IDC Predicts Blockchain Spending in the Middle East and Africa to More than Double in 2018

By CircleID Reporter

Spending on blockchain solutions in the Middle East and Africa (MEA) will more than double this year, according to the latest insights from International Data Corporation. Megha Kumar, IDC's research director for software in the Middle East, Africa, and Turkey: "There is clearly an immense amount of interest around distributed ledger technologies (DLT) in the region. This is being driven by the pressing need for organizations to improve their efficiency, agility, security, and integrity. In 2018, we expect more organizations across MEA to move beyond the evaluation and proof-of-concept phase to pilots and even deployments."

"IDC expects blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016-2021 period. While various industries are evaluating the use of blockchain, IDC research suggests the region's public sector (including government, education, and healthcare) will spend an estimated $120.8 million in this space in 2021, accounting for 39.2% share. It will be followed by the financial services sector at 35.5% and the distribution and services sector at 14.1%."

"From a technology perspective, IDC's forecast shows services (IT services and business services) accounting for 52.7% of MEA blockchain spending in 2021. Blockchain software platforms will be the biggest and fastest-growing category in the software space over the coming years, while cloud will be the fastest-growing component in terms of hardware."

Related topics: Blockchain

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