According to Future Market Insights report the overall MENA digital transformation market is expected to grow from US$ 38.4 Bn in 2021 to US$ 298.2 Bn by 2032, with total sales exhibiting a CAGR of around 22.7% during the forecast period 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 which can help businesses digitize their processes and workflows. The technologies which come under digital transformation include cloud, IoT, AI, analytics, enterprise mobility management, etc.
Majority of the companies across MENA are increasingly implementing digital technologies to increase workflow, reduce costs, and stay updated with the latest trends happening around the world.
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Similarly, various government initiatives and penetration of industrialization are expected to bolster the growth of MENA digital transformation market over the next ten years.
Key Takeaways: MENA Digital Transformation Market
- By solution, business intelligence and analytics software segment holds the largest market share of US$ 5 Bn while the AI platform segment is expected to witness the fastest CAGR of 28.6% during the forecast period.
- By deployment, on-premise mode of deployment holds the highest market share of US$ 18.9 Bn while the cloud segment is set to register the highest growth rate of 2% CAGR through 2032.
- By industry, BFSI sector holds the largest market share of US$ 6.2 Bn while IT & telecom segment will register the highest CAGR of 5%.
- Middle East digital transformation market is valued at around US$ 22.2 Bn .
- The digital transformation market in North Africa is projected to grow at the highest CAGR of 8% during the assessment period.
- Egypt will emerge as the most lucrative market for digital transformation solutions and services, exhibiting a CAGR of 2% throughout the forecast period.
Major reasons 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 availability of internet made it important for companies to engage with their customers online, such as ecommerce 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.
Who is Winning?
Market players operating in MENA digital transformation market include Protiviti, Deloitte, Siemens, IBM, Palo Alto Networks, Digital Qatalyst, Torry Harris, Tech Carrot, Baariz, Zealous Web, Alareeb ICT, Ducont, DXC Technologies, Cognizant and Etisalat among others.
These leading players are concentrating on introducing new solutions and services to expand their customer based 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.
Competitive Landscape
The MENA digital transformation market is primarily growing through government initiatives and several large companies developing their technological capabilities in this region. Similarly, key players are partnering and collaborating with end-use industries to provide various digital transformation solutions and services. For instance,
- In April 2022, First Abu Dhabi Bank of UAE partnered with IBM to support the bank’s digital transformation. IBM intends to improve FABs digital platforms in a hybrid cloud environment. IBM also plans to update the application of the bank and improve FABs digital footprint.
- In May 2022, the Abu Dhabi Department of Economic signed an MoU with SAP to drive digital transformation. Through the partnership, both parties intend to enhance industrial innovation, digital transformation, develop advanced business models, improve local digital competencies by supporting start-ups and small and medium enterprises.
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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
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