Despite a volatile market for the cryptocurrencies, blockchain technologies are thriving. Europe appears to be at the forefront of blockchain investments.
According to a report by IDC’ Worldwide Semiannual Blockchain Spending Guide, Europe will spend more than $800 million in blockchain-related technologies in 2019. The total spending amount will reach the staggering $3.6 billion by 2022.
CAGR is reported at around 73% for the period 2018 – 2022.
Of the total projected spending, 83% will come from Western Europe, and the rest coming from Central and Eastern Europe.
According to an analyst at IDC:
In terms of technologies, IT services, such as consulting, outsourcing, deployment and support, and education and training, will drive spending, accounting for nearly 63% of European spending in 2019, growing at a 2018–2022 CAGR of 76.6%.
Blockchain technologies and investments in the market have exceeded any expectations. The wide adoption of the technology has streamlined multiple sectors and industries. Western Europe will definitely be a top-notch destination for blockchain development and new applications of the the technology itself.