Global blockchain spending will account for almost $2.9 billion in 2019, which is an 88.7 percent increase from 2018, according to a new report from United States-based market research firm International Data Corporation (IDC). Published on March 4, IDC's Worldwide Semiannual Blockchain Spending Guide provides analysis of blockchain developments in various segments.

According to the report, the financial sector will be the leading industry in terms of spending in blockchain development this year. Banking, securities, investment services and insurance services are forecasted to invest more than $1.1 billion out of the total global blockchain spending.

In turn, manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.

In terms of use cases, cross border settlements and trade finance are expected receive investments totalling $738 million, the report notes.

In geographic terms, the U.S. is set to see the largest blockchain spending of $1.1 billion, followed by Western Europe and China, which are predicted to invest $674 million and $319 million respectively.

Stacey Soohoo, Research Manager for IDC's Customer Insights & Analysis team, said that 2019 will be a year of mainstream adoption, but will “rely heavily on reshaping the ideology of a blockchain revolution.”

IDC expects worldwide blockchain spending to see rapid growth between 2018 and 2022, with a five-year compound annual growth rate of 76 percent, the new report says. The study forecasts that total global spending will amount to $12.4 billion in 2022.

Previously, IDC predicted that global blockchain spending would hit $9.7 in 2021 and $11.7 billion in 2022.

Recently, Big Four audit company KPMG published a survey claiming that 48 percent of C-level executives believe blockchain technology is likely to change the way they do business in the next three years.