Saudi Arabia's blockchain market to grow 41% by 2025

The blockchain market surge is part of wider expected growth in the IT and emerging technology sector

  
A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri
 
Saudi Arabia's blockchain market is expected to grow by 41 percent between 2021 and 2025, according to estimates of the Kingdom's communications sector regulator.

The blockchain market surge is part of wider expected growth in the IT and emerging technology sector that will hit SR100 billion by 2025, with an annual compound growth rate of 10 percent, Saudi Press Agency reported, citing Raed Alfayez, vice-governor of emerging technologies at the Commission of Information Technology and Communication.

The market today has a size of SR65 billion, he added.

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