Middle East and Africa Blockchain Market is expected to reach US$ 7,615.09 million by 2028

Solutions Segment to Dominate Middle East & Africa Blockchain Market during 2019–2028

According to The Insight Partners market research study on “Middle East & Africa Blockchain Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Industry Vertical,” is expected to reach US$ 7,615.09 million by 2028 from US$ 199.37 million in 2021. The market is estimated to grow at a CAGR of 68.3% from 2021 to 2028. Surge in innovative start-ups is the major factor driving the growth of the Middle East & Africa blockchain market. However, data privacy, confidentiality, and security concerns may hinder the growth of Middle East & Africa blockchain market. The report provides trends prevailing in the Middle East & Africa blockchain market along with the drivers and restraints pertaining to the market growth.

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.

The Middle East & Africa blockchain market is segmented based on component, application, industry vertical, and country. Based on component, the Middle East & Africa blockchain market is segmented into solutions and services. In 2020, the solutions segment held the largest share Middle East & Africa blockchain market. Based on application, the Middle East & Africa blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2020, the payments segment held the largest share Middle East & Africa blockchain market. Based on industry vertical, the Middle East & Africa blockchain market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2020, the BFSI segment held the largest share Middle East & Africa blockchain market. Similarly, based on country, the market is segmented into the Saudi Arabia, UAE, South Africa, and rest of MEA. The UAE contributed a substantial share in 2020. 

Accenture, Amazon Web Services, Bitfury Group Limited, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE are among the leading companies in the Middle East & Africa Blockchain Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Carrefour and Nestle Partnered with IBM to use blockchain technology in food categories. The partnership would enable a rapid expansion of a blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers.

Middle East & Africa Blockchain Market, By Country, 2020 and 2028 (%)

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