in 2021
According to a report from International Data Corporation, worldwide spending on blockchain solutions valued at $945 million in 2017 and is expected to reach $9.7 billion in 2021, while growing at a compound annual growth rate of 81.2 percent. Rapid adoption of blockchain technology in financial sector drove the most blockchain investment in the banking industry. In the financial sector, the technology is used in regulatory compliance, cross-border payments & settlements, custody and asset tracking, and trade finance & post-trade/transaction settlements. The distribution and services sector will also benefit from the blockchain technology. The sector will see $510 million investment in 2018.
Stacey Soohoo, research manager, Customer Insights & Analysis, said: “2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain. 2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments. As a leader in blockchain innovation and integration, the U.S. will continue to invest in blockchain throughout the forecast, spending heavily in financial services, manufacturing, and other industries. The U.S. will look to improve efficiencies in existing operations while promoting new applications in others, creating new streams of revenue and areas of spend. With increased investments driven by pressures to keep up with the accelerating pace in innovation, the world will continue to look to the U.S. for guidance as other regions forge ahead in their own blockchain projects and initiatives.”