The Latin America, Middle East and Africa Blockchain Technology Market would witness market growth of 56.6% CAGR during the forecast period (2021-2027). The growing demand for blockchain is due to the companies operating in the BFSI industry, which are further compelled to create customized products & services for their customers. Several insurance companies are aiming to improve their capabilities and make better products & services like index-based insurance, peer-to-peer insurance, and smart contracts.
Many companies operating in the BFSI industry are estimated to utilize the technology in their own products & services to grow in unserved & underdeveloped regions like the Middle East & Africa and Latin America. In addition, this technology will cover the increasing demand for real-time insurance payments at the time of covering claims from policyholders that will spur the revenue of the market.
In comparison to third parties, the remittance cost under blockchain is 2% to 3% of the whole amount. It is because blockchain does not need any third-party authentication. There are many financial service & solution vendors, which are forming partnerships with blockchain solution vendors, in order to improve their cross-borders payment processes. In the case of the conventional stock exchange, several bureaucracy’s stages are involved, due to which they need three days for processing a transaction. Though, the decentralization nature of blockchain technology in banking eliminates the requirement of mediators and allows trading on computers across the globe. Simultaneously, blockchain minimizes the redundancy of data in trading transactions, thus improving performance. There are many financial service providers which are using blockchain technology to improve their stock exchange process.
The Infrastructure & Protocols market dominated the Saudi Arabia Blockchain Technology Market by Component 2020, thereby, achieving a market value of $450.2 million by 2027. The Application & Solution market is experiencing a CAGR of 59% during (2021 - 2027). The Middleware market is estimated to grow at a CAGR of 59.4% during (2021 - 2027).
Based on Type, the market is segmented into Public, Private and Hybrid. Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Blockchain Technology Market is Predict to reach $72 Billion by 2027, at a CAGR of 51.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Microsoft Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., The Linux Foundation, Monax Industries Limited, and Interstellar.
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