According to the research data analysed and published by StockApps.com, global blockchain spending is set to hit $4,1-billion in 2020, up by nearly 50% from $2,7-billion in 2019.
Over the five-year period between 2020 and 2024, it is expected to maintain a 46,4% CAGR.
International Data Corporation (IDC) also states that the total spending on blockchain solutions will be nearly $18-billion by 2024.
Another report, from Markets and Markets, indicates that the global blockchain market is estimated to be worth $3-billion in 2020. It is projected to grow at a 67,3% CAGR between 2020 and 2025, to reach a $39,7-billion valuation by the end of the period.
The total spending in the blockchain space amounted to $1,5-billion in 2018. At the time, the financial sector was most dominant, accounting for 60% of all spending. Though it still leads in 2020, its market share is now about half of that, at 29,7%.
Between 2020 and 2024, the IDC predicts that the blockchain industry will maintain a healthy pace of investment at 45,3% CAGR. Process and discrete manufacturing will together account for 22,3% of all blockchain spending in 2020. While process manufacturing will grow at a 50.3% CAGR, discrete manufacturing will grow at 46,5%.
With $1,6-billion, the US will top the list globally in terms of spending while Western Europe will be second with $1-billion. China will take the third spot with $457-million, but it will be the leading country in terms of growth, with a 51,7% CAGR.
China’s blockchain spending was $87-million in 2017. It could rise as high as $1,42-billion by 2022. Prior to the pandemic, it was growing at a 65,7% CAGR against APAC’s 50,3% and global’s 60,2%.