Middle East and Africa Blockchain Market Growth and Analysis by 2028

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

Middle East and Africa Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation & Logistics, Healthcare, Automotive, Media & Entertainment, and Others)

Report Date : Mar 2022
Report Code : TIPRE00027782

Category : Banking, Financial Services, and Insurance
Status : Published

Available Report Formats :
No. of Pages : 154

Page Updated: Mar 2024

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

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)

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

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

Report Attribute	Details
Market size in 2021	US$ 199.37 Million
Market Size by 2028	US$ 7,615.09 Million
Global CAGR (2021 - 2028)	68.3%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Component Solutions and Services By Application Payments Exchanges Smart Contracts Documentation Digital Identity Governance Risk and Compliance By Industry Vertical BFSI Retail Government Transportation & Logistics Healthcare Automotive Media & Entertainment
Regions and Countries Covered	Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	Accenture Amazon Web Services Bitfury Group Limited Hewlett Packard Enterprise Development LP (HPE) IBM Corporation Intel Corporation Microsoft Corporation Oracle Corporation Ripple Labs Inc.

Research Manager

Ankita Mittal

Manager,
Market Research & Consulting

Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

What are the Middle East and Africa Blockchain Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

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