Middle East & Africa Blockchain Market Outlook, 2027

Middle East & Africa Blockchain Market Outlook, 2027

Public Blockchain technology allows anyone to access cryptocurrency from anywhere without endangering and accepting any interference from a central server or authority. Blockchain is the basic structure behind bitcoin and other cryptocurrencies. However, the applicability of Blockchain is expanding beyond cryptocurrencies and accepting various different applications. As for the working of Blockchain, anyone who is on the internet with Blockchain, can access the transactions that exist since they are available on a device. Cryptocurrency is growing the market gradually and becoming popular in organizations. The important attribute for this direct rapid growth is decentralization facility of Blockchain technology. Here user does not need to relay on any central service or trusted personnel. Users can achieve transparency by accessing each other’s transaction details. This is important for the trust factor between them as well as for the Blockchain technology. Cryptocurrency which is based on Blockchain technology is resistant to hyperinflation. Cryptocurrency transactions involve presenting the smart digital contracts. These contracts are the resources for contact details such as crypto type, receiver, sender and the amount. With the increase in the transactions, they are simultaneously processed in chain of blocks. These blocks accordingly registerthe information in ledger which is accessible by public worldwide. By following every step effectively, Blockchain technology has become most effective and convenient technology.

According to the research report “Middle East & AfricaBlockchain Market Outlook, 2027"" published by Bonafide Research, Middle East & Africa Blockchain market has forecasted to have CAGR of 49.49% by 2027. By the country, Middle East & Africa region is segmented into three major countries which are UAE, Saudi Arabia and South Africa. The United Arab Emirates is expected to acquire more market share in Middle East and Africa region. Blockchain development companies present in UAE acts as an interpretation of the advanced technology. Blockchain technology is entirely changing the historic ways of business processes. Middle East and Africa governments are aiming to develop foundation of ratification for projects related to Blockchain. Government is outlining the policies related to Blockchain based financial transactions. In Middle East and Africa region major countries are undergoing various economic and digital developments. In UAE, country adopted the Blockchain technology in conducting its transactions. Country has launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy 2021.

The need for awareness and increased adoption in both developed and developing countries is of uppermost importance in this region. Blockchain technology is still in its early stages, with several countries investigating ways of utilizing the technology and incorporating their systems with essential capabilities. Much of the Middle East and Africa region has various levels of embracing Blockchain and cryptocurrencies into their ordinary lifestyle. Blockchain technology is prominent key component of the industrial revolution in gulf countries that has helped change the structure of the economy. Blockchain technology has increased opportunities, innovation and improved quality of life in Middle East and Africa region. As per the nature of Blockchain, it has a number of impacts and implications for procedures, operations and systems in various sectors of gulf countries. These factors are accounted to be driving forces for the uprising of the Blockchain technology in Middle East & Africa region.

The Covid-19 Pandemic has affected stagnant and economy by the macro and micro vision in Middle East & Africa region. Major reasons for declining market growth are temporarily low oil prices, dramatic declines in tourism revenues, labor remittances, interrupted supply chains, lockdown measures etc. Iran was one of the early victims of the pandemic, with the first wave of corona virus in March 2020. With few exceptions, many countries dealt with three waves of the pandemic.The most valid concern of MEA region during Covid-19 pandemic was related to the data being accessed, stored and shared within the network into database. At the rise of the post-pandemic years, Blockchain technology have started to fight covid-19 virus by identifying cases accurately, enabling tracking of patients, ensuring regulatory and facilitating real-time data sharing.

Major Companies present in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.

Considered in this report
• Geography: Middle East & Africa
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Middle East & Africa Blockchain market with its value and forecast along with its segments
• Country wise Blockchain market analysis
• Segment wise Blockchain Market
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• United Arab Emirates
• Saudi Arabia
• South Africa

By Types of Blockchain in the report:
• Public
• Private
• Hybrid

By Provider type in the report:
• Infrastructure
• Application & Solution
• Middleware

By Enterprise in the report:
• Large Enterprise
• Small & Medium Enterprises

By Application in the report:
• Banking & Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail and Ecommerce
• Transportation & Logistics
• Energy and Utilities
• Others (Insurance, Manufacturing, Travel, It & Telecom, etc.,)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, Key and innovative vendors related to Blockchain industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.