The blockchain market will grow significantly in the next few years, according to new reports published by Netscribes and Gartner. Netscribes expects the value to reach $13.98 billion by 2022, while Gartner sees IT spending at $3.7 trillion in 2018, with blockchain, artificial intelligence (AI), and Internet of Things (IoT) being the main drivers.
Netscribes predicts that the blockchain space will expand by 42.8% on average every year to 2022. The key factors behind this ascension will be blockchain adoption in financial transactions and cross-border payments. The market research group says that North America will dominate the blockchain market, while the Asia-Pacific region will accelerate at the fastest pace.
Technology-focused research major Gartner expects global IT spending to increase by 4.5% year-on-year in 2018.
Gartner research VP John-David Lovelock said:
“Global IT spending growth began to turn around in 2017, with continued growth expected over the next few years. However, uncertainty looms as organizations consider the potential impacts of Brexit, currency fluctuations, and a possible global recession.”
“Despite this uncertainty, businesses will continue to invest in IT as they anticipate revenue growth, but their spending patterns will shift. Projects in digital business, blockchain, Internet of Things (IoT), and progression from big data to algorithms to machine learning to artificial intelligence (AI) will continue to be main drivers of growth,” he added.
Enterprise software will continue to be the key driver behind this progress, with global software spending expected to climb 9.5% this year and another 8.4% in 2019 to reach $421 billion. Gartner says that many companies will redirect to provide software as a service (SaaS) solutions, where a program or application is hosted by the provider and offered on a subscription basis.
An example of this trend emerged earlier in the week, when China’s Baidu launched a blockchain-as-a-service (BaaS) platform that can be implemented for different use cases.