IDC predicts that the size of China's blockchain market is expected to exceed US $2.5 billion in 2024, and the overall five-year forecast is about 5% higher than the previous period, basically returning to pre-epidemic levels.

According to the latest forecast, the average annual compound growth rate (CAGR) of China's blockchain market will reach 54.6%, ranking first in the world, and the market size (as a single country) is expected to remain the second in the world during the five-year forecast period.

Based on the technical architecture, IDC divides blockchain expenditure into three layers: hardware, software and services. IDC predicts that services and software spending will continue to play a leading role in China's blockchain market, while the share of China's software and hardware market will increase over the next five years.

Hong Wanting, senior analyst at IDC China emerging Technology Research Department, said:

In 2019, the 18th study of the political Bureau of the CPC Central Committee set the tone for the development of the blockchain market. At present, the underlying architecture of blockchain is in full bloom, and manufacturers are trying to explore in many scenarios.

In the future, the market will gradually move towards integration, cross-chain, governance, generalization, alliance will be the key words of development, while typical application scenarios will be highlighted.

In the long run, the value of blockchain technology will not only be reflected in the cost reduction and efficiency of the business, but also play a role in the new trust business model. The blockchain market is expected to develop in the long run, or even burst into prosperity.