The cost of blockchain technology in Europe in 2019 will exceed $ 800 million, of which 83 percent will fall to Western European countries, and 17 percent will come from Central and Eastern Europe.
The European region has become one of the leaders in terms of growth in investment in blockchain technology, experts say.
IDC predicts that in the period from 2018 to 2022, the market volume in money will increase by an average of 73.2 percent. As a result, by the end of the period, spending on the blockchain in Europe will reach $ 3.6 billion.
Commenting on the forecast, IDC senior analyst Carla La Croce noted that the main driver of growth in blockchain costs will be IT services, including consulting and outsourcing, deployment and support services, as well as staff education and training. This year it is expected that the share of IT services will account for almost 63 percent of the total cost of blockchains in Europe. Moreover, the growth rates in this direction will be above average.
Among the industries, the leader in spending on blockchain solutions in Europe will be the banking and financial sector. It is expected that in 2019 it will account for a third of all costs. Analysts have named documentary and post-trading operations, interstate payments and payments, as well as ensuring regulatory compliance among the most common use cases of the blockchain.
Earlier, IDC has published some results of a study of the global blockchain technology market. The cost of such decisions on a global scale in 2019 will rise by 88.7 percent compared to 2018 and amount to $ 2.9 billion. In the future, the market will grow by about 76 percent annually and will reach $ 12.4 billion in 2022, experts predict.
The largest investor in blockchain in 2019 will be the United States – here the cost of this technology will be measured at 1.1 billion dollars in 2019. The second largest contribution will come from Western European countries, followed by China ($ 319 million).
The most rapid increase in costs in this market is expected from Japan and Canada – an average of 110 and 90 percent, respectively, in the period from 2018 to 2022. Among the industries, the largest investments in 2019 are also forecast in the financial sector ($ 1.1 billion), mainly due to the introduction of the blockchain in the banking industry and insurance.
In the current year, industrial production and the mining industry will spend $ 653 million on blockchain technology. The distribution of goods and services will have $ 642 million, most of which will come from retail and professional services companies.
IDC also notes an increasing competition between cloud giants for the right to host, manage, and maintain developing blockchain ecosystems. Among the key players, analysts have listed such companies as IBM, Microsoft, Amazon, Oracle, Google, SAP, Alibaba and Huawei.