Blockchain spending will increase tenfold in the next few years.
Governments, companies and organizations are all investing money in blockchain technology because of the solutions it offers. Investors have learned their lesson and are putting heavy emphasis on innovative technology.
Many people were slow to pick up on the Internet, but in a little over 20 years, it’s become an inseparable part of our daily lives. Crytocurrencies have already created billions of dollars for the combined market value.
The firm International Data Corporation published in a research that blockchain spending is expected to grow over 70% to over $11 billion in 2022. The United States will be the biggest recipient of these investments with a looping 36% of the total spending. Western Europe and China will follow with huge investments of their own.
Japan will be the country with the fastest compounded annual growth rate (CAGR) with a little over 108% increase over the span of 5 years. Canada will come second with a staggering 86.7%. The manufacturing industry will see the biggest growth with 78%. Professional services will have a CAGR of 77% and the banking sector will enjoy 74% of CAGR. The financial sector will see most amount of DLT spending on international payments and settlements. This year the projected amount is a little over 190$ million.
Blockchain spending is a requirement of those who want to use the benefits of technology
This worldwide adoption of blockchain technology didn’t come overnight. With a lot of research governments, organizations and companies alike saw the incredible potential in cost-effectiveness and efficiency. The manufacturing and resources sector combined with the financial and distribution sectors are the main reasons for this rapid technology adoption.
The amount of systems and projects being worked on right now is increasing every day. We will probably reach a point in the near future where people simply wouldn’t believe how much blockchain technology has changed the world for the better. When people first heard about e-mail they were thinking of how absolutely impossible it sounded to receive mail without the posting service.
The Internet was the victim of a massive tech bubble in the late 90’s which was followed by the collapse in the very early 2000’s. Many people said the Internet was dead and that it was a short project or a scam.
Most of these things you can hear about cryptocurrencies and blockchain technology today. But if we look at our phones, our cars and TV’s 20 years later, the Internet is everywhere. This really doesn’t need to be explained anymore since most people take it as something normal.
With the increasing amount of spending and popularization in 20 years blockchain technology will become an inseparable part of our daily lives, just like the Internet has.
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