Blockchain Spending Could Surpass $41 Billion in US by 2025 According to Research and Markets

Research and Markets by Global Newswire released an article that discussed a report titled United States Blockchain Business Opportunities and Outlook Database Series. Therein, the report predicted that blockchain spending in the United States will increase from $3.1 million to $41.1 million by 2025.

In addition, the report found that last year, blockchain spending increased by 110% to $1.6 billion. The report was compiled by review of market opportunities and risks concerning blockchain in 11 industries throughout the United States.

Other than this report, another one was released by the International Data Corporation (IDC). The report predicted that global blockchain products will grow significantly from 2018 to 2022 to $12.4 billion.

With a large land mass and numerous industries that could utilize blockchain technology, it should come as no surprise that the United States is poised to see significant blockchain spending. The report predicts that Europe and China will follow behind the United States when it comes to spending.

There are those though, that remain more skeptical. For example, Nouriel Roubini, a notorious critic of cryptocurrency, stated that blockchain has “nothing to do with” the future of the financial services industry. He also does not consider blockchain as a major technology that will influence either the fintech of manufacturing industries.

On the other hand, there is Manisha Singh, the Acting Under Secretary of State for Economic Growth, Energy, and the Environment stated that the agency is researching blockchain technology and is seeking to “better understand” the technology. She also stated 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.”

For those interested, here is the scope of the blockchain report:

This research report provides detailed market sizing covering 75+ blockchain application areas across 11 industries in United States.

United States Market Size/Spending by Industry, 2016-2025

  • Banking & Finance
  • Insurance
  • Healthcare & Pharmaceuticals
  • Retail
  • Automotive
  • Defense & Aerospace
  • Construction
  • Public Sector
  • Professional Services
  • Agriculture
  • Energy and Utilities

United States Market Size/Spending by Type of Blockchain, 2016-2025 (for each industry)

  • Public
  • Private
  • Hybrid

United States Market Size/Spending by Technology Domain, 2016-2025 (for each industry)

  • Application and Platform
  • Service
  • Hardware

United States Market Size/Spending by Blockchain Application, 2016-2025

1. Banking & Finance – Blockchain Spending/Market Size

  • KYC Data and Due Diligence
  • Trade Finance
  • Capital Markets
  • Initial Coin Offerings
  • Fraud Detection
  • Cross Border Payments
  • Risk Management and Compliance
  • Loan Management

2. Insurance – Blockchain Spending/Market Size

  • Product Development and Distribution
  • Policy Administration and Operations
  • Claims Processing
  • Pricing/Underwriting
  • Risk Capital and Investment Management
  • Regulatory and Compliance
  • Payment and Collections

3. Healthcare & Pharmaceutical – Blockchain Spending/Market Size

  • Drug Traceability
  • Clinical Trials
  • Drug Development
  • Data Management – Monitoring and IOT Devices
  • Health Records & Data Security
  • Claims Billing and Payment
  • Supply Chain Management

4. Retail – Blockchain Spending/Market Size

  • Product Tracing and Counterfeit Goods
  • Billing and Payment
  • Claims and Settlements
  • Virtual Warranty Management
  • Contract Management
  • Supply Chain Management

5. Automotive & Transport – Blockchain Spending/Market Size

  • Automotive Spare Parts and Warranty
  • Identity Management
  • Ride Sharing
  • V2X Communication
  • Auto Financing
  • Billing and Payment
  • Supply Chain Management
  • Automotive Asset Transfer

6. Defense & Aerospace – Blockchain Spending/Market Size

  • Supply Chain Management
  • Contract Management
  • Manufacturing Process and Part Identification
  • Document Management and Secure Communication
  • Identity and Access Management
  • Secure Platform and Application Development
  • Asset Transfer
  • Cybersecurity

7. Construction – Blockchain Spending/Market Size

  • Supply Chain Management
  • Asset Transfer
  • Contract Management
  • IOT
  • Identity and Access Management
  • Payment and Settlement

8. Public Sector – Blockchain Spending/Market Size

  • Identity and Access Management
  • Voting Systems
  • Regulatory Compliance and Audit
  • Asset Management and Registration
  • Health Records
  • Processing Tax Payments
  • Government Payments and Citizen Services
  • Other

9. Professional Services – Blockchain Spending/Market Size

  • Identity and Access Management
  • Regulatory Compliance and Audit
  • Payment and Settlement
  • Contract Management
  • Secure Platform and Application Development
  • Document Management and Secure Communication
  • Other

10. Agriculture – Blockchain Spending/Market Size

  • Produce Tracking and Authentication
  • Payment and Settlement
  • Supply Chain Management
  • Contract Management
  • Other

11. Energy and Utilities – Blockchain Spending/Market Size

  • Smart Metering & Billing
  • Contract Management
  • Energy Credits/Certificates
  • Trading & Smart Grids
  • Identity & Access Management
  • Supply Chain Management

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