Throughout the projected period, the MENA digital transformation market is anticipated to grow in value at a CAGR of 15.1%. The MENA digital transformation market is expected to grow significantly to reach US$ 2,398.3 million by 2020 as a result of rising Internet usage and social media adoption as well as rising demand for ICT products like mobile phones, laptops, smartphones, and tablets. The MENA digital transformation market was estimated to be worth US$ 1,028.8 million in 2014.
Future Market Insights recently published a study titled “MENA Digital Transformation Market Forecast and Assessment; 2014-2020.” Business models, value chains, ecosystems, and other elements of organizations are changing as a result of the usage of online platforms, social media, and mobile devices to engage with customers. The incorporation of digital technology into every aspect of an organization is known as “digital transformation,” which may be defined as the rewriting of an organization’s products, processes, and strategy using modern technologies.
FMI has divided the MENA digital transformation market into segments based on end-user verticals, digital services, digital software, and region in this analysis. The MENA digital transformation market is divided into four categories based on digital services: digital consultancy, digital technology implementation, digital technology integration, and digital operations & management. The MENA digital transformation market is further divided into digital content and applications, digital sales & commerce, digital marketing, digital customer experience & service, and digital integration platforms based on the segmentation of the market for digital software. Additionally, the MENA digital transformation market is divided into sub-segments based on end-user verticals, including the public sector, retail, BFSI, energy & utility, telecom, healthcare, manufacturing, and services.
The MENA digital transformation market is expected to increase as a result of the rising real-time analytics and the consolidation of marketing, sales, and commerce onto one platform, both of which are driving up demand for digital transformation solutions. Some of the key factors anticipated to propel the growth of the MENA digital transformation market include rising content digitization and creation as well as the increased usage of digital transformation software & services in major industries like government, BFSI, and retail. Additionally, the local government’s most recent legislation and regulations, like those governing e-transactions and e-commerce, are generating a lot of prospects for the MENA digital transformation sector.
The BFSI, public, and transportation sectors jointly accounted for more than 50% of the regional digital transformation market in 2014, according to end-user verticals of the MENA market for digital transformation. With a 24.1% share of the market for MENA’s digital transformation across all end-user vertical categories in 2014, the BFSI sector led the way, followed by the public sector. The BFSI industry is also shifting toward improved online services and CRM technology to draw in new clients, which is fueling the MENA digital transformation market. E-banking is also growing more widespread in MENA as the demand for digital services rises. For a better client experience, banks are adopting online banking services, which is anticipated to promote the expansion of the BFSI sector in the MENA digital transformation market.
The MENA digital transformation market has also been divided into four key geographic areas: the GCC, Saudi Arabia, North Africa, and the rest of the Middle East. Five nations make up the GCC region: Bahrain, Qatar, the UAE, Kuwait, and Oman. The market for digital transformation in Qatar is anticipated to grow with a CAGR of 18.6% over the forecast period. Additionally, it is anticipated that UAE will continue to dominate the MENA digital transformation market in terms of overall revenue generation.
IBM Corporation, Wipro Limited, CGI Group, Inc., Deloitte, Accenture PLC, Oracle Corporation, Dell EMC, CA Technologies, Microsoft Corporation, Hewlett Packard, and Capgemini are a few of the major market players featured in the study.
The study also covers competitive share analysis about significant industry stakeholders, company-specific strategies, key differentiators, and market structure for digital transformation in MENA.