In a recent analysis by Future Market Insights, it has been projected that the MENA digital transformation market is poised for remarkable growth. The market is anticipated to surge from its 2022 valuation of US$ 38.4 Billion to an impressive US$ 298.2 Billion by 2032. This growth trajectory signifies an impressive compound annual growth rate (CAGR) of approximately 22.7% throughout the forecast period spanning from 2022 to 2032.
Rising adoption of digital transformation solutions and services across end-use industries including automotive, BFSI, healthcare, IT & telecom is a key factor driving growth in the MENA digital transformation market and the trend is likely to continue during the forecast period.
Digital transformation is the large umbrella term referring to the various technological developments that can help businesses digitize their processes and workflows. The technologies that come under digital transformation include cloud, IoT, AI, analytics, enterprise mobility management, etc.
The majority of companies across MENA are increasingly implementing digital technologies to increase workflow, reduce costs, and stay updated with the latest trends happening around the world. Similarly, various government initiatives and penetration of industrialization are expected to bolster the growth of the MENA digital transformation market over the next ten years.
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Key Takeaways: MENA Digital Transformation Market
- By solution, business intelligence and analytics software segment holds the largest market share of US$ 701.5 Billion while the AI platform segment is expected to witness the fastest CAGR of 28.6% during the forecast period.
- By deployment, the on-premise mode of deployment holds the highest market share of US$ 18.9 Billion while the cloud segment is set to register the highest growth rate of 24.2% CAGR through 2032.
- By industry, BFSI sector holds the largest market share of US$ 6.2 Billion while IT & telecom segment will register the highest CAGR of 29.5%.
- The Middle East digital transformation market is valued at around US$ 22.2 Billion.
- The digital transformation market in North Africa is projected to grow at the highest CAGR of 23.8% during the assessment period.
- Egypt will emerge as the most lucrative market for digital transformation solutions and services, exhibiting a CAGR of 24.2% throughout the forecast period.
A major reason why companies are increasingly implementing digital transformation is to improve customer engagement and internal processes. Several government initiatives are being laid down to improve digital transformation in this region, which will eventually boost market growth over the next ten years,” says the FMI analyst.
Adoption of 5G and a Large Internet to Boost Growth of Digital Transformation Market in MENA
5G rollouts in this region are supporting digital transformation. The pandemic and the availability of the internet made it important for companies to engage with their customers online, such as e-commerce and digital marketing. This allowed digital transformation companies to provide their solutions and services to these companies.
To keep up with the developments that are occurring across MENA, several companies in these countries are shifting to the cloud, implementing automation tools and various other technological advancements that in turn boost digital transformation.
Key Players:
- Protiviti
- Deloitte
- Siemens
- IBM
- Palo Alto Networks
- Digital Qatalyst
- Torry Harris
- Tech Carrot
- Baariz
- Zealous Web
- Alareeb ICT
- Ducont
- DXC Technologies
- Cognizant
- Etisalat
These leading players are concentrating on introducing new solutions and services to expand their customer base and improve their revenue share.
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More Valuable Insights on MENA Digital Transformation
In this report by Future Market Insights, MENA digital transformation has been segmented into six sections: by solution (business intelligence and analytics software, AI platform, IoT platform, enterprise mobility management suite, cloud enablement platform, enterprise collaboration and communication, others), services (digital transformation consulting, digital transformation technology implementation, digital transformation technology integration, digital business operations & management, others).
Deployment mode (cloud and on-premises), enterprise size (large enterprise, small and medium-sized enterprises (SMEs)), industry (BFSI, healthcare and life science, IT & telecom, retail and eCommerce, travel and hospitality, media and entertainment, automotive, others), and country (Saudi Arabia, United Arab Emirates, Qatar, Egypt, Israel and rest of MENA) to help readers understand and evaluate lucrative opportunities in the MENA Digital Transformation demand outlook.
MENA Digital Transformation Market by Category
By Solution:
- Business Intelligence & Analytics Software
- AI Platform
- IoT Platform
- Enterprise Mobility Management Suite
- Cloud Enablement Platform
- Enterprise Collaboration & Communication
- Others
By Services:
- Digital Transformation Consulting
- Digital Transformation Technology Implementation
- Digital Transformation Technology Integration
- Digital Business Operations & Management
- Others
By Deployment:
- Cloud
- On-Premises
By Enterprise Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Healthcare and Life Sciences
- IT & Telecom
- Retail and eCommerce
- Travel and Hospitality
- Media and Entertainment
- Automotive
- Others
By Country:
- Saudi Arabia
- United Arab Emirates
- Qatar
- Egypt
- Israel
- Rest of MENA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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