Global blockchain spending will increase to around in 2019, which is 88 per cent over the previous year, according to a new report from United States-based market research firm International Data Corporation (IDC).
IDC’s Worldwide Semiannual Blockchain Spending Guide provides analysis of blockchain developments in different branches.
According to the report, the financial sector will be the main engine of blockchain developments in terms of spending in blockchain this year. Banking, investment, securities and insurance services are forecasted to invest more than $1.1 billion out of the total global blockchain spending.
In geographic terms, the U.S. is set to see the largest blockchain spending of $1.1 billion, followed by Western Europe and China, which are predicted to invest $674 million and $319 million respectively.
Manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.
“2019 will be a year of mainstream adoption, but will rely heavily on reshaping the ideology of a blockchain revolution,” Stacey Soohoo, Research Manager for IDC’s Customer Insights & Analysis team, said.