The funds spent on blockchain projects around the world is presumed to reach USD 2.7 billion increasing by more than 80 percent in 2019.
On the other hand, according a research firm, blockchain investments will skyrocket to USD 15.9 in 4 years. It also added that the spending from 2018 to 2023 will increase by over 60 percent.
The financial sphere will take up half of the spending using blockchain for international transactions. The second biggest sector for blockchain will be manufacturing. This industry is expected to take up over 20 percent of spending. The production of goods is also predicted to be the industry with the fastest growth rate of about 68.8 percent.
Other sectors such as retail, utilities as well as services will experience a growth of blockchain in the next couple of years.
The research director of the International Data Corporation‘s blockchain department, James Wester, stated that this innovative technology has been a topic for numerous discussions, however, companies are already starting to accept the blockchain system and finding effective applications for it. They are now seeing the value of the blockchain technology.
In the United States, the spending on blockchain is expected to surpass USD 1 billion in 2019 as the country becomes the biggest market for blockchain projects. In China as well as the Western parts of Europe spending will respectively reach USD 300 million and USD 660 million.