Saudi Arabia Blockchain Technology Market Research Report, 2030

Saudi Arabia has embraced blockchain technology as a key driver of its Vision 2030 initiative, which aims to diversify the economy and reduce its dependency on oil revenues. The Kingdom has positioned blockchain as a crucial component of its digital transformation strategy, investing in various blockchain applications across industries such as finance, healthcare, logistics, and government services. Saudi Arabia's commitment to blockchain technology is reflected in the creation of initiatives like the Saudi Blockchain Initiative, which aims to leverage blockchain to enhance transparency, efficiency, and security in both public and private sectors. The government is actively exploring the potential of blockchain in managing critical public services, such as public records, identity management, and the delivery of government services. Blockchain's decentralized and transparent nature is seen as a tool for reducing corruption and increasing trust in government processes. In the financial sector, Saudi Arabia has been exploring the use of blockchain to streamline cross-border payments, reduce costs, and enhance the speed of transactions. The Saudi Arabian Monetary Authority (SAMA) has already initiated blockchain-based projects to modernize the country's financial infrastructure, including the development of a digital currency that could be used for cross-border transactions. Several local banks, including the National Commercial Bank (NCB) and Riyad Bank, have partnered with blockchain technology providers to implement decentralized finance solutions and enhance the security of transactions. Saudi Arabia’s financial institutions are also exploring the potential for blockchain to support blockchain-based solutions such as smart contracts and secure asset management, offering more efficient, cost-effective, and secure alternatives to traditional banking practices. The National Industrial Development and Logistics Program (NIDLP), part of Vision 2030, aims to use blockchain to improve supply chain management, reduce inefficiencies, and enhance transparency in logistics, which is particularly critical given Saudi Arabia’s strategic position as a global logistics hub. According to the research report, " Saudi Arabia Blockchain Technology Market Research Report, 2030," published by Actual Market Research, Saudi Arabia Blockchain Technology Market is anticipated to add to more than USD 2.33 Billion by 2025–30In the healthcare sector, Saudi Arabia has started using blockchain technology to improve the security, transparency, and interoperability of medical records. The Kingdom is working on creating blockchain-powered systems that will securely store patient data, making it accessible to authorized healthcare providers while maintaining privacy and reducing the risk of data breaches. The blockchain-based healthcare system will allow patients to control their data while facilitating better coordination among healthcare providers, improving overall healthcare delivery and patient outcomes. This initiative aligns with Saudi Arabia’s long-term goals to improve its healthcare system and make it more efficient and patient-centered. Furthermore, the Saudi government is investing in blockchain to streamline logistics and enhance trade. Given the Kingdom's significant role in international trade, especially in oil exports, blockchain offers a transformative solution for tracking and verifying the movement of goods through ports and logistics networks. Blockchain is being adopted to ensure the authenticity of trade documents, reduce fraud, and improve the traceability of goods in real-time. The use of blockchain in logistics will also help reduce administrative costs, eliminate delays caused by manual processes, and enable the country’s businesses to improve operational efficiency. The government has also launched initiatives such as the Saudi Blockchain Council, which brings together public and private stakeholders to collaborate on the adoption of blockchain solutions. This collaboration is expected to boost innovation and help the country establish a leadership position in blockchain technology within the region. As Saudi Arabia continues to implement blockchain solutions, the country is laying the groundwork for becoming a global leader in blockchain adoption, with strong government support, cutting-edge infrastructure, and a clear vision for leveraging technology to transform its economy and improve the quality of life for its citizens.

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Blockchain technology in Saudi Arabia is gaining traction across various sectors as the country aims to digitize its economy and diversify away from oil dependency. The service provider landscape is pivotal in this growth, comprising application and solution providers, middleware providers, and infrastructure & protocol providers. Application and solution providers play a key role in developing tailored blockchain applications that cater to Saudi Arabia's specific challenges, especially in industries like energy, finance, and logistics. These applications are being designed to automate processes, reduce transaction costs, and enhance transparency. Middleware providers ensure that blockchain solutions seamlessly integrate with existing enterprise systems, supporting businesses in their digital transformation efforts. They focus on developing solutions that enable interoperability between blockchain platforms and traditional enterprise systems, ensuring a smooth transition to decentralized technologies. Infrastructure and protocol providers are critical for building the foundation of the blockchain ecosystem in Saudi Arabia. They are responsible for developing and maintaining secure, scalable blockchain networks that support the growing demand for decentralized applications (dApps). This infrastructure forms the backbone for industries, such as banking and energy, that are adopting blockchain for secure transactions and enhanced transparency. Saudi Arabia’s Vision 2030 initiative emphasizes the importance of blockchain in driving economic diversification, positioning blockchain service providers as central players in the kingdom's ongoing economic transformation. In Saudi Arabia, blockchain technology is being applied across a wide range of industries, each benefiting from its unique capabilities. The BFSI sector is one of the largest adopters of blockchain, utilizing it for secure, fast cross-border payments and streamlining financial transactions. Blockchain helps reduce the cost of financial services, mitigates fraud risks, and enhances the speed of transactions. Smart contracts are being implemented in sectors like government, real estate, and supply chain management, automating agreements and enhancing security by removing intermediaries. These self-executing contracts ensure that terms are automatically enforced, streamlining processes while reducing costs. The use of digital identity solutions is growing in Saudi Arabia, with applications in sectors such as healthcare, banking, and government services. These solutions offer enhanced security and privacy, allowing individuals to manage their personal data securely while ensuring seamless access to services. Documentation management is another area where blockchain is making significant strides, with applications in land registration, healthcare, and legal services. Blockchain’s ability to ensure transparency and immutability of records makes it an ideal solution for managing sensitive data. The exchange market is also thriving, as the country adopts blockchain-based platforms to trade cryptocurrencies, tokenized assets, and securities. These exchanges facilitate secure, decentralized trading and have positioned Saudi Arabia as a potential hub for digital assets in the Middle East, driving financial innovation. In Saudi Arabia, the adoption of blockchain technology is happening across both large enterprises and small to medium enterprises (SMEs). Large enterprises, particularly in industries like energy, banking, and logistics, are investing heavily in blockchain solutions to improve operational efficiency and reduce costs. Blockchain applications in the energy sector, for instance, are being used to increase transparency in the supply chain and enable secure energy trading, aligning with the kingdom’s shift toward renewable energy sources. In the banking sector, blockchain is helping institutions streamline processes, enhance security, and ensure faster, more secure cross-border payments. Large enterprises are also leveraging blockchain for supply chain management, improving traceability, and enhancing the overall transparency of their operations. SMEs, on the other hand, are adopting blockchain solutions that are cost-effective and easy to implement. These businesses are utilizing blockchain to streamline operations, reduce transaction costs, and increase data security. The Saudi government is supporting this transition through initiatives such as the Saudi Arabian Monetary Authority (SAMA) and the Saudi Arabian General Investment Authority (SAGIA), which provide regulatory frameworks and investment opportunities for blockchain startups. These initiatives are creating an ecosystem that encourages the adoption of blockchain technologies across both large enterprises and SMEs. Blockchain technology is also being promoted through government-backed projects aimed at improving digital infrastructure, creating a conducive environment for the growth of blockchain applications and startups. These efforts align with Saudi Arabia's broader Vision 2030 initiative to diversify its economy and embrace digital technologies.

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Nikita Jabrela

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Blockchain adoption in Saudi Arabia is increasingly widespread across multiple end-user industries, including BFSI, government, healthcare, and logistics. The banking, financial services, and insurance (BFSI) sector has been one of the largest adopters of blockchain technology in Saudi Arabia. Financial institutions are using blockchain to facilitate secure, real-time payments, reduce fraud, and streamline cross-border transactions. The use of blockchain in the BFSI sector is also aiding the digitization of traditional services, making financial systems more efficient and transparent. The Saudi government is also exploring blockchain for use in various public sector services. Blockchain is being integrated into government services like digital identity management, land registries, and voting systems to improve transparency and reduce bureaucracy. The adoption of blockchain by government entities is in line with the country’s broader digital transformation strategy, which aims to provide more efficient, transparent, and secure services to citizens. In the healthcare sector, blockchain is being leveraged to manage patient records and streamline data sharing between healthcare providers. This enhances data security, ensures privacy, and improves the overall efficiency of healthcare services. Blockchain technology is also being implemented in logistics to improve supply chain transparency, track the movement of goods, and reduce fraud. In industries like real estate, blockchain is helping to simplify property transactions and ensure the security and transparency of property records. Blockchain’s ability to provide immutable, transparent records has made it a game-changer in these industries, driving greater efficiency, security, and trust. As blockchain adoption continues to grow across these sectors, Saudi Arabia is well-positioned to become a leader in blockchain innovation in the Middle East. Considered in this report • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Blockchain market with its value and forecast along with its segments • Region & country wise Blockchain market analysis • Segment wise Blockchain Market • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Service Provider • Application and Solution Provider • Middleware Provider • Infrastructure & Protocol Provider By Application • Payment and Transaction • Smart Contract • Digital Identity • Documentation • Exchanges By Organization Size • Large Enterprise • Small and Medium Enterprise By End Users • BFSI • Government • Healthcare • Media & Entertainment • Others 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.