A new report titled as the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” predicts that the Blockchain spending in the United States will increase from $3.12 billion to $41 billion by 2025.
Released by the market and research data platform Research and Markets, the new report published on March 25 forecasted that the blockchain spending in the U.S. is expected to observe a compound annual growth rate (CAGR) of 44.5 percent by 2025, rising from $3.1 million to $41.1 million.
The report further reveals that during 2018, the blockchain spending in the U.S. increased by 110 percent, reaching $1.6 billion. The company reportedly reviewed market opportunities and risks of blockchain in more than 75 areas spanning 11 industries in the U.S.
A similar report was revealed by market research firm International Data Corporation (IDC), earlier in March, that projects that global blockchain spending will observe rapid growth between 2018 and 2022 and a five-year CAGR of 76 percent, amounting to $12.4 billion by 2022.
The U.S., in geographic terms, will purportedly the largest blockchain spending of $1.1 billion, followed by Western Europe and China. The latter two are predicted to invest $674 million and $319 million respectively.
Contrary to these reports, just this month, Nouriel Roubini, an economist, and notorious cryptocurrency critic asserted that blockchain has “nothing to do with” the future of financial services. He excluded blockchain tech from the list of major technologies that per him will lead to a manufacturing or fintech revolution. The list included artificial intelligence, machine learning, big data, and the Internet of Things.
Meanwhile, Manisha Singh, U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, stated that the agency is currently looking to “better understand” blockchain tech. Singh added that “blockchain 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.”
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