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Robust Growth For Blockchain Investments. by saninng (m): 1:27pm on September 15
Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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Worldwide spending on blockchain solutions is forecast to be
$4,1-billion this year, an increase of more than 50% compared
to 2019.
According to a new update to the International Data
Corporation (IDC) Worldwide Blockchain Spending Guide,
blockchain spending will continue to grow at a robust pace
throughout the forecast period with a five-year compound
annual growth rate (CAGR) of 46,4%, reaching a total of nearly
$17,9-billion in 2024.
“The issues facing the global economy due to Covid-19 and
the efforts to contain it have caused nearly every industry,
market, and sector to re-evaluate core processes. This has
accelerated interest and investment in digital transformation,
which includes blockchain and distributed ledger technology,”
says James Wester, research director: worldwide blockchain
strategies at UDC.
“So many of the disruptions to industries during the pandemic
were exacerbated by processes and procedures that were
inefficient and outmoded. The pandemic simply exposed the
vulnerabilities and weaknesses in supply chains, financial
services, and many more industries.
“As enterprises look at ways to address those vulnerabilities
and weaknesses, they are recognizing that blockchain and
distributed ledger technology, by improving visibility and
increasing efficiencies across value chains, are the perfect
tools to not only fix existing problems but build entirely new
markets and services.”
More than a quarter of all blockchain spending worldwide will
come from the banking industry, where the top use cases
include: cross-border payments and settlements; trade finance
and post-trade/transaction settlements; and transaction
agreements.
The banking industry is expected to maintain a strong pace of
investment in blockchain with a five-year CAGR of 45,3%.
Process manufacturing and discrete manufacturing are the
next largest industries for blockchain spending, together
accounting for nearly a quarter of all spending worldwide.
The leading use case in both industries is lot lineage/
provenance with asset/goods management a close second for
process manufacturing.
Both industries will continue to invest in blockchain at rates
faster than the overall market – a 50,3% CAGR for process
manufacturing and a 46,5% CAGR for discrete manufacturing.
The fastest spending growth over the forecast period will
come from the fourth largest industry overall, professional
services, which will see a five-year CAGR of 54%. Other
industries showing strong blockchain spending growth include
healthcare (49,3% CAGR) and state/local government (48,2%
CAGR).
“The Covid-19 pandemic has proven to be a catalyst for the
adoption of many emerging technologies, and blockchain is no
exception. The need to obtain more visibility across the value
chain has never been more important and, in many instances,
the negative effects of previous pain points have been further
amplified,” says Stacey Soohoo, research manager: customer
insights & analysis at IDC.
“Organisations and enterprises are realizing the
inconsistencies, gaps, and sheer lack of reliable information
between different sources and entities.
“While many have ventured into digital currencies in light of
the coronavirus pandemic, others see the many benefits of
leveraging distributed ledger technology in other capacities to
increase engagement across a value chain to promote
transparency and traceability.
“It is without a doubt that the world will continue to learn from
activities related to the digital dollar, enterprises are already
implementing blockchain initiatives to solve real world
problems.”
The blockchain use cases that will see the most investment
across all industries are: cross-border payments &
settlements; lot lineage/provenance; and trade finance and
post-trade/transaction settlements. Together, these three use
cases will account for more than one third of all blockchain
spending throughout the forecast.
The use cases that will see the fastest spending growth
include asset/goods management (49,7% CAGR) and trade
finance and post-trade/transaction settlements (49,4% CAGR).
However, all the use cases identified by IDC will see strong
spending growth over the forecast period with CAGRs greater
than 40%.
From a technology perspective, IT services and business
services (combined) will account for roughly 70% of all
blockchain spending throughout the forecast with IT services
receiving slightly more investment over the forecast period.
IT services spending will also see the fastest growth with a
five-year CAGR of 51,4%.
Blockchain platform software will be the largest category of
spending outside of the services segment and the second
fastest growing technology category with a five-year CAGR of
48%.
Spending on blockchain solutions in the US will be more than
$1,6-billion this year, making it the largest geographic market,
followed by Western Europe ($1-billion) and China ($457-
million). All nine regions covered in the Spending Guide will
see exceptional spending growth over the forecast period led
by China with five-year CAGR of 51,7% and Central and
Eastern Europe (50,4% CAGR).

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