The MENA digital transformation market generated US$ 31.7 billion in revenue in 2021. It is projected to increase to US$ 38.4 billion in 2022. Moreover, due to the swift adoption of digital technologies in various sectors such as banking and finance, automotive, healthcare, information technology, telecommunications, and retail, the overall digital transformation market in the MENA region is anticipated to experience remarkable growth. It is expected to achieve an impressive compound annual growth rate (CAGR) of 22.7% between 2022 and 2032, resulting in a total market value of approximately US$ 298.2 billion by 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.
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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 MENA digital transformation market over the next ten years.
Key Takeaways from the MENA Digital Transformation Market Report:
- By solution, business intelligence and analytics software segment holds the largest market share of US$ 5 Billion 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 Billion 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 Billion while IT & telecom segment will register the highest CAGR of 5%.
- 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 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.
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.
Leading 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
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MENA Digital Transformation Market Segmentation:
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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