According to a new report published earlier today by research data company Research and Markets, blockchain spending in the United States is sete to increase by about $38 billion over the next six years.
The new report, entitled “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” posits that blockchain spending will increase from a current figure of $3.12 billion to $41 billion by 2025 on the strength of a compound annual growth rate (CAGR) of 44.5%.
To put together the report, which is quite extensive, Research and Markets reportedly reviewed market opportunities and risks of blockchain in over 75 areas, across 11 industries in the United States.
Market research company International Data Corporation put out its own report earlier this month projecting that blockchain spending will increase to $12.4 billion globally by the year 2022, assuming a five-year CAGR of 76%. Although this prediction describes a shorter period (2022 as opposed to 2025), this figure falls seems to fall short of the Research and Markets estimation, which was just for the United States alone.
Globally, the United States is expected to be the largest blockchain spender at $1.1 billion, followed by Western Europe, at $674 billion, and China, at $319 billion. The report also notes that blockchain spending in the United States already increased 110% in 2018 alone.
And it seems that figure could continue to grow. United States Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, said earlier this month that the agency is interested in looking into blockchain, if for no other reason than it is becoming an important technology worldwide:
“Blockchian technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”