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Blockchain spending in Mideast Africa to double in 2018 – IDC


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Spending blockchain solutions in the Middle East and Africa (MEA) is set to more than double this year, according to the latest insights from International Data Corporation.

The global technology research and consulting firm’s recently launched Worldwide Semiannual Blockchain Spending Guide shows spending in the region totaling $80.8 million for 2018, up 107% on the $38.9 million spent in 2017.

“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”, says Megha Kumar, IDC’s research director for software in the Middle East, Africa, and Turkey.

In 2018, we expect more organizations across MEA to move beyond the evaluation and proof-of-concept phase to pilots and even deployments.”

Looking further ahead, 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.

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