Per a new report published on March 25th, blockchain spending in the United States will increase from $3.12 billion to $41 billion by 2025.
The report mentions that during 2018, blockchain spending in the U.S. had increased by 110 percent and reached a staggering $1.6 billion. In order to make the report, the company reviewed market opportunities and risks of blockchain in more than 75 areas spanning 11 industries in the U.S.
The report titled" United States Blockchain Business Opportunities and Outlook Databook Series was released by market and research data platform Research and Markets. Per the report, blockchain spending in the U.S. will note a compound annual growth rate (CAGR) of 44.5 percent. This depicts a rise from $3.1 million to $41.1 million by 2025.
In early March, CoinMarketFeed reported, as per a study by International Data Corporation (IDC), a United-States-based market research firm, Global blockchain spending will count for almost $2.9 billion in 2019. This depicts an 88.7% increase from 2018.
The report also provided an in-depth analysis of blockchain developments in various segments. The report also states, when it comes to building use cases, cross border settlements and trade finance are expected to receive over $738 Million.
Whereas, distribution services and manufacturing are forecasted to spend $653 Million and $642 Million over blockchain respectively in 2019.
As per the report, the financial sector will lead the industry when it comes to allocation of funds in blockchain development.
Also, investment services, banking, and insurance services are predicted to invest more than $1.1 Billion in the global blockchain spending motives.
Considering geographic terms, US will see the largest blockchain spending of $1.1 Billion. Furthermore, Western Europe and China are predicted to invest $674 million and $319 million respectively.
Stacey Soohoo, Research Manager for IDC's Customer Insights & Analysis team, said :
IDC has a strong belief that worldwide blockchain spending will witness rapid growth between 2018 and 2022. Moreover, the growth will be with a five-year compound annual growth rate of 76 percent. Also, The study predicts that total global spending will amount to $12.4 billion in 2022
U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, said that the agency is still in its development and research phase. It seeks to develop a better understanding of blockchain technology.