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Spending On Blockchain Solutions To Hit $11.7bn In 4yrs



Leadership Nigeria News Today

The International Data Corporation expects that the annual growth rate of blockchain solutions would amount to 75 per cent through 2022.   It projects total spending in the blockchain industry will reach $11.7 billion in 2022 alone.

IDC in its new report called the “Worldwide Semiannual Blockchain Spending Guide”, said it is important to mention that this year, it is expected that on such projects only $1.5 billion will be spent. It means that blockchain spending will grow at a robust pace with a five-year compound annual growth rate of 73.2 per cent. It is also said that blockchain platform software will become the major category of spending without taking into consideration the services category and one of the rapidly developing and growing categories in general together with security software.

The analysts expect the major part of funds will be allocated for blockchain-based solutions by the financial sector, with banks being the first adopters of innovative solutions. In 2018, the financial sector alone has spent a total of $552 million on blockchain.

The distribution and services sector that follows the leader in this ranking has invested nearly $379 million, while the manufacturing and resources sector has already allocated $334 million for the technology. Speaking about the U.S. only, the leading sector that invests into blochchain more than others is distribution and services. Along with the United States, the analysts of the International Data Corporation have considered seven other regions in the world. And there are high chances that the forthcoming reports will include China as the ninth region under consideration.