By 2025, the United States spending in blockchain will increase to $41 billion, as Research and Markets reported on March 25.

Founded in 2002, Research and Markets is the world’s leading source for international market research and market data, with more than 1.65 million market research reports worldwide. The forecast was stated in the report titled “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)”.

According to the report, blockchain spending in the U.S. has a compound annual growth rate (CAGR) of 44.5%, from $3.12 billion to $41.1 billion by 2025. To gain data for the report, the firm has conducted a comprehensive analysis of market opportunities in over 75 different areas, across 11 industries including banking & finance, construction, insurance, healthcare & pharmaceuticals, retail, etc.

The document also predicted that blockchain spending of American citizens will land at $3.12 billion this year. During 2018, blockchain investment in the US has reportedly increased by 110%, hit the total amount of $1.6 billion.

Earlier this month, TheCryptoSight reported that global blockchain market is going to hit $2.9 billion in 2019, with a CAGR of 76% between 2018 and 2022. By geographical region, the US is expected to see the largest blockchain spending this year at $1.1 billion.