Worldwide blockchain spending to reach $2.9 billion USD in 2019

Spending in blockchain solutions in 2018 amounted to $1.5 billion USD. The increase of investment in everything blockchain related is expected to rise by 88.7% to $2.9 billion USD in 2019, according to the International Data Corporation.

They go a step further and predict that the investment into blockchain solutions will rise all the way to $12.4 billion by 2022. Their findings are based on their research which covers the majority of the global markets.

Blockchain is set to mature rapidly. Right now we have reached a point where projects are going past the pilot and proof of concept phases. It is at this time that data on spending becomes so important in discovering the direction towards which blockchain is evolving. Our work helps vendors get a better sense of where enterprises are investing their money, informing their decision on how to approach the market, said James Wester, the research director for the project.

According to the report more than $1.1 billion in investments will enter the market through the financial sector. Banks, securities, investment and insurance will account for 38% of the total investment in blockchain solutions in 2019.

The rest of the investments are expected to come from manufacturing and production, distribution, retail, and professional service industries.

What is interesting is that blockchain is deemed to have already proven itself as a better alternative than the status quo. Corporations and institutions that have decided to go through with the development and implementation of a blockchain system have more often than not benefited by the decision. Whether it increased the profit margin, or lowered the cost of doing business, implementing blockchain technology is considered a great idea by corporate executives, as shown by the facts.

Disclaimer: This article was written using data from the press release published by IDC. The full report is available for purchase for a price of $4,500. Neither CoinBeat nor the Author are affiliated in any way with IDC, nor should you consider this article to be an endorsement.

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