Business spending on blockchain is expected to grow at a sustained rate over the period 2020-2024, IDC predicts. Banking and industry are at the forefront.
It is not only cloud computing that is resisting the crisis, but also blockchain, according to the most recent forecasts byIDC. The research firm now forecasts an increase of more than 50% to $ 4.1 billion, including $ 1.6 billion in the United States, $ 1 billion in Western Europe and $ 457 million in China, global spending on blockchain solutions in 2020.
“The pandemic [de Covid-19] exposed vulnerabilities and weaknesses in supply chains, financial services and many other industries, ”said James Wester, research director of global blockchain strategies at IDC.
How to remedy the loopholes and silos? Companies “recognize that blockchain and distributed ledger (DLT) technologies, by improving visibility and increasing efficiency across value chains, are suitable tools for solving existing problems, but also for creating new ones. markets and services. “
Over the next few years, the pace of sales growth should remain sustained (+ 46.4% on average per year) to reach nearly $ 17.9 billion by 2024.
Which industries invest the most in blockchain?
Banking and industrial production
The banking sector alone accounts for more than a quarter of investments related to blockchain or decentralized transaction management technology.
Production industries (discrete and process) are expected to account for another quarter of expected global blockchain spending.
But it is professional services that would post the strongest growth in their investments (+ 54% per year) in this area over 5 years, according to IDC.
Which providers are capturing the value?
70% of the investments would be directed towards IT services and business services. For suppliers, this is about supporting the deployments of blockchain technology and uses in markets that can be highly regulated.
According to another research firm (Forrester), the battle for leadership between DLT (Distributed Ledger Technology) frameworks should continue.
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