Financial Services and the United States to Drive Blockchain Spending in 2019

IDC predicts global blockchain spending to grow rapidly between 2018 and 2022, with a five-year CAGR of 76 percent. The report forecasts that total global spending in blockchain will climb to $12.4 billion in 2022.

The report predicts the manufacturing and resources sector will receive blockchain related investment of $653 million in 2019 followed closely by the services and distribution sector which will receive $642 million. Both sectors will see impressive growth during the period 2018-2022 with CAGR of more than 77%.

There have been a number of promising applications of blockchain in manufacturing and supply chain over the last 12 months. Carrefour, the French retail giant, has launched a blockchain-powered product to track its milk supply chain. Similarly, Walmart has developed a food safety blockchain solution for tracking its suppliers of leafy green vegetables.

Stacey Soohoo, Research Manager for IDC’s Customer Insights & Analysis team, said that while 2018 was a year of breakthroughs in blockchain such as “