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Blockchain spending set for boom

Blockchain spending set for boom
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Blockchain Spending to Increase 48% Through 2024

Blockchain Spending to Increase 48% Through 2024
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Banking, manufacturing lead European blockchain investments

Apr 14, 2021
European spending on blockchain solutions is forecast to be $2-billion in 2021, with a robust increase over 2020, when the market experienced slower growth due to the pause in investments brought about by Covid-19.
According to a new update to the International Data Corporation (IDC) Worldwide Blockchain Spending Guide, blockchain spending in Europe will nearly triple from 2020 to 2024, with a five-year compound annual growth rate (CAGR) of 49,4% for 2019–2024.
“European spending growth in blockchain is robust, considering the issues faced by the global economy in 2020 and the still-adverse situation in 2021, despite the beginnings of a mild recovery. Blockchain technology approaches are changing across companies, which are rebuilding their processes to adapt to faster and unavoidable digital transformation,” says Carla La Croce, senior research analyst: European Blockchain Strategies at IDC’s European Customer Insights and Analysis. “What is happening is that blockchain has started to be seen as an essential component of organisations’ digital backbone.”

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