Increasing eGovernment Initiatives to Accelerate Digital Transformation Market Growth in MENA
Future Market Insights has announced the addition of the "MENA Digital Transformation Market Analysis and Opportunity Assessment, 2014 - 2020" report to their offering.
London, UK -- (SBWire) -- 03/09/2015 --Future Market Insights (FMI), with sharp focus on emerging regions, delivers key insights on the Middle East and North Africa (MENA) digital transformation market in its recent report titled "MENA Digital Transformation Market – Market Analysis and Opportunity Assessment, 2014 – 2020". The MENA IT market is anticipated to grow at a single-digit CAGR during the forecast period. In contrast, the MENA digital transformation market is expected to expand at a double-digit CAGR from 2014 to 2020. The contribution of the MENA digital transformation market to the overall MENA IT market is likely to increase from 10% to 16% by 2020, witnessing an increase of 600 BPS.
Growth of the MENA digital transformation market is mainly driven by increasing need for enhanced customer experience at all levels of customer interaction points and improvised process transparency in enterprises across the countries in this region. Moreover, countries such as the UAE, Saudi Arabia and Lebanon are increasingly introducing eGovernment and smart city initiatives, with the objective to transform themselves into digitally-enabled countries. This is further supporting growth of the MENA digital transformation market.
Summing up drivers behind growth of the market, FMI analyst Vineet Kumar sheds light on why digital transformation will become mainstream technology in MENA in the near future. "Digital transformation across all verticals has become increasingly relevant due to increasing emphasis on enterprise mobility and smart technology enablement. Furthermore, digital transformation technologies are transforming organization's business models, value chains, ecosystem as well as revolutionizing interactions with customer through online platforms, social media and mobile devices", he said.
This report covers two types of digital transformation offering, namely digital services and digital software. Digital services accounted for over half of the MENA digital transformation market share in 2014; however, this is expected to decrease by 70 BPS by 2020.
Browse Full "MENA Digital Transformation Market Analysis and Opportunity Assessment, 2014 - 2020" Report at http://www.futuremarketinsights.com/reports/details/mena-digital-transformation-market
"Growing Internet penetration and social media usage in the Middle East and North Africa is expected to drive the demand for digitalization of software and services at a double digit CAGR between 2014 and 2020", Vineet Kumar said while commenting on the increasing deployment of advanced technologies in small/medium sized businesses across MENA region.
This report also covers the 10 types of end-user verticals in the MENA digital transformation market. Among the end-user verticals, banking, financial services and insurance (BFSI) and public sectors dominated with over 40% share of the MENA digital transformation market in 2013. Service, retail, energy and utility sectors are the other major sub-segments among the end-user verticals. However, the media & entertainment sector is anticipated to exhibit the fastest CAGR during the forecast period, followed by the retail sector. This growth is attributed to the shift from print to digital media, increasing penetration of smartphones and changing consumer buying habits.
Ongoing infrastructural modernisation across major GCC and North African countries in MENA region in terms of digitisation is increasing the acceptance of digital software and digital services; not only by large- and medium-, but also by small-sized enterprises. Currently, Saudi Arabia is dominating the market with over one-third share of the overall MENA digital transformation market, followed by the UAE and Algeria, which account for over 10% share each. However, among all the GCC countries, the digital transformation market in Qatar is expected to grow at a significant double-digital CAGR over the forecast period.
Key players in the MENA digital transformation market continue to innovate by including advanced features into digital technology solutions. Additionally, major participants such as IBM, Accenture and Deloitte have been focusing on mergers and acquisitions at a global level in order to expand their geographical presence and enhance customer base.
Advanced technology adoption, changing consumer buying pattern and product innovation are some of the trends in MENA region. Presence of cloud computing, big data analytics and enterprise mobility is gradually gaining traction in MENA region.
browse Latest Market Insights Reports:
About Future Market Insights
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, aerial view of the competitive framework and future market trends.
Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare and Retail. FMI's operating model blends cross-disciplinary research experience to deploy in-depth, insightful and actionable research.
Ms. Shibboo Singh
207 Regent Street,
London - W1B 3HH
T: + 44 (0) 20 7692 8790
D: +44 (0) 20 3287 4268
Media Relations Contact
Ms. Shibboo Singh
Future Market Insights
44 (0) 20 7692 8790
View this press release online at: http://rwire.com/585254