Spending on blockchain solutions will grow by more than 50% worldwide this year compared to 2020, to nearly $6.6B. The banking industry alone will contribute 30% of the expected spending.
This is predicted by IDC, they are confident that this strong growth will continue until at least 2024.
“While the effects of the pandemic had organizations diverting budget or pausing projects to focus on more essential endeavors, this was not the case with blockchain,” says Stacey Soohoo, research director at the consultancy.
Spending on blockchain solutions will grow by more than 50% in 2021
Banking is leading the way in blockchain spending. It is expected to account for almost 30% of the global total this year. Process and discrete manufacturing, professional services, retail, and insurance will also play prominent roles.
The main use case is cross-border settlements and payments, “Specifically, focus has been in tracking items from manufacturer to distribution to the end consumer and related payments and settlements that come with goods movements and management,” Soohoo explains.
The combination of IT and business services is driving much of the spending.
By country, the United States will contribute nearly $2.6B of the $6.6B forecasts for 2021. Western Europe will come in second with $1.6B.
