SpendEdge, a firm specializing in procurement and sourcing of market intelligence, predicted that the blockchain technology market will register increased spending between 2021-2025, which will eventually amount to $27.68 billion. The projection was a part of the firm’s Procurement Intelligence Report, which is designed to help buyers identify the most suited tech suppliers in the blockchain domain.
The report has profiled some leading blockchain tech suppliers like Microsoft, IBM, Deloitte, Capgemini, Accenture, and Infosys in detail to assist potential buyers with decision making. These providers have been selected based on a proven track record in blockchain implementation, scaling abilities, and innovation potential.
The competition from substitutes and new entrants has been underscored as the main factor driving price trends for blockchain technology. SpendEdge sees this as a crucial factor for companies deciding on a price model for their offerings. The firm also predicts that moving forward, subscriptions and pay-as-you-go pricing models will continue to be widely popular among buyers in the sector.
As per the data compiled by SpendEdge, only a few regions will contribute to the accelerated spending in the blockchain market during the specified period. Among the existing suppliers, North America, South America, Europe, Middle East, and Africa, and APAC will wield the maximum influence, given their supplier base.
The findings made by SpendEdge come on the heels of a blockchain adoption report released by leading investment news website InvestorIdea.com on July 1. According to that report, blockchain growth is outpacing other technologies, which has resulted in the creation of numerous opportunities for companies that are adopting the technology in their service portfolios.
Investor Ideas cited many examples that suggested more companies are jumping on the blockchain bandwagon despite the outstanding obstacles. The site claimed that “Blockchain is poised for aggressive growth” once people’s familiarity with this new technology increases and more companies come forward to feature it in their service options.