Blockchain is increasingly becoming a budgeting priority for many countries around the world. Although North America, Europe, and Asia are the traditional technology leaders, one region that is making a large impact in the blockchain space may come as a surprise to some. “Middle East and North Africa (MENA) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018,” according to the latest forecast by Gartner, Inc. MENA is also increasing its budget for blockchain spending and not surprisingly almost doubling it every year until 2021.
Looking further ahead (and including all of the African continent), the International Data Corporation (IDC) forecasts “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.” IDC goes on to indicate that the most popular blockchain use cases in 2021 will be cross-border payments and settlements, assets/goods management and identity management. These three areas alone will account for a third of MEA’s overall blockchain expenditures in 2021.
“At this stage it’s still early days for blockchain, with technology vendors, start-ups, fin-techs, and end users continuing to discover new types of use cases,” says Jebin George, IDC’s program manager for verticals in the Middle East, Africa, and Turkey. “Some of these may never go mainstream, stalling at the proof-of-concept stage as they fail to bring in the scale of efficiency that was meant to be achieved.”
From a technology perspective, IDC’s forecast anticipates that IT and business services will account for more than half of MEA’s 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.
With this in mind, MENA will become a target area for Luxcore in the coming months as it seeks to build out a strong network of global business partnerships. Luxcore will seek to leverage a suite of blockchain tools in the offing designed to satisfy requirements in many of the fastest-growing sectors to discover new opportunities for growth in MENA and around the world.
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– The Luxcore Team