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Saudi Arabia’s blockchain market is set to grow 41% by 2025: Ministry

Saudi Arabia blockchain-IFM-image
The overall tech sector in the Kingdom is expected to hit SR100 bn by 2025

The Kingdom of Saudi Arabia’s blockchain market is forecasted to grow by 41 percent between 2021 and 2025, according to the Commission of Information Technology and Communication. The overall technology sector is expected to hit SR100 billion during the period. Currently, the market size is around SR65 billion.

Even though blockchain technology is arguably in its nascent stages, most countries in the Gulf are leveraging blockchain to streamline public administration, bolster financial services and optimise business processes.

The global blockchain market is forecasted to grow significantly in the coming years and is expected to reach $104.19 billion by 2028, according to the ‘Blockchain Market, 2021-2028′ report by Fortune Business Insights. The market is set to grow at a Compound Annual Growth Rate (CAGR) of 55.8 percent between 2021 and 2028.

To put things into perspective, the market stood at $3.06 billion in 2020. The pandemic has accelerated the growth of technology and blockchain in particular. There has also been a growing demand for cloud-based technology solutions in recent times.

According to an analysis report by Research Dive released earlier this month, the global blockchain IoT market is projected to garner nearly $5.802.7 million revenue by 2026, and grow at a CAGR of 91.5 percent from 2019 to 2026.

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