Blockchain technology has changed the way companies across various industries operate, manage their assets, and make transactions – and, according to data gathered by, global spending on blockchain solutions is expected to soar by 188% and hit $19-billion by 2024.

Between 2017 and 2019, the global spending on blockchain solutions jumped from $950-million to $2,7-billion, revealed the IDC`s Worldwide Semiannual Blockchain Spending Guide.

Like all technology investments, spending on blockchain projects has also been affected by the Covid-19 pendemic. Nevertheless, global spending on blockchain solutions still surged by 66% year-over-year and hit $4,5-billion in 2020. Statistics show this figure is expected to increase by $2,1-billion in 2021 and then jump by another $12,4-billion in the next three years.

The IDC report also revealed that cross-border payments and settlements were the largest individual blockchain use case, accounting for nearly 16% of the global blockchain technology market in 2021. Lot lineage and provenance ranked as the second-largest use case with a 10,7% market share this year. Trade finance and transaction settlements and asset and goods management follow with a 10% and 8,8% share, respectively.

The 2021 Juniper Research revealed the number of B2B cross-border transactions finalized on the blockchain is expected to increase dramatically in the following years. Last year, there were 122-million B2B cross-border transactions worldwide. This figure is set to double and hit 280-million in 2021. By 2024, the number of transactions is forecast to soar by 345% to over 1,2-billion by 2024.

Statistics show that the Asian market accounts for 109-million or nearly 40% of total transactions in 2021. By 2025, the number of B2B cross-border transactions on the blockchain in the region is expected to grow seven times and hit 745-million.

Europe ranked as the second-leading region with 81,3-million transactions in 2021. This figure is forecast to rise to 466-million by 2025. As the third-leading region, North America is expected to witness almost a 550% growth in the next four years, with the number of B2B cross-border blockchain transactions surging from 39,2-million to 254,3-million.

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