Global spending on blockchain solutions will reach $15.9 billion by 2023, with the combined annual growth rate over five years to exceed 60%.

According to the forecast of the research company International Data Corporation (IDC), the global spending on blockchain solutions in 2019 will increase by 80% year-to-year and reach $2.7 billion. By 2023, global spending on blockchain solutions will amount to $15.9 billion.

It is expected that the lion's share of global investment in blockchain, approximately 30%, will go to the banking sector, and 20% to discrete and processing production (the type of production in which the source material (raw materials) when processed into the final product passes through a finite number of technological and assembly operations).

Talking about the geographical landscape, the United States will be the largest market, with $1.1 billion of spending on blockchain solutions in 2019. Western Europe ($661 million) stands on the second place, and China is the third-largest market with $304 million to be spent on blockchain solutions in 2019.

Blockchain spending growth is expected to be phenomenal in all nine regions analyzed, according to IDC. The highest CAGR is forecasted in Canada at 73.3%.

James Wester, research director, Worldwide Blockchain Strategies, noted that despite some uncertainty associated with the blockchain technologies, enterprise adoption has reached a watershed in a number of applications:

"Behind the sometimes heated public discussions and debates over blockchain, enterprise adoption of the technology has quietly reached a tipping point across multiple use cases. Companies are recognizing value from initial pilot programs and moving those projects into production. As the data in the Spending Guide indicates, the growth and adoption of blockchain by enterprises is accelerating as the benefits of using blockchain to increase efficiency and improve processes are understood. There is certainly some uncertainty still regarding the technology, specifically in the areas of governance and regulation, but adoption of blockchain for financial services, identity, trade, and other markets is encouraging."