According to reported figures from the International Data Corporation (IDC), money invested in Blockchain Technology for enhancing features of distributed ledgers will meet a rise of 88.7% in comparison to 2018.
This represents a growth of $2.9 billion over the $1.5 billion from the previous year.
IDC, the USA Tech Giant, representatives state that the company has decided to move forward from the design phase into the actual use of this technology.
This change in direction will drive a lot of spending into the next ten months.
Reports from IDC projects $1.1 billion (a majority of the money invested) will be spent on an array of interests including but not limited to banking, securities, investment services, and insurers.
Manufacturing and Resources will see the largest growth in the past 5 years with a CAGR (Compound Annual Growth Rate) of 77.6% this year. The estimated total investment of manufacturing and resources is $653 million.
Distribution and services comes in third with an expected spending of $642 million on analyzing and implementing Blockchain Technology.
IDC vice president of the Customer Insights and Analysis programme, Jessica Goepfert, believes the Blockchain technology is still in its early stages.
"The blockchain opportunity are developing as swiftly as the technologies enabling it." - Jessica Goepfert states
The report presented by the IDC documents shows projections from 2018 to 2022. IDC estimates a total investment of 12.4 billion in this technology by the end of 2022.
This report by the IDC gives an understanding on how the technology is being used by different industries and how it will impact our day to day activities. It displays a significant milestone in the development and use of blockchain technology.