While Silicon Valley in California still leads the way internationally, Beijing is hot on its heels. In the period that Beijing saw 29 unicorns, Silicon Valley had 57, but the Chinese cities are ramping up to compete as investors start to look beyond California.
The United States will see the largest blockchain investments and deliver more than 36 percent of worldwide spending throughout the forecast. Western Europe will be the next largest region for blockchain spending, followed by China and Asia-Pacific (excluding Japan and China).
In the last few decades, China has made huge progress in science and technology. This new age of innovation has seen the birth of ‘unicorn’ tech companies like media giant Tencent, the ‘Uber of China’ Didi Chuxing, and the world’s biggest drone builder, DJI.
China will account for 64.2% of the overall spending ($187.3 billion) in Asia-Pacific region in 2018. Adoption of IoT technology in other countries are also steadily gaining ground, with South Korea and India accounting for 9.8% and 8.8% share respectively.
No technological competition seems more pressing than the global struggle for artificial intelligence (AI) superiority. While the U.S. once dominated AI research, China has made it clear in recent years that they are aggressively working to catch up to (and then eclipse) its rival in the West.
Worldwide information and communications technology (ICT) spending — including new technologies — is expected to exceed $5.6 trillion in 2021 with growth accelerating through the end of the forecast period, according to the latest worldwide market study by International Data Corporation (IDC).