IDC Expects Blockchain Spending To Reach $2.7 Billion This Year, $15.9 Billion By 2023, Led By Banks
It is no secret that the blockchain technology is amazing for banking, right? On its newest piece of research, the International Data Corporation (IDC) agrees with that and proves it with data. According to its research, the world will be spending $2.7 billion USD with the blockchain technology this year.
The U. S. will be the country leading the race. It is expected to spend as much as $1.1 billion USD in the technology today, which may surprise people who say the country will be left behind in the technological race. Western Europe follows with projected spending of $661 million USD and China is obviously the third with $304 million USD.
Not only the numbers are pretty big, but an annual growth rate of around 60% is expected. This means that the world will be spending in 2023 alone around $15.9 billion USD with the technology.
Banks and Manufacturing Companies To Drive Investments Up
Despite how banks often claim that the blockchain technology is not so good, they are leading the spending on the area. Cross border payments and post-trade settlements and transactions are some of the main use cases for the technology and banks are aware that they can use it to reduce costs greatly.
Other industries such as manufacturing are also spending money, especially when it comes to logistics and replacing old paper processes in order to use more efficient ones.
The decentralization of this technology and its immutability is very important to some industries, so they know that now is the time to invest.