Blockchain spending set to reach $9.2bn in 2021

According to a report from the International Data Corporation (IDC), global spending on blockchain technology is set to more than double from the $945mn recorded in 2017 to $2.1bn this year.

“2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain,” said Stacey Soohoo, Research Manager, Customer Insights & Analysis. “2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments.”

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In line with this, the IDC is expecting a sustained level of growth of the blockchain market between now and 2021, predicting a compound annual growth rate (CAGR) of 81.2% between 2016-2021.

The US is expected to lead this as a leader of blockchain innovation and integration, with a heavy blockchain investment expected to come within the financial services and manufacturing industries, amongst others.

“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,” Soohoo continued.

For more information regarding the diverse use of blockchain technology across a wide variety of industries, see Beyond cryptocurrency: Eight alternative uses of blockchain.