The MEA digital transformation market is expected to grow at a CAGR of 15.89% from 2021-2027 to reach USD 253.5 billion by 2027.
A comprehensive overview of the MEA Digital Transformation market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital transformation market in the MEA region. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the MEA Digital transformation market at the country levels. The MEA digital transformation market is expected to grow at a CAGR of 15.89% from 2021-2027 to reach USD 253.5 billion by 2027.
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Market Overview
MEA digital transformation market is experiencing significant growth on account of the increasing adoption of smartphones, increasing penetration of online business, and rising government initiatives to digitalize their economy. For instance, in Saudi Arabia, the number of smartphone users was 30.44 million in 2020 and is expected to grow and reach 36.17 million by 2025. Also, in UAE, 92% of the population use a smartphone in 2020, and 36% of the population use a tablet device while 66% use a laptop or desktop in 2020.
Furthermore, The penetration of IoT & adoption of cloud services is witnessing an uptick owing to the numerous benefits offered by the deployment of these technologies. In this digital era, IoT is transforming ordinary physical objects that will enrich our lives. The Internet of Things is expected to become a multi-trillion-dollar industry soon owing to its increasing scope in various industrial verticals. For instance, In 2021, 15.8% of internet-of-things (IoT) spending is expected to come from the manufacturing sector in the MENA region. Furthermore, many businesses are adopting cloud services due to their ability to transform business models, as it reduces the need for in-house IT expertise, offers flexibility for scaling, and consistent applications rollout and maintenance.
COVID-19 Impact
Consumers and Enterprises around the Middle East & Africa have altered significantly since the beginning of the COVID-19 pandemic at the beginning of 2020, among which the increased adoption of technologically advanced products is one major development. Owing to Covid-19 majority of the businesses were closed, and to reach major customer groups, companies have moved to the digital model to sustain in the competitive business landscape.
MEA Digital transformation market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
· Solutions
o Cloud Computing
o Big Data & Analytics
o Mobility
o Disruptive Technology
o Social Media
· Services
o Professional Services
o System Integration
Solutions segment dominated the MEA digital transformation market, accounting for more than 78% share in 2020. However, the service segment is expected to witness the highest growth during the analyzed period.
By Deployment Type, the market is mainly segmented into:
· On-Premises
· Cloud
Amongst deployment types, the cloud deployment model dominated the market and generated revenue of US$ 50.7 billion in 2020 and is expected to maintain its dominance during the forecast period.
By End-User, the market is primarily studied into:
· Large Enterprise
· Small and Medium Enterprises
Owing to the high up-front cost associated with digital transformation, large enterprises grabbed the major market of the Asia-Pacific digital transformation market accounting for nearly 64% of market share in 2020.
By Industry Vertical, the market is primarily studied into:
· Banking Financial Services & Insurance (BFSI)
· Government
· Healthcare
· Telecommunication & IT
· Automotive
· Education
· Retail & Consumer Goods
· Media & Entertainment
· Manufacturing
· Others
Banking Financial Services & Insurance (BFSI) segment were the largest adopter of digital technologies, to make their financials transaction safer and more accessible to all. However, the healthcare segment is also expected to witness the highest CAGR growth of 18.7% during the forecast period 2021-2027.
MEA Digital Transformation Market Country Segmentation Includes:
· Saudi Arabia
· UAE
· Qatar
· South Africa
· Rest of MEA
Based on the estimation, Saudi Arabia dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027). Further, Qatar is also expected to witness the highest CAGR growth of 21.92% during the analyzed period.
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The major players targeting the market includes:
· Accenture PLC
· Adobe Systems Incorporated
· Capgemini
· Cognizant
· Dell
· Google Inc
· IBM Corporation
· Microsoft Corporation
· Oracle Corporation
· SAP SE
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the MEA region. The specialist team of research analysts sheds light on various traits such as MEA market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the MEA Digital Transformation market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the MEA digital transformation market?
· Which factors are influencing the MEA digital transformation market over the forecast period?
· What are the global challenges, threats, and risks in the MEA digital transformation market?
· Which factors are propelling and restraining the MEA digital transformation market?
· What are the demanding global regions of the MEA digital transformation market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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