A new report dubbed the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” by ResearchAndMarkets.com, the world’s largest market research and data store, estimates blockchain spending in the US to grow 13x by 2025.
If their blockchain spending forecast proves correct, then blockchain spending in the United States would increase from $3.12 billion to $41 billion by 2025.
Blockchain Spending in the US to Rise 13x by 2025: Breaking Down the Data
Delving into the details a little further, the report notes that blockchain spending in the US will need to report a compound annual growth rate (CAGR) of 44.5% to see this 13x rise by 2025.
Moreover, the report gathered statistics from 2018 which reveal that blockchain spending in the US increased by 110% and reached $1.6 billion.
Research and Markets is not only the world’s largest selection of reports, but it’s also one of the most trusted sources of information. According to the site, 462 of the Fortune 500 companies purchase their research, data, and analysis reports from Research and Markets.
According to the market and research data platform, the United States blockchain report aims to analyze market opportunities and risks in blockchain technology and its use cases in over 75 areas across 11 industries nationwide.
The report is data-centric and contains 185 charts and 150 tables which provide vast insights into market dynamics.
The US industries focused on by this blockchain market opportunities report are as follows:
- Banking & Finance
- Insurance
- Healthcare & Pharmaceuticals
- Retail
- Automotive
- Defense & Aerospace
- Construction
- Public Sector
- Professional Services
- Agriculture
- Energy and Utilities
Additional Reports Supporting Major Blockchain Growth
In addition to the United States Blockchain Business Opportunities and Outlook report by Research and Markets, numerous other notable companies and agencies have released blockchain and analysis reports forecasting the future of this industry.
One such report comes from KPMG, a company providing audit, tax, and advisory services. KPMG released a survey report titled the 2019 Technology Industry Innovation Survey.
Per their report, which included survey data from over 740 global leaders, 41% of them want to adopt blockchain in business within the next 3 years.
Moreover, another blockchain report from Cisco reveals that the blockchain market is expected to reach $9.7 billion by 2021, and 10% of the global GDP is likely to be stored on blockchains by 2027.
A more recent report that’s similar to the one produced by Research and Markets comes from market research firm International Data Corporation (IDC).
According to their recent blockchain spending report, global blockchain spending is projected to experience rapid growth from 2018 to 2022, with a 5-year CAGR of 76%. This would put blockchain spending at $12.4 billion by the year 2022.
All in all, there are multiple reliable sources and reports that project the blockchain industry to grow substantially throughout the next 5 years. How this growth will affect the price of cryptocurrencies is yet to be known, but it’s probable that it will be positive.
Do you agree with the blockchain spending projections provided in the reports above? How will this increase in blockchain spending affect the cryptocurrency markets? Let us know what you think in the comment section below.
