The blockchain likes the business: investments up to $11.7 billion in 2022

Forecasts of worldwide spending on blockchain solutions and technologies speak of $11.7 billion in 2022, as written by IDC in the recent update of the Worldwide Semiannual Blockchain Spending Guide. The IDC analysis extends over the period from 2017 to 2022, for which it computes a compound annual growth rate (CAGR) of 73.2%. As for 2018, total spending on blockchain solutions and technologies is expected to reach $1.5 billion, or double that of last year.

” Enthusiasm for blockchain continues to be widely shared across geographic areas, while businesses continue to explore the potential of technology applied to the business regulatory concerns, and industry standards continue to pose an obstacle to adoption, with governments of the world working with companies to formulate policies and rules: cross-business collaboration and blockchain interoperability are emerging as key factors in the growth of distributed register technology, ” commented Stacey Soohoo, research manager for IDC.

During the period under review, the United States will see the largest investments in blockchain technology and generate over 36% of global spending. In second place, Western Europe, followed by China and the Asia / Pacific region (excluding China and Japan).

All geographic areas covered by the analysis will witness a significant growth over the period 2018-2022, with Japan and Canada ranking first with a CAGR of 108.7% and 86.7% respectively.

This year the spending on the Blockchain sees the financial sector at the top with $552 million, followed by that of distribution and logistics with 379 million dollars and that of manufacturing in third place with 334 million dollars. In the US, logistics and distribution services will see the largest blockchain investments, while financial services will play the lion’s share in Western Europe, the Middle East, Africa, China and the Asia / Pacific region.