The blockchain industry in the United States is poised to really take off over the next 5 years, as some of the largest public companies based in the US are exploring blockchain technology. A new report, “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025),” from Research and Markets, the world’s largest market research and data store, breaks down the data and projects that the blockchain wave is going to be much bigger than most expected.
USA Blockchain Spending Expected to See Enormous Growth of Over $37 Billion by 2025
Per the report, the United States blockchain industry is expected to increase from $3.12 billion to $41 billion by 2025, indicating a growth of over $37 billion.
Moreover, the industry is expected to reach this staggering growth by 2025, amounting to a compound annual growth rate (CAGR) of 44.5% each year.
While this growth rate may seem unattainable taken out of context, it’s actually quite conservative considering the United States blockchain spending growth rate was 110% in 2018. And this enormous growth was achieved during one of the biggest and most brutal bear markets in cryptos history.
The total dollar value in US blockchain spending in 2018 reached $1.6 billion, despite the general bearish sentiment surrounding the blockchain and crypto industry.
With the crypto and blockchain industry expecting to see more innovation and development than ever before, a 44.5% growth rate per year is very achievable, and even surpassable.
Massive Public Companies in the United States Are Exploring Blockchain
In the Forbes Global 2000 list of the largest public companies in the world, not only are the 10 largest public companies in the world exploring blockchain technology, but at least 50 of some of the biggest names on the list are investing in it as well.
What’s more, Forbes reported that out of the top 50 largest public companies in the world exploring blockchain, 22 of these world’s largest public companies are based in the United States.
The largest US-based company exploring blockchain technology is JPMorgan Chase & Co., who are launching their very own JPM Coin, a stablecoin which will be used for internal remittances between the bank’s clients and partners.
The next biggest US-based company exploring blockchain is Berkshire Hathaway Inc., who are interested in the technology to streamline their supply chains.
As for the other 20 large, US-based public companies exploring blockchain technology, they include:
- Bank of America
- Wells Fargo & Company
- Apple Inc.
- Microsoft Corporation
- Alphabet Inc.
- Comcast Corporation
- Intel Corporation
- Morgan Stanley
- Amazon.com Inc.
- Goldman Sachs Group Inc.
- Ford Motor Company
- Walt Disney Company
- Prudential Financial
- Facebook Inc.
- MetLife Inc.
- Oracle Corporation
- American Express Company
With all of these giant American companies beginning to explore blockchain technology, it’s no wonder Research and Markets project United States blockchain spending to increase from $3.12 billion to $41 billion by 2025. In fact, this could actually be a gross underestimation.
Only time will tell how this industry evolves, but if there’s one thing for sure, it’s that blockchain is here to stay and this technology will impact almost every industry and down to our everyday lives.
Do you agree with the projections from Research and Markets? “ill United States blockchain spending be even bigger than they project? Let us know what you think in the comment section below.