The Latin America, Middle East and Africa Blockchain IoT Market would witness market growth of 59.9% CAGR during the forecast period (2023-2030).
For safety and regulatory compliance, tracking the components used in automobiles, aircraft, and other products is crucial. The IoT data stored in distributed digital ledgers permits all parties to view component provenance across the entire product life cycle. Sharing information with shippers, regulatory agencies, and manufacturers becomes effortless.
The data that will be handled, examined, personalized, and distributed among authorized suppliers can be chosen using blockchain technology. Blockchain legitimizes data and verifies that it originates from a reliable source. This strengthens privacy agreements to improve the security of communications. There must be multiple layers of security in place to prevent unauthorized access. Blockchain facilitates this and maintains the data's security and limited access control.
The Saudi central bank is one of the first regional central banks to work with blockchain technology for money transactions. The Fintech Saudi Initiative in collaboration with the Capital Market Authority (CMA), the introduction of the SAMA Regulatory Sandbox, and a variety of digital banking services and payments are additional initiatives launched by SAMA to develop Fintech in the Kingdom.
The SaS Center for Entrepreneurship under MTCIT is directing a smart cities project to come up with initiatives in artificial intelligence, Internet of Things (IoT), and blockchain. Omantel provides government clients with smart cities project implementation and ICT solutions, such as blockchain technology and smart cloud call center services. Consequently, it is anticipated that the market will experience substantial growth during the forecast period.
The Brazil market dominated the LAMEA Blockchain IoT Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $226 million by 2030. The Argentina market is poised to grow at a CAGR of 60.8% during (2023 - 2030). Additionally, The UAE market would display a CAGR of 59.5% during (2023 - 2030).
Based on Application, the market is segmented into Smart Contracts, Data Security. Asset Tracking & Management, and Others. Based on Vertical, the market is segmented into Transportation & Logistics, Consumer Electronics, Manufacturing, Healthcare, Retail, Smart City, and Others. Based on Component, the market is segmented into Software & Platform, Hardware, and Services. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Blockchain IoT Market is Projected to reach USD 11.9 Billion by 2030, at a CAGR of 57.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
By Application
By Vertical
By Component
By Organization Size
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