Middle East & Africa Blockchain Market - Industry Analysis, Growth, Demand, Share, & Forecast To 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 applications. As for the working of Blockchain, anyone on the internet with Blockchain can access the existing transactions since they are available on a device. Cryptocurrency is growing in the market gradually and becoming popular in organizations. The critical attribute for this rapid direct growth is the decentralization facility of Blockchain technology. Here user does not need to rely 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 and Blockchain technology. The cryptocurrency, which is based on Blockchain technology, is resistant to hyperinflation. Cryptocurrency transactions involve presenting 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 the chain of blocks. These blocks accordingly register the information in a ledger accessible by the public worldwide. By following every step effectively, Blockchain technology has become the most convenient technology. 

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

The need for awareness and increased adoption in 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 it 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 everyday lifestyle. Blockchain technology is a critical component of the industrial revolution in gulf countries that has helped change the economy's structure. Blockchain technology has increased opportunities, innovation and improved quality of life in the Middle East and Africa. As per the nature of Blockchain, it has several impacts and implications for procedures, operations and systems in various sectors of gulf countries. These factors are considered to be driving forces for the uprising of Blockchain technology in the Middle East & Africa region. 

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

What's Inside a Actual Market Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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