Middle East and Africa Blockchain Market to Grow at a CAGR of 68.3% to reach US$ 7,615.09 million from 2021 to 2028

The blockchain market in Middle East & Africa is expected to grow from US$ 199.37 million in 2021 to US$ 7,615.09 million by 2028; it is estimated to grow at a CAGR of 68.3% from 2021 to 2028.

Blockchain technology is still in its emerging phase; however, the skyrocketing growth in the adoption of blockchain across diverse industry verticals has attracted a lot of attention from well-established players such as IBM and Microsoft and the startups. In the past few years, many startups have emerged in the blockchain market majorly due to the immense amount of funds being poured in by venture capitalists. These tech-savvy, robust, and "think-big" startups are shaking the Blockchain market with innovative and disruptive Blockchain solutions. Startups are also working with independent consortia to develop Blockchain solutions for various industries ranging from banking to entertainment. There is a huge influx of well-funded startups in the blockchain market. The positive outlook on the part of funding and startup activity is expected to boost the growth of the blockchain market in various industries such as BFSI, retail, government, logistics, and healthcare. Examples of successful Blockchain adoption by big players to streamline diverse business functions include Walmart, Maersk, British Airways, UPS, and FedEx. Cost reduction and cost savings are major priorities for any business. Blockchain eliminates unnecessary third parties or intermediaries to reduce time and costs. With all these advantages, Blockchain enables businesses to improve operational efficiency and transparency and lower operating costs, thereby helping them enhance service quality and customer experience, which drive the blockchain market during the forecast period.

The Middle East & Africa blockchain market is majorly affected by the disruptions in the national and international supply chains. The shutdown of country borders has disturbed the supply chain of several components and parts required in retail & BFSI industries. Various governments and regulatory agencies compelled public and private businesses to adopt new teleworking and social distance practices due to the onset of the COVID-19 pandemic. Since then, digital business practices and the use of email with home servers have become the new business continuity plan for numerous enterprises. Individuals are increasingly tempted to adopt blockchain due to the growing use of mobile devices and the internet. Organizations have become more vulnerable to privacy concerns as a result of these shifting patterns and scattered IT architectures, thereby fueling demand for blockchain solutions.

Middle East & Africa Blockchain Market Revenue and Forecast to 2028 (US$ Million)

Middle East & Africa Blockchain Market Segmentation   

Middle East & Africa Blockchain Market – By Component

• Solutions
• Services

Middle East & Africa Blockchain Market – By Application

• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Governance, Risk and Compliance
• Others

Middle East & Africa Blockchain Market – By Industry Vertical

• BFSI
• Retail
• Government
• Transportation and Logistics
• Healthcare
• Automotive
• Media and Entertainment
• Others

Middle East & Africa Blockchain Market– By Country

• Saudi Arabia
• UAE
• South Africa
• Rest of Middle East & Africa

Middle East & Africa Blockchain Market-Companies Mentioned

• Accenture
• Amazon Web Services
• Bitfury Group Limited
• Hewlett Packard Enterprise Development LP (HPE)
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Ripple Labs Inc.
• SAP S

Middle East and Africa Blockchain Report Scope