Total expenditures on the blockchain technology development in Europe will exceed $800 million in 2019, says a new report by the International Data Corporation (IDC). 83% of this amount will be invested in Western Europe, with the rest coming from Central and Eastern European states.
Europe has become one of the leaders in terms of investment growth, experts underline. Overall, the market is expected to see the largest growth with a CAGR rate at about 77.6% in 2018-2022. By the end of this period, the investment in the blockchain industry in Europe is about to reach $3.6 billion.
“In terms of technologies, IT services, such as consulting, outsourcing, deployment and support, and education and training, will drive spending”, said senior research analyst Carla La Croce.
According to the IDC, financial industry will account for a third of total spending in 2019, including cross-border payments and settlements, along with the regulatory compliance and insurance.
Blockchain technology will be especially applied in the supply chain related industries such as retail, wholesale, and transport. La Croce added:
“Interest in blockchain among supply chain industries is seen in the increasing number of use cases for tracking products, such as lot lineage provenance and asset/goods management, from food to luxury goods.”
For the supply chain, DLT is able to reduce paperwork, enhance the efficiency of operations, and “improve trust and transparency with trading partners and consequently with their customers as well,” explained IDC analyst.