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Written by Vijay Kumar » Updated on: June 16th, 2025
Saudi Arabia Blockchain Market Overview
Market Size in 2024: USD 0.23 Billion
Market Size in 2033: USD 35.52 Billion
Market Growth Rate 2025-2033: 65.50%
According to IMARC Group's latest research publication, "Saudi Arabia Blockchain Market Size, Share, Trends and Forecast by Component, Provider, Type, Deployment Mode, Organization Size, Vertical, and Region, 2025-2033", The Saudi Arabia blockchain market size reached USD 0.23 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 35.52 Billion by 2033, exhibiting a growth rate (CAGR) of 65.50% during 2025-2033.
Growth Factors in the Saudi Arabia Blockchain Market
Saudi Arabia’s Vision 2030 initiative is a major catalyst for the blockchain market, promoting digital transformation and economic diversification. The government’s focus on fostering innovation has led to investments in blockchain technology to enhance transparency and efficiency across sectors like finance and logistics. For example, the Saudi Central Bank (SAMA) has explored blockchain for cross-border payments, partnering with Ripple to streamline transactions. Such initiatives, backed by regulatory support and funding, encourage private-sector adoption, positioning Saudi Arabia as a regional leader in blockchain innovation and driving market growth.
The growing fintech sector in Saudi Arabia fuels blockchain market expansion, as financial institutions seek secure and efficient solutions. Blockchain’s ability to enhance transaction security and reduce costs has led to its adoption in banking and payments. For instance, STC Pay, a leading digital wallet, has integrated blockchain to improve payment processing and fraud prevention. This demand is driven by increasing digital transactions and a young, tech-savvy population. As fintech startups and banks prioritize blockchain for remittances and smart contracts, the market sees robust growth, aligning with the Kingdom’s goal of a cashless economy.
Saudi Arabia’s ambitious smart city initiatives, such as NEOM, drive blockchain adoption by requiring secure, decentralized systems for data management and supply chain operations. Blockchain ensures transparency in areas like real estate transactions and logistics within these projects. For example, NEOM’s partnership with Oracle to implement blockchain-based supply chain solutions showcases its role in large-scale developments. These investments create a demand for blockchain expertise and infrastructure, attracting global tech firms and fostering local innovation. As smart cities expand, the blockchain market grows to support their digital ecosystems, enhancing efficiency and trust.
Key Trends in the Saudi Arabia Blockchain Market
Blockchain is increasingly used in supply chain management to ensure transparency and traceability, particularly in logistics and food sectors. Companies like Aramco have implemented blockchain to track oil shipments, ensuring authenticity and reducing fraud. This trend aligns with Saudi Arabia’s goal to become a global logistics hub under Vision 2030. By providing real-time data and immutable records, blockchain enhances efficiency and trust in supply chains. As more industries adopt this technology, the market sees growing demand for tailored blockchain solutions, strengthening Saudi Arabia’s position in global trade.
The rise of Blockchain-as-a-Service (BaaS) platforms is transforming the market by enabling businesses to adopt blockchain without heavy infrastructure investments. Global providers like IBM and Microsoft offer BaaS solutions, allowing Saudi firms to implement blockchain for applications like contract management and identity verification. For example, the Saudi Electricity Company has explored IBM’s blockchain platform for secure data sharing. This trend lowers entry barriers for SMEs, driving widespread adoption. As BaaS providers expand their presence, the market benefits from scalable, cost-effective solutions, fostering innovation across sectors.
The development of clear regulatory frameworks is a key trend shaping the blockchain market. SAMA and the Capital Market Authority (CMA) are establishing guidelines to ensure secure blockchain adoption while fostering innovation. For instance, SAMA’s sandbox program allows fintech startups to test blockchain applications under regulatory oversight. This trend builds trust among businesses and investors, encouraging blockchain investments. By balancing innovation with compliance, Saudi Arabia attracts global blockchain firms while ensuring market stability, creating a conducive environment for growth and positioning the Kingdom as a hub for blockchain innovation.
Download a sample PDF of this report: https://www.imarcgroup.com/saudi-arabia-blockchain-market/requestsample
Saudi Arabia Blockchain Industry Segmentation:
The report has segmented the market into the following categories:
Component Insights:
Provider Insights:
Type Insights:
Deployment Mode Insights:
Organization Size Insights:
Vertical Insights:
Regional Insights:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Future Outlook
The Saudi Arabia blockchain market is set for significant growth, driven by Vision 2030’s emphasis on digital transformation and innovation. Government support, coupled with investments in smart cities like NEOM and fintech advancements, will accelerate blockchain adoption across sectors. The rise of BaaS platforms and regulatory clarity will lower barriers, enabling SMEs and startups to leverage blockchain for diverse applications, from supply chain to financial services. Strategic partnerships with global tech leaders, such as IBM and Ripple, will enhance expertise and infrastructure. As Saudi Arabia strengthens its position as a regional tech hub, the blockchain market will play a pivotal role in building a transparent, efficient, and diversified economy.
Research Methodology:
The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
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Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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