Chinese Blockchain Spending Expected to Reach USD$470 Billion in 2020: IDC Report

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A new report from market intelligence firm IDC sees total spending on China’s blockchain market taking a sizeable hit from the COVID-19 pandemic.

IDC’s “Worldwide Blockchain Spending Guide, 2020V1″expects China to remain the second-largest blockchain market in 2020, with total spending set to hit USD$470 million or nearly 11% of a projected global spend of $4.28 billion.

This spending amount nonetheless marks a decline of 12% compared to pre-COVID-19 forecasts.

IDC nonetheless expects China’s blockchain market to see average per annum compound growth of 60% during the period from 2019 – 2023.

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