The International Data Corporation, a company that provides different services for businesses in such spheres as information technology, telecommunications, and consumer technology, published its new report called the “Worldwide Semiannual Blockchain Spending Guide”.
The company’s experts that have worked on the report suppose that total spending on projects in the blockchain industry will reach $11.7 billion in 2022 alone. 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%.
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 Stated, 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.
In today’s financial situation, over 36% of the spending on blockchain technology are done by the United States. The sum taken for account also includes cross-border payments and settlements. It means that the country has invested a total of $193 million in this sphere.
According to Jessica Goepfert, program vice president for the International Data Corporation, there is a number of certain use cases for blockchain technology that won’t be replaced by anything else at least in the nearest future.
Commenting her point of view, she said:
“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management … Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers.”
Nevertheless, analysts expect not only the growth of spending in this sphere but the growth of the sphere itself as well. The number of experts suppose that quite soon we will see a significant increase in Bitcoin prices.
There are different points of view, for example, billionaire investor Marc Lasry predicted that the price of Bitcoin could reach a mark of $40,000 while Tom Lee insists on the mark of $22,000 in 2018.