International Data Corporation Details How Companies Will Spend $16 Billion On Blockchain By 2023

The blockchain technology might not be a panacea that will fix all problems, but it is a strong trend in several industries. A new report made by the International Data Corporation (IDC) affirmed blockchain spending is set to reach $16 billion USD by 2023. The yearly growth in spending will be around 60%.

This new study shows data from several perspectives. It divides it by region, industries, use cases and other perspectives. The banking industry is expected to be the sector that will invest the most in the technology, being responsible for 30% of all the spending. 20% is said to come from the manufacturing industry, which is also using the blockchain a lot.

When the spending is related to the development of technology, not only its implementation, then the tech sector is obviously the sector that spends the most. 70% of all global spending is set to come from this sector.

The United States is the market that will spend the most, $1.1 billion USD, followed by Western Europe with $661 million and China with $304 million. It should be noted that the cost of labor in China is considerably lower than in the U. S., so the country is investing a lot, despite spending only a fourth of the largest economy of the world will spend.

James Wester, the blockchain strategies director of the IDC, has affirmed that companies are looking for innovation despite the uncertainty on the sector and that the blockchain is being widely adopted around the world.