A Middle East and Africa Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services)

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 register a CAGR of 68.3% from 2021 to 2028. The COVID-19 outbreak has caused severe disruptions in supply systems. A key issue is the shutdown of multiple enterprises due to safety & hygiene concerns and the unprecedented demand for specific products, such as PPE kits and medical supplies. Due to the rising demand for these products, various users are forced to get supplies from unknown origins or quality. Long supply chains provide tremendous ambiguity, making it difficult to quantify and plan the complete supply chain. The ideal solution for supply chains is blockchain, which can connect all stakeholders into a single supply chain network; while retaining transparency and safely breaking down data silos. As a result, the supply chain process has many blockchain setups. Blockchain speeds up the validation process by eliminating third-party delegates and inherent delays in handling and processing operations. The benefits include faster handling and processing time, cheaper costs, decreased operational risks, and speedier settlements for all parties involved.

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.

Based on component, the Middle East & Africa blockchain market is bifurcated into solutions and services. In 2020, the solutions segment held a larger share in the North America blockchain market. The increasing adoption of blockchain solutions due to their capacity to provide more transparency in financial transaction management in Bitcoin and increasing digitization is propelling the blockchain market. Customers can use the blockchain platform to create private, public, and consortium-based blockchain environments, as well as construct their own blockchain applications and solutions.

The overall Middle East & Africa blockchain market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Middle East & Africa blockchain market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Middle East & Africa blockchain market. 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 key players operating in the Middle East & Africa blockchain market.

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