Middle East’s Blockchain spending to surge 400% by 2023
Saturday, 02 15 2020, Category: Technology, Country: Middle East
As global blockchain adoption is accelerating, countries in the Middle East and Africa (MEA) are forecasted to massively increase their spending on the tech in the next few years.
According to a new report by United States-based market research firm International Data Corporation (IDC), governments across MEA will see a 400% surge in their investment to blockchain-based solutions in four years.
Issued on Feb. 12, the IDC report outlines that blockchain tech is increasingly growing its share in digital transformation initiatives in the MEA region. Specifically, MEA countries are predicted to increase its blockchain spending from $21 million in 2019 to as much as $105 million by 2023, with a compound annual growth rate of nearly 50%.