Earlier this week, research firm International Data Corporation (IDC) said that the rate of growth in enterprise blockchain spending in Europe would be impacted by COVID-19. While it is widely known that growth is stunted in many industries, IDC sees blockchain as beneficial in helping the world economy to recover.
Previously, IDC forecast that European blockchain spending would be $1.45 billion in 2020, with growth of 58% CAGR to 2023. The ongoing pandemic has impacted business operations and innovation, and IDC has cut its 2020 forecast by 8% for the European market. However, at $1.33 billion, the figure still represents more than 60% year-on-year growth.
IDC had previously predicted worldwide spending on blockchain to hit $16 billion by 2023.
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