Worldwide blockchain spending forecast from research firm IDC indicates that the market will double to $1.5 billion in 2018 from 2017.
Earlier, Forbes listed top 10 blockchain companies to watch out for in 2018.
The latest IDC report has also given blockchain spending forecast for 2022 indicating that the US will be a key market.
Blockchain spending is forecast to reach $11.7 billion in 2022 with a five-year CAGR of 73.2 percent throughout the 2017-2022 forecast period.
Regulatory concerns and industry standards will hinder widespread adoption as governments around the globe work with enterprises to formulate policies and governance.
“Cross-business collaboration and blockchain interoperability are emerging as key aspects in the growth of the distributed ledger technology (DLT),” said Stacey Soohoo, research manager with IDC’s Customer Insights & Analysis team.
US will make more than 36 percent of worldwide spending in blockchain investments throughout the forecast.
Western Europe will be the next largest region for blockchain spending, followed by China and Asia Pacific (excluding Japan and China).
Financial sector’s blockchain spending will be 552 million in 2018, driven largely by rapid adoption in the banking industry.
The distribution and services sector will be spending $379 million in 2018 on blockchain – driven by strong investments from the retail and professional services industries.
Manufacturing and resources sector will be spending $334 million in 2018 on blockchain — driven by the discrete and process manufacturing industries.
IT services and business services will account for roughly 70 percent of blockchain spending throughout the forecast.