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Global spending on blockchain technology is expected to reach close to $3 billion during the course of 2019, this according to a report from the International Data Corporation (IDC).

A premier global provider of market intelligence for the IT, telecommunications and consumer technology markets, IDC also expects blockchain spending overall to grow at what it terms “a robust pace” over the forthcoming forecasting period 2018 – 2022. It also forecast a five-year compound annual growth rate of 76% and for total global spending to reach $12.4 billion in 2022.

According to its updated Worldwide Semi-annual Blockchain Spending Guide, IDC forecasts that most of the worldwide spending on blockchain will be led by the finance sector, with banking, securities, investment and insurance services becoming the biggest investors in blockchain solutions in 2019, together bringing $1.1 billion into the industry.

But blockchain spending does not stop at the finance sector. Coming a close second according to the updated Guide will be the manufacturing and resources sectors. These two are expected to record blockchain spending of some $650 million each. These two sectors will also see the fastest growth, reaching a five-year compound annual growth rate (CAGR) of 77.6%. Coming up close to these will be the distribution services industry with an estimated five-year CAGR of 77.1%.

Quoted in a Cryptoslate report on the issuing of the forecasts in the IDC updated Guide, Jessica Gopefert, vice president of the Customer Insights and Analysis programme at IDC said: “The use cases that comprise the blockchain opportunity are developing as swiftly as the technologies enabling it.” She added that despite spending for more developed use cases in the fintech sector rising steadily, more intensive growth was being noted in areas such as warranty claims.

Going by the analyses detailed in the report, investment in the blockchain industry will continue to underpin an acceleration of its adoption and continuing innovation.