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Report Says Blockchain Spending in the U.S. to Witness USD41 Billion by 2025

BFSI News

Report_Says-Blockchain-Spending-in-the-U.S.-to-Witness-USD41-Billion-by-2025 Report Says Blockchain Spending in the U.S. to Witness USD41 Billion by 2025According to a recent study report, Blockchain spending in the United States will reach to USD41 billion by 2025 from USD 3.12 billion. The report the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” revealed that Blockchain spending in the U.S. in 2018, increased by 110 percent and reached USD 1.6 billion. Keeping the same line, market research firm International Data Corporation (IDC), earlier this month, issued a report that forecasted that global spending in Blockchain will witness a rapid growth of USD 12.4 billion by 2022, with a five-year CAGR of 76 percent.

The new report was released by market and research data platform Research and Markets, and to prepare this, the company has reportedly reviewed market opportunities and risks of Blockchain in over 75 areas across the 11 industries in the U.S. According to the report, the U.S. will witness the largest Blockchain spending of USD 1.1 billion in terms of region. This prediction is followed by Western Europe and China, which are expected to invest USD674 million and USD319 million, respectively. Apart from this, economist and notorious Cryptocurrency critic Nouriel Roubini, earlier this month, argued that Blockchain has nothing to do with the future of financial services. According to the report, he excluded Blockchain tech from the list of major technologies that will lead to a manufacturing or FinTech revolution, including Artificial Intelligence, Machine Learning, Big Data, and the Internet of Things (IoT).

Though, the U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh said that the agency is currently in the research phase, looking to better understand Blockchain tech. She further 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.