{"id":373382,"date":"2019-03-04T21:00:43","date_gmt":"2019-03-04T21:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=373382"},"modified":"2020-10-07T11:27:26","modified_gmt":"2020-10-07T11:27:26","slug":"blockchain-spending-2019-grow","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/blockchain-spending-2019-grow\/","title":{"rendered":"Blockchain Spending in 2019 to Grow to $2.9 Billion, 88.7% Growth Since 2018"},"content":{"rendered":"
The amount spent on blockchain<\/a> technology by businesses seeking to utilise the trust-enhancing features of distributed ledgers<\/a> is expected to grow to $2.9 million in 2019. This would represent a growth of 88.7% over the $1.5 billion spent on the technology during 2018.<\/p>\n The reported figures come from the International Data Corporation<\/a> (IDC) who recently updated its “Worldwide Semiannual Blockchain Spending Guide.” According to a representative for the IDC, the tech has moved out of the design phase and into actual use and this shift will drive a lot of the expected spending through the next ten months.<\/p>\n The IDC report states that the financial sector will continue to account for the lion’s share of the spending on blockchain technology during 2019. The estimated figure here is $1.1 billion. This will come from a variety of interests, including: banking, securities and investment services, and insurers.<\/p>\n Another notable sector expected to be a part of the group of biggest blockchain spenders is that of manufacturing<\/a> and resources<\/a>. These industries will reportedly account for $653 million combined. They are also expected to see the largest growth in spending over the entire five year period with a CAGR of 77.6%.<\/p>\n Coming close behind manufacturing and resources is the distribution<\/a> and services industries. Firms doing business in these industries\u00a0 are expected to spend $642 billion on exploring and implementing blockchain technology during 2019.<\/p>\nNew Industries Finding New Ways to Use Blockchain<\/h2>\n