European enterprise spending on blockchain development is going to decrease because of the economic crisis caused by the COVID-19 epidemic, Bloomchain.ru reports citing market research firm International Data Corporation (IDC).

Before the crisis, IDC forecast that European blockchain spending would be USD 1.4 billion in 2020, with strong growth of 58% compound annual growth rate (CAGR) to 2023. However, the firm has given a different forecast in the recent report.

IDC now expects there to be an 8% slowdown in blockchain spending. It should be noted that even with the revised forecast in mind, the blockchain spending is going to make USD. 133bn in 2020 - more than 60% year-on-year growth.


“With depressed customer demand, disrupted supply chains, and widespread remote working, many companies are putting on hold innovative projects, including in blockchain, until there is more clarity about the future,” said Carla La Croce, co-lead of IDC European Blockchain Practice.

IDC also expects the slowdown of development to be short-term in more pronounced in certain industries. At the same time, IDC report says, the impact of the pandemic might spur growth and wider adoption of new technologies.

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