Future Market Insights recently published a report titled “MENA Digital Transformation – Market Forecast and Assessment; 2014–2020.” Digital transformation technologies are changing an organisation’s business model, value chain and ecosystem as well as revolutionizing its interaction with customers through online platforms, social media and mobile devices. Digital transformation is the integration of digital technology into all areas of a business and it can be defined as the reworking of the products, processes and strategies within an organisation by leveraging current technologies.
In terms of value, the MENA digital transformation market is expected to grow at a CAGR of 15.1% during the forecast period. The MENA digital transformation market was valued at US$ 1,028.8 Mn in 2014, and is projected to grow significantly to reach US$ 2,398.3 Mn by 2020, owing to the growing Internet penetration & social media usage and the increased uptake of ICT goods such as mobile phones, laptops, smartphones and tablets.
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In this report, FMI has segmented the MENA digital transformation market on the basis of digital services, digital software, end-user verticals and region. On the basis of digital services, the MENA digital transformation market is segmented as digital consulting services, digital technology implementation services, digital technology integration services and digital operations & management services. By digital software segment, the MENA digital transformation market is further segmented as digital content and applications, digital sales & commerce, digital marketing, digital customer experience & service and digital integration platforms. Moreover, on the basis of end-user verticals, the MENA digital transformation market is sub-segmented as retail, BFSI, energy & utility, telecom, healthcare, manufacturing, services, media & entertainment, transportation and public sector.
The growing real-time analytics and amalgamation of marketing, sales and commerce into one platform are further fuelling the demand for digital transformation solutions and are projected to boost the MENA digital transformation market. Rising content digitisation & creation and the increased adoption of digital transformation software & services in major sectors, such as government, BFSI and retail, are some of the major factors expected to fuel the growth of the MENA digital transformation market. Moreover, latest laws and regulations introduced by the local government, such as e-transaction and e-commerce laws, are also creating significant opportunities for the MENA digital transformation market.
On the basis of end-user verticals of MENA digital transformation market, the BFSI and public and transportation sector collectively accounted for over 50% of the regional digital transformation market in 2014. Among all the categories under end-user vertical, BFSI sector dominated the MENA digital transformation market with 24.1% share in 2014 followed by the public sector. Furthermore, the BFSI sector is moving towards enhanced online services and CRM technologies to attract new customers, which is, in turn, driving the MENA digital transformation market. Moreover, E-banking is increasingly becoming common in MENA due to growth in the demand for digital services. Banks are introducing online banking services for an effective customer experience, which is expected to fuel the growth of the BFSI sector in the MENA digital transformation market.
Furthermore, the MENA digital transformation market has been segmented into four major regions: GCC, Saudi Arabia, North Africa and other Middle East. The GCC region is further sub-segmented into five countries: Bahrain, Qatar, UAE, Kuwait and Oman. In terms of value, the Qatar digital transformation market is estimated to expand with a CAGR of 18.6% over the forecast period. Moreover, UAE is projected to maintain its dominance in terms of total revenue generation in the MENA digital transformation market.
Key market participants covered in the report include IBM Corporation; Wipro Limited; CGI Group, Inc.; Deloitte; Accenture PLC; Oracle Corporation; Dell EMC; CA Technologies; Microsoft Corporation; Hewlett Packard and Capgemini.
The report also describes company-specific strategies, key differentiators, MENA digital transformation market structure and competitive share analysis related to prominent industry stakeholders.
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Recent Development
- In 2014, the IBM Corporation entered into a partnership with WPP, a communication services provider. This agreement is aimed at enabling WPP to innovate new digital services that will be run and managed within a global hybrid cloud infrastructure
- In 2014, Wipro Limited entered into the partnership with Adobe, a provider of digital marketing platforms. This partnership is aimed at creating integrated marketing, commerce, analytics and customer experience solutions that help businesses better understand and win customers and differentiate through targeted, relevant and consistent conversations across multiple devices & channels.
The report also describes company-specific strategies, key differentiators, market structure and competitive share analysis related to prominent industry stakeholders.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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