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)
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
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 MEA Blockchain Market – By Component
1.3.2 MEA Blockchain Market – By Application
1.3.3 MEA Blockchain Market – By Industry Vertical
1.3.4 MEA Blockchain Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA Blockchain Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 MEA
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA Blockchain Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Extensive Adoption of Blockchain Solutions in BFSI Industry Vertical
5.1.2 High Transparency and Operational Efficiency with Substantial Cost Savings
5.1.3 Surge in Innovative Start-ups
5.2 MARKET RESTRAINTS
5.2.1 Data Privacy, Confidentiality, and Security Concerns
5.2.2 Unclear Regulatory Environment
5.2.3 Interoperability, Scalability, and Sustainability Challenges
5.3 MARKET OPPORTUNITIES
5.3.1 Increasing Government Support and Initiatives
5.3.2 Rising Demand for Blockchain-as-a-Service Due to COVID-19 Pandemic
5.4 FUTURE TRENDS
5.4.1 Combination of Blockchain and Artificial Intelligence for Advanced Applications
5.4.2 Application of Blockchain in Vaccine Manufacture and Tracking
5.5 Impact Analysis of Drivers and Restraints
6. Blockchain Market – MEA Market Analysis
6.1 MEA Blockchain Market Overview
6.2 MEA Blockchain Market Forecast and Analysis
7. MEA Blockchain Market – By Component
7.1 Overview
7.2 MEA Blockchain Market, by Component (2020 and 2028)
7.3 Services
7.3.1 Overview
7.3.2 Services: MEA Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Solutions
7.4.1 Overview
7.4.2 Solutions: MEA Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
8. MEA Blockchain Market – By Application
8.1 Overview
8.2 MEA Blockchain Market, by Application (2020 and 2028)
8.3 Payments
8.3.1 Overview
8.3.2 Payments: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Exchanges
8.4.1 Overview
8.4.2 Exchanges: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Smart Contracts
8.5.1 Overview
8.5.2 Smart Contracts: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Documentation
8.6.1 Overview
8.6.2 Documentation: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Digital Identity
8.7.1 Overview
8.7.2 Digital Identity: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Governance, Risk and Compliance
8.8.1 Overview
8.8.2 Governance, Risk and Compliance: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9. MEA Blockchain Market – By Industry Vertical
9.1 Overview
9.2 MEA Blockchain Market, by Industry Vertical (2020 and 2028)
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Retail
9.4.1 Overview
9.4.2 Retail: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Transportation and Logistics
9.6.1 Overview
9.6.2 Transportation and Logistics: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Healthcare
9.7.1 Overview
9.7.2 Healthcare: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Automotive
9.8.1 Overview
9.8.2 Automotive: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Media and Entertainment
9.9.1 Overview
9.9.2 Media and Entertainment: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
10. MEA Blockchain Market – Country Analysis
10.1 Overview
10.1.1 MEA Blockchain Market Breakdown, By Country
10.1.1.1 Saudi Arabia Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.1.1 Saudi Arabia Blockchain Market Breakdown, By Component
10.1.1.1.2 Saudi Arabia Blockchain Market Breakdown, By Application
10.1.1.1.3 Saudi Arabia Blockchain Market Breakdown, By Industry Vertical
10.1.1.2 UAE Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.2.1 UAE Blockchain Market Breakdown, By Component
10.1.1.2.2 UAE Blockchain Market Breakdown, By Application
10.1.1.2.3 UAE Blockchain Market Breakdown, By Application
10.1.1.3 South Africa Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.3.1 South Africa Blockchain Market Breakdown, By Component
10.1.1.3.2 South Africa Blockchain Market Breakdown, By Application
10.1.1.3.3 South Africa Blockchain Market Breakdown, By Application
10.1.1.4 Rest of MEA Blockchain Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.4.1 Rest of MEA Blockchain Market Breakdown, By Component
10.1.1.4.2 Rest of MEA Blockchain Market Breakdown, By Application
10.1.1.4.3 Rest of MEA Blockchain Market Breakdown, By Industry Vertical
11. Impact of COVID-19 Pandemic on MEA Blockchain Market
11.1 Overview
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 IBM Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Microsoft Corporation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Accenture
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Amazon Web Services
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 SAP SE
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Bitfury Group Limited
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Ripple Labs Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Hewlett Packard Enterprise Development LP (HPE)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Oracle Corporation
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Intel Corporation
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. MEA Blockchain Market Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. MEA Blockchain Market, Revenue and Forecast to 2028 – By Country (US$ million)
Table 3. Saudi Arabia Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 4. Saudi Arabia Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 5. Saudi Arabia Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 6. UAE Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 7. UAE Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 8. UAE Blockchain Market, Revenue and Forecast to 2028 – By Application(US$ million)
Table 9. South Africa Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 10. South Africa Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 11. South Africa Blockchain Market, Revenue and Forecast to 2028 – By Application(US$ million)
Table 12. Rest of MEA Blockchain Market, Revenue and Forecast to 2028 – By Component (US$ million)
Table 13. Rest of MEA Blockchain Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 14. Rest of MEA Blockchain Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ million)
Table 15. Glossary of Terms, MEA Blockchain Market
LIST OF FIGURES
Figure 1. MEA Blockchain Market Segmentation
Figure 2. MEA Blockchain Market Segmentation – Country
Figure 3. MEA Blockchain Market Overview
Figure 4. MEA Blockchain Market, By Component
Figure 5. MEA Blockchain Market, By Application
Figure 6. MEA Blockchain Market, By Industry Vertical
Figure 7. MEA Blockchain Market, By Country
Figure 8. MEA: PEST Analysis
Figure 9. MEA Blockchain Market Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. MEA Blockchain Market Impact Analysis of Drivers and Restraints
Figure 12. MEA Blockchain Market, Forecast and Analysis (US$ Mn)
Figure 13. MEA Blockchain Market Revenue Share, by Component (2020 and 2028)
Figure 14. Services: MEA Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
Figure 15. Solutions: MEA Blockchain Market– Revenue and Forecast to 2028 (US$ Million)
Figure 16. MEA Blockchain Market Revenue Share, by Application(2020 and 2028)
Figure 17. Payments: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Exchanges: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Smart Contracts: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Documentation: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Digital Identity: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Governance, Risk, and Compliance: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. MEA Blockchain Market Revenue Share, by Industry Vertical(2020 and 2028)
Figure 25. BFSI: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Retail: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Government: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Transportation and Logistics: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Healthcare: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Automotive: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Media and Entertainment: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Others: MEA Blockchain Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. MEA Blockchain Market, by key Country- Revenue (2020) (US$ million)
Figure 34. MEA Blockchain Market Breakdown, By Country, 2020 & 2028 (%)
Figure 35. Saudi Arabia Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 36. UAE Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 37. South Africa Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 38. Rest of MEA Blockchain Market, Revenue and Forecast to 2028 (US$ million)
Figure 39. Impact of COVID-19 Pandemic in Middle East & Africa Country Markets
- 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 SE
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa Blockchain Market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa Blockchain Market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Blockchain Market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution