Research firm International Data Corporation (IDC) has scaled back its forecast for global blockchain spending by 7.7% and now anticipates 57.7% growth over 2019 to reach nearly $4.3 billion in 2020. IDC reduced its forecast for 2023 and now expects spending to hit $14.4 billion from the pre-COVID-19 estimate of nearly $16 billion.
The research firm cites COVID-19 effects on businesses that have cut down IT spending amid weak economic prospects. It said blockchain spending would decline across all sectors, but some more than others.
While worldwide the blockchain spending forecast was cut by 7.7%, Asia Pacific will see a reduction of 6%. Two months ago, IDC said European blockchain spending growth would decline by 8% compared to previously.
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