Market Research Report

UAE Blockchain Market Research Report: Forecast (2025-2030)

UAE Blockchain Market Report - By Type (Public Blockchains, Private Blockchains, Consortium Blockchains), By Component (Platform, Services), By Deployment (On-Premises, Cloud-Based..., Hybrid), By Enterprise Size (Large Enterprises, SMEs), By Application (Smart Contracts, Cryptocurrencies, Decentralized Applications, Identity Management, Internet of Things (IoT) , Others), By End User (BFSI, Energy & Utilities, Government, Real Estate, Healthcare and Life Sciences, Manufacturing, IT & Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, Others (Education, etc.)). Read more

  • ICT & Electronics
  • Oct 2024
  • 121
  • PDF, Excel, PPT

Market Definition

Blockchains are also known as Distributed Ledger Technology (DLT). It is a decentralized, immutable, and digital ledger that stores digital information. The blocks are connected in chronological order forming a chain, in which each transaction is recorded in a new block. The blocks contain the header, a Hash, a timestamp, and a nonce, which securely stores transactions across multiple computers.

Market Insights & Analysis: The UAE Blockchain Market (2025-30):

The UAE Blockchain Market size is projected to grow at a CAGR of around 42% during the forecast period, i.e., 2025-30. The growth in the UAE Blockchain Market is influenced by various government initiatives that promote Blockchain technology. Emirates Blockchain Strategy 2021 along with The Dubai Blockchain Strategy has been launched by The UAE regulatory bodies. The strategy aims to establish Dubai as the first fully powered blockchain platform. As per the National Blockchain Strategy announced by the UAE government for the period 2021 to 2031, approximately 50% of government transactions shall be transformed into blockchain. Thus boosting the growth of the blockchain industry in the UAE. Additionally, the proactive initiatives taken by the UAE help startups to focus on blockchain technology by encouraging investors both locally and from foreign countries to invest thereby fueling the market growth in the country.

Moreover, developing interest in digital assets like cryptocurrency (Bitcoins, Ethereum) motivates individuals to invest. The UAE is known as a key hub for cryptocurrency, which uses blockchain innovations as its foundational framework. Abu Dhabi Global Market (ADGM) and Dubai Multi Commodities Centre (DMCC) offer a fair and secure environment for crypto corporations to operate correctly.

Report Coverage Details
  Historical Years   2020-23
  Base Years
  2024
  Forecast Years
  2025-30
  CAGR (2025-30)   42%
  Top Key Players OpenXcell, SoluLab, Cubix, Sfxdx, Quest GLT, Quytech, Digitalroar Softlabs, Apptunix, Web3soft, MixBytes, Aspired, and others
  Key Report Highlights
  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

 

*Boost strategic growth with in-depth market analysis - Get a free sample preview today!

Also, Blockchain is being utilized in the supply chain, healthcare, production, banking, and finance sectors in the UAE. The merger of blockchain in the supply chain is offering ample growth opportunities for the organizations providing blockchain technology. It will lessen fraud and improve the real-time traceability of products in the supply chain and inventory management. Likewise, the involvement of blockchain in financial offerings to enhance performance, protection, and transparency opens up the opportunity for financial institutions. By adopting Blockchain, financial institutions will improve consumer experience, and stay competitive in the industry.

The UAE Blockchain Market Driver:

Digital Transformation Driving Market Growth Digital transformation is the key driver of growth in the UAE Blockchain Market. The government’s strategic plans for the UAE economy are mainly based on digital transformations. With the increasing digitalization in several sectors, companies are seeking technology that can enhance security, transparency, and also efficiency in record keeping. Hence the demand for Blockchain technology is increasing, as it can record transactions in a secure and immutable way.


UAE Blockchain Market Research Report: Forecast (2025-2030)

Additionally, the inclinations of individuals toward decentralized finance (DeFi) and digital assets, further elevate the market growth. Digital assets like Bitcoins and Ethereum, use blockchain technology for transparent and secure transactions. This alignment of blockchain technologies with rapid digital transformations in the UAE amplifies the UAE Blockchain Market Growth. For instance,

  • In July 2024, Dubai Customs launched its blockchain platform to improve clearance procedures by providing a more comfortable and easy way for shipping operations across Dubai and its borders.
  • In May 2024, Quest Global, announced that it has acquired a majority stake in People Tech Group, a renowned leader in next-generation digital transformation and digital innovation for Fortune 500 clients.

The UAE Blockchain Market Growth Opportunity:

Innovation in Financial Services – Innovations in financial services like Digital Payments, Smart Contracts, and Decentralized Finance (DeFi) are creating a robust growth opportunity in the UAE Blockchain Industry. Blockchain is being integrated by banks, financial institutions, and fintech companies for payments, settlements, and trade finance. Using blockchain in the financial sector will reduce the financial fraud risk by removing intermediaries through smart contact and also reducing transaction costs and times. This will boost the collaborative approach for blockchain businesses to partner with fintech companies for various financial solutions. Also, several government initiatives such as Emirates Blockchain Strategy 2021 and The Dubai Blockchain Strategy attract local and foreign investors to invest in start-ups.

Additionally, the increasing adoption of cryptocurrencies and digital assets opens up a new market for various tech companies to position themselves as the market leader for blockchain technology in the financial sector. For instance,

  • In August 2024, As per a study of Henley Crypto Adoption Index 2024, UAE scored the highest position in global cryptocurrency adoption, compared to Singapore scoring 45.7 out of 60 points, Hong Kong at 42.1, and the United Arab Emirates followed closely behind.
  • In August 2024, Tether teamed up with the UAE’s Phoenix Group and Green Acorn Investments, which aims to improve international trade and remittances. Tether’s expansion into the UAE financial market, to launch a dirham-backed stablecoin is expected to provide users with a cost-effective method.

The UAE Blockchain Market Challenge:

Tackling with High Investment Cost – The implementation cost of blockchain technology is significantly high. This high cost is associated with a few factors including infrastructure, development, regulatory compliance licensing costs, hiring technical developers, and operation costs. Additionally, the constant mining process in blockchain consumes high energy, leading to increases the operation costs as well. This higher cost would restrict the adoption of blockchain technology to businesses with limited funds and budgets, like SMEs. For instance,

  • In May 2024, The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) issued a directive to farmers, emphasizing that cryptocurrency mining on farms is not permissible due to the potential escalation of electricity bills. As generating new coins using highly advanced computers that consume substantial energy.
  • In December 2023, Phoenix Group PLC, a bitcoin mining company based in the UAE, signed an order worth more than $380 million with Microbt, a mining rig manufacturer. As part of the agreement, Phoenix Group PLC will receive mining equipment valued at $136 million, with an additional option worth $246 million.

The UAE Blockchain Market Trend:

Integration of AI with Blockchain for Cybersecurity Solutions – In the UAE, companies are investing heavily to protect their data and information as cybercrimes and frauds are their biggest concerns. Because of increasing digitalization in the UAE market, cybersecurity is on top priority. AI and Blockchain are enhancing data integrity, protecting critical infrastructure, and fostering ethical AI usage. The integration of AI with blockchain is enhancing public services and also nurturing innovation in the private sector. The UAE has already introduced various AI-driven projects with blockchain technology like self-driving vehicles and smart health systems. This integration will also help secure transactions and user identities by using cryptographic techniques to strengthen data protection. Consequently, the market is shifting towards prioritizing cybersecurity by adopting blockchain and AI technology in every sector. This trend is further boosting the revenue growth of the UAE Blockchain Industry. For instance,

• In September 2024, policies to create an A.I.-friendly ecosystem are proposed by the UAE Council for AI and Blockchain. The UAE is investing in AI and blockchain technologies mainly to focus on cybersecurity and positioning the country as a global leader in digital innovation.

• In May 2024, the Ministry of State for Artificial Intelligence (AI), Digital Economy, and Remote Work Applications, emphasized the necessity of enhancing advanced digital infrastructure. And also escalating efforts and bolstering projects at the national level to secure the UAE's global leadership in AI.

The UAE Blockchain Market (2025-30): Segmentation Analysis

The UAE Blockchain Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. The research includes predictions for the period 2025–2030 at the national level. Based on the analysis, the market has been further classified as:

Based on End User

  • BFSI
  • Energy & Utilities
  • Government
  • Real Estate
  • Healthcare and Life Sciences
  • Manufacturing
  • IT & Telecom
  • Media & Entertainment
  • Retail & Consumer Goods
  • Travel and Transportation
  • Others (Education, etc.)

The BFSI sector is leading the market by capturing more than 50% of the market share. As this sector is mainly focusing on reducing fraud by eliminating intermediaries in finance. Blockchain technology is especially being used for detecting fraud, cyber-attacks, theft, and breaches. Blockchain provides secure and immutability features allowing quick transactions with transparency. This makes it a preferred choice for banks and various financial institutions. It also enhances traceability and minimizes operational costs leading to obtaining the largest share of the market.

However, the healthcare sector is also expected to grow in the forecasted period. The rapid adoption of blockchain in healthcare sectors by hospitals, clinics, and other healthcare providers to protect patient data, has resulted in the growth of the sector. Moreover, norms imposed by governments to protect accounts of rising instances of insurance fraud would further amplify the sector to capture the larger market share.

Based on Application:

  • Smart Contracts
  • Cryptocurrencies
  • Decentralized Applications
  • Identity Management
  • Internet of Things (IoT)
  • Others

In the UAE Blockchain Market, cryptocurrency has captured the largest market share estimated at more than 70% of the total market value. Because of the unique features cryptocurrencies such as Bitcoin and Ethereum are increasing in the UAE. The adoption of cryptocurrency among individuals and institutions is increasing. The government of UAE also declared cryptocurrency as a legal salary. Furthermore, growing interest in decentralized finance platforms and the increasing use of cryptocurrencies for cross-border transactions are also contributing to market growth.

The UAE Blockchain Industry Recent Development:

  • In August 2024: Ripple, the blockchain and crypto solution provider, partnered with the Dubai International Financial Centre’s (DIFC) Innovation Hub, to accelerate blockchain and digital assets innovation in the UAE.
  • In August 2024: Gate Ventures, the investment arm of cryptocurrency exchange Gate.io, partnered with the Blockchain Center in Abu Dhabi to launch a $100 million fund to drive Web3 innovation in the coming years.

Gain a Competitive Edge with the UAE Blockchain Market Report

  1. The UAE Blockchain Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. The UAE Blockchain Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format  - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.

Frequently Asked Questions

   A. The UAE Blockchain Market is expected to grow at a compound annual growth rate (CAGR) of around 42% during 2025-30.

   A. Digital transformation is the prominent factor expected to drive the UAE Blockchain Market during 2025-30.

   A. The top companies in the UAE Blockchain Market are OpenXcell, SoluLab, Cubix, Sfxdx, Quest GLT, Quytech, Digitalroar Softlabs, Apptunix, Web3soft, MixBytes, Aspired, and others.

   A. Smart contacts held the largest share of the UAE Blockchain Market.

   A. The UAE Blockchain Market is growing because of the integration of AI with blockchain for cybersecurity solutions.

   A. High initial investment costs of advanced water purifiers are possible restraints affecting the growth of the UAE Blockchain Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. The UAE Blockchain Market Trends & Developments
  5. The UAE Blockchain Market Start-up Ecosystem
    1. Entrepreneurial Activity
    2. Funding Received by Top Companies
    3. Key Investors Active in the Market
    4. Series-wise Funding Received
      1. Seed Funding
      2. Angel Investing
      3. Venture Capitalists (VC) Funding
      4. Others
  6. The UAE Blockchain Market Industry Dynamics
    1. Growth Drivers
    2. Challenges
  7. The UAE Blockchain Market Opportunities & Hotspots
  8. The UAE Blockchain Market Value Chain Analysis
  9. The UAE Blockchain Market Regulations and Policy
  10. The UAE Blockchain Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type
        1. Public Blockchains- Market Size & Forecast 2020-2030, USD Million
        2. Private Blockchains- Market Size & Forecast 2020-2030, USD Million
        3. Consortium Blockchains- Market Size & Forecast 2020-2030, USD Million
      2. By Component
        1. Platform- Market Size & Forecast 2020-2030, USD Million
        2. Services- Market Size & Forecast 2020-2030, USD Million
      3. By Deployment
        1. On-Premises- Market Size & Forecast 2020-2030, USD Million
        2. Cloud-Based- Market Size & Forecast 2020-2030, USD Million
        3. Hybrid- Market Size & Forecast 2020-2030, USD Million
      4. By Enterprise Size
        1. Large Enterprises- Market Size & Forecast 2020-2030, USD Million
        2. SMEs- Market Size & Forecast 2020-2030, USD Million
      5. By Application
        1. Smart Contracts- Market Size & Forecast 2020-2030, USD Million
        2. Cryptocurrencies- Market Size & Forecast 2020-2030, USD Million
        3. Decentralized Applications- Market Size & Forecast 2020-2030, USD Million
        4. Identity Management- Market Size & Forecast 2020-2030, USD Million
        5. Internet of Things (IoT) - Market Size & Forecast 2020-2030, USD Million
        6. Others- Market Size & Forecast 2020-2030, USD Million
      6. By End User
        1. BFSI- Market Size & Forecast 2020-2030, USD Million
        2. Energy & Utilities- Market Size & Forecast 2020-2030, USD Million
        3. Government- Market Size & Forecast 2020-2030, USD Million
        4. Real Estate- Market Size & Forecast 2020-2030, USD Million
        5. Healthcare and Life Sciences- Market Size & Forecast 2020-2030, USD Million
        6. Manufacturing- Market Size & Forecast 2020-2030, USD Million
        7. IT & Telecom- Market Size & Forecast 2020-2030, USD Million
        8. Media & Entertainment- Market Size & Forecast 2020-2030, USD Million
        9. Retail & Consumer Goods- Market Size & Forecast 2020-2030, USD Million
        10. Travel and Transportation- Market Size & Forecast 2020-2030, USD Million
        11. Others (Education, etc.) - Market Size & Forecast 2020-2030, USD Million
      7. By Region
        1. Dubai
        2. Abu Dhabi
        3. Sharjah
        4. Northern Emirates
      8. By Company
        1. Competition Characteristics
        2. Market Share & Analysis- By Revenues
  11. The UAE Public Blockchain Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2020-2030, USD Million
      2. By Deployment- Market Size & Forecast 2020-2030, USD Million
      3. By Enterprise Size- Market Size & Forecast 2020-2030, USD Million
      4. By Application- Market Size & Forecast 2020-2030, USD Million
      5. By End User- Market Size & Forecast 2020-2030, USD Million
  12. The UAE Private Blockchain Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2020-2030, USD Million
      2. By Deployment- Market Size & Forecast 2020-2030, USD Million
      3. By Enterprise Size- Market Size & Forecast 2020-2030, USD Million
      4. By Application- Market Size & Forecast 2020-2030, USD Million
      5. By End User- Market Size & Forecast 2020-2030, USD Million
  13. The UAE Consortium Blockchain Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2020-2030, USD Million
      2. By Deployment- Market Size & Forecast 2020-2030, USD Million
      3. By Enterprise Size- Market Size & Forecast 2020-2030, USD Million
      4. By Application- Market Size & Forecast 2020-2030, USD Million
      5. By End User- Market Size & Forecast 2020-2030, USD Million
  14. The UAE Blockchain Market Strategic Imperatives for Growth & Success
  15. Competition Outlook
    1. Company Profiles
      1. OpenXcell
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. SoluLab
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Cubix
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Sfxdx
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Quest GLT
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Quytech
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Digitalroar Softlabs
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Apptunix
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Web3soft
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. MixBytes
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Aspired
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Others
  16. Disclaimer


UAE Blockchain Market Segment