IDC recently released the "V1 Global Blockchain Spending Guide for 2021", which explored potential opportunities in the global blockchain market in the next five years from multiple perspectives such as technology, industry, and application scenarios. At the same time, it summarized the past One year's market development.

IDC predicts that the global blockchain market will reach US$18.95 billion in 2024, with a compound growth rate of approximately 48.0% during the five-year forecast period (2020-2024)

With the dual benefits of effective containment of the epidemic and policy support, IDC is relatively optimistic about the market development trend of China's blockchain in the next five years. IDC predicts that the scale of China's blockchain market is expected to exceed US$2.5 billion in 2024, and the five-year forecast data will be raised by about 5%-10% compared with the previous period, basically returning to the pre-epidemic level.

The latest forecast shows that the five-year compound annual growth rate (CAGR) of the Chinese blockchain market will reach 54.6% , ranking first in the world, and the market size (as a single country) is expected to maintain within the five-year forecast period Second in the world.

Based on the technical architecture, IDC divides blockchain spending into three layers: hardware, software, and services. Blockchain technology is still in the early st

age of development in China, and it is mainly implemented in the form of project delivery. Therefore, a large amount of expenditure flows to the service market.

On the other hand, the steady development of the blockchain platform (BASS) has driven related expenditures around software, and the scale of software expenditures is expected to achieve a compound annual growth rate of 58.5%. IDC predicts that service and software spending will still play a leading role in the Chinese blockchain market, and the proportion of the software and hardware market in the Chinese market will increase in the next five years.

On the basis of the industry dimension, IDC's "Global Blockchain Expenditure Guide" further includes the current representative 18 major blockchain application scenarios, and continues to update the scenarios according to market dynamics.

IDC predicts that blockchain technology will be widely used in scenarios involving multiple industries such as trade finance and identity management. As far as trade finance is concerned, the overall expenditure scale of the Chinese market is expected to exceed US$300 million in 2024.
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