Mea Digital Transformation Market Is Expected To Foresee Significant Growth. Saudi Arabia To Lead The Growth
MEA Digital Transformation Market is expected to reach the market valuation of US$ 253.5 billion by 2027 expanding at a reasonable CAGR of 15.89% during the forecast period (2021-2027) from US$ 91.3 billion in 2020. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk.
The rapid and continuous advancement in digital technologies such as AI, ML, IoT & Cloud, among others is redefining society. In recent years, countries in the Middle East & Africa region have made significant advances on the path to develop a strong digital transformation network across the region. For instance, according to BussinessTech’s online transformation poll in 2019 by SUSE, in South Africa, 76% of respondents believe that their company is on the right path for digital transformation and, 64% are proactively working on their digital strategy, while 20% are interested in transforming, but are unsure of their strategy yet. However, Only 16% of respondents stated that their company does not have any digital strategy in place as of now.
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The collective efforts of government and various digital ecosystem players including mobile operators are investing in the underlying networking infrastructure and deploy innovative digital solutions & services, this is further propelling the growth of the MEA digital transformation market. Furthermore, some of the developed and emerging economies in the region including UAE, Bahrain, Kuwait, Morocco, Iran, Iraq, amongst others are also developing Digital Transformation for the enhancement of their economy. For instance, The National Bank of Bahrain (NBB) announced its approach towards digital transformation, which centers on the fast-growing needs of customers and modernizing every phase of its banking experience by strengthening its digital capabilities. Also, according to the Abu Dhabi Digital Authority, Digital transformation has become a top priority for leading organizations and recent reports indicate that the Middle East, Turkey, and Africa (META) region will see annual spending on digital transformation initiatives surpass US$ 40 billion by 2022.
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Based on end-users, the MEA digital transformation market is bifurcated into large enterprises and SME’s. The large enterprise segment accounted for the major market share of about 64% in 2020. However, the SME segment is expected to grow at the highest CAGR of 17.43% during the forecast period. For instance, As per International Monetary Fund Blog, SME’s dominate the business landscape in the MENA region. These enterprises account for more than 90% of the region’s businesses and, in some countries, contribute as much as 50% of employment and 70% of GDP.
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Based on industry vertical, the market is fragmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. BFSI industry dominated the MEA digital transformation market and generated revenue of USD 21.8 billion in 2020. However, the healthcare segment is anticipated to grow at the highest CAGR of 18.7%. Digital transformation in the healthcare sector is mainly driven by various government initiatives in the MENA region. For instance, 5 out of 14 countries in the Middle East have a well-defined digital transformation plan for healthcare in action as of 2018.
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Additionally, the report provides detailed initiatives that are being taken in the field of digital transformation. The market is classified into distinct countries including Saudi Arabia, UAE, Qatar, South Africa and the Rest of MEA. Saudi Arabia dominated the MEA digital transformation market, accounting for nearly 24.5% share in 2020 as many industry players are adopting digital technologies such as AI, cloud & ML, among others. However, Qatar is expected to grow at the highest CAGR of 21.92% as many of Qatar’s leading organizations are digitally transforming on the SAP S/4HANA real-time business suite. For instance, Power International Holding has seen a 90% increase in operational excellence for human resources. While Qatar Islamic Insurance Group is enhancing customer experiences with its cloud platform.
MEA Digital Transformation Market Segmentation
Market Insight, by Component
- Cloud Computing
- Big Data & Analytics
- Disruptive Technology
- Social Media
- Professional Services
- System Integration
Market Insight, by Deployment Type
Market Insight, by End-User
- Large Enterprises
- Small and Medium Enterprises
Market Insight, by Industry Verticals
- Banking Financial Services & Insurance (BFSI)
- Telecommunication & IT
- Retail & Consumer Goods
- Media & Entertainment
Market Insight, by Country
- Saudi Arabia
- South Africa
- Rest of MEA
Top Company Profiles
- Accenture PLC
- Adobe Systems Incorporated
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE