Europe Will Spend $815 Million on Blockchain Technologies in 2019

Despite a slow start, Europe is now one of the fastest-growing regions worldwide for blockchain spending, according to IDC. This is due to a number of factors, such as enterprises moving blockchain to production and a wave of local start-ups driving marketing and sales activities.

Blockchain spending in Europe will reach more than $800 million in 2019, with Western Europe accounting for 83% of spending and Central and Eastern Europe 17%. Total spending in Europe will reach $3.6 billion in 2022, with a 2018-2022 five-year compound annual growth rate (CAGR) of 73.2%.

Banking will be the leading industry in terms of blockchain spending in Europe. Finance will account for a third of total spending in 2019, with widespread uses, from trade finance and post-trade/transaction settlements to cross-border payments and settlements, as well as regulatory compliance. Insurance is expected to be the fastest-growing industry over the 2018-2022 forecast period, with a CAGR of 81.3%.

Blockchain is also growing in other industries, with ongoing experimentation bringing to light new use cases in areas such as manufacturing and resources (accounting for 19% of total spending) and other supply chain related industries such as retail, wholesale, and transport (accounting for nearly 15%).