Hype no more: 56% of enterprises plan to use blockchain by 2020

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Large enterprises are adopting emerging technologies like blockchain, artificial intelligence (AI), and the Internet of Things (IoT) up to 10x more than SMBs, according to a Wednesday report from Spiceworks.

By 2020, 56% of large enterprises plan to adopt blockchain-enabled technology—up from one quarter now—the survey of 780 business technology buyers across North America and Europe found. At that point, 86% of large enterprises also plan to adopt IoT solutions, 65% plan to deploy edge computing technology, and 64% expect to use AI, according to the report.

Larger organizations are more likely to increase IT budgets in 2019, the report found, indicating that they’ll be better able to upgrade outdated infrastructure, add in the latest security solutions, and invest in innovation all at once, compared to smaller companies.

SEE: IT leader’s guide to the blockchain (Tech Pro Research)

“Larger companies have more resources and manpower to dedicate towards testing, deploying, and managing emerging technologies,” Peter Tsai, senior technology analyst at Spiceworks, said in a press release. “On the other hand, small businesses aren’t increasing IT budgets at the same rate as large enterprises, so they’re focusing their limited resources on more immediate concerns, such as refreshing aging and potentially out-of-support infrastructure, software, and services. As a result, many small companies are putting off adopting emerging tech until it’s proven to have a significant impact in the workplace.”

Companies of all sizes are still working to adopt emerging technology, the report found: 37% of all organizations surveyed currently use IT automation, 36% use gigabit Wi-Fi networking, and 27% use IoT technology. By 2020, these figures are expected to jump to 58%, 61%, and 48%, respectively, the report found.

Outside of large enterprises, fewer small and mid-sized companies have adopted virtual reality (VR) (14%), AI (10%), or blockchain-enabled tech (9%), according to the report.

Across industries, financial services organizations tend to be the earliest adopters of most emerging technologies, the report found, while government institutions tend to be the slowest adopters.

Of all emerging tech trends, IT automation technologies will have the biggest impact on the business, according to 41% of those surveyed. IoT technology (30%) and gigabit Wi-Fi networking (30%) will also have major impacts, the report found.

The big takeaways for tech leaders:

  • By 2020, 56% of large enterprises plan to adopt blockchain-enabled technology—up from one quarter now. — Spiceworks, 2018
  • 37% of organizations currently use IT automation, but this technology is predicted to have the largest impact on the workplace in the future. — Spiceworks, 2018

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Image: iStockphoto/NicoElNino


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