Digital Transformation Expected to Boost Trade & Commerce in Middle East & North Africa (MENA)
Digital transformation refers to the use of technology to improve the performance of enterprises. As digital technology becomes all-pervasive, businesses are incorporating digital advances, such as analytics and mobility in their operations. It is projected that digital transformation will completely change the operational landscape for businesses in the near future.
MENA IT Market: Outlook
The IT industry in MENA has been growing at a steady rate and this trend is anticipated to continue through 2020. The MENA IT software and services market was worth US$ 9.7 Bn in 2014 and it is projected that it will reach US$ 14.9 Bn by 2020, registering a CAGR of 12% during the period. The key drivers for the growth of the MENA digital transformation market are demand for big data analytics and proliferation of connected devices.
E-government and E-Banking Initiatives will Fuel the MENA Digital Transformation Market
The MENA digital transformation market is expected to witness a double-digit CAGR through 2020 and reach a valuation of US$ 2.3 Bn by 2020. It is projected that the contribution of MENA digital transformation market to the overall MENA IT market will be around 16% by 2020. The focus on e-banking and e-government is forecasted to augur well for the growth of the MENA digital transformation market. Growth in the enterprise mobility sector is also projected to boost the MENA digital transformation market.
MENA Digital Transformation: Market Segmentation
On the basis of key services, the MENA digital transformation market is segmented into:
Digital consulting
Digital technology integration
Digital operations and management
Digital technology implementation
Among these segments, digital technology implementation is the most dominant and it is projected to witness a CAGR of 15% through 2020. It is forecasted that the digital technology implementation segment of the MENA digital transformation market will reach a valuation of US$ 765.7 Mn by 2020. The demand for enhanced digital services is anticipated to be the key driver for the demand of this segment.
On the basis of key software, the MENA digital transformation market is segmented into:
Digital content and applications
Digital sales and commerce
Digital marketing
Digital customer experience and service
Digital integration platforms
Among these segments, the digital sales and commerce segment has a major share of 28.4% of the overall market and it is projected that it will witness a high CAGR of 12.4% through 2020. With a CAGR of 28.5%, the digital marketing segment is projected to outpace other segments and reach a valuation of US$ 182.8 Mn.
On the basis of key verticals, the MENA digital transformation market is segmented into:
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Manufacturing
Energy and utility
Telecom
Media and entertainment
Retail
Transportation
Public sector
Services
Currently, BFSI is one of the dominant segments of the MENA digital transformation market and it is expected that it will continue to do so through 2020. It is projected that the BFSI market will witness a CAGR of 14.5% during the forecast period and reach a valuation of US$ 561 Mn. The media and entertainment segment is projected to witness the fastest growth with a CAGR of 17.3% during the forecast period.
MENA Digital Transformation Market: Key Players
The key players in the MENA digital transformation market include Accenture plc, CGI, Deloitte Touche Tohmatsu Limited, Wipro Technologies, IBM Corporation, and PWC among others.
To get more information about how digital transformation will impact Middle East & North Africa, request a sample at http://www.futuremarketinsights.com/reports/sample/rep-ma-39
MENA IT Market: Outlook
The IT industry in MENA has been growing at a steady rate and this trend is anticipated to continue through 2020. The MENA IT software and services market was worth US$ 9.7 Bn in 2014 and it is projected that it will reach US$ 14.9 Bn by 2020, registering a CAGR of 12% during the period. The key drivers for the growth of the MENA digital transformation market are demand for big data analytics and proliferation of connected devices.
E-government and E-Banking Initiatives will Fuel the MENA Digital Transformation Market
The MENA digital transformation market is expected to witness a double-digit CAGR through 2020 and reach a valuation of US$ 2.3 Bn by 2020. It is projected that the contribution of MENA digital transformation market to the overall MENA IT market will be around 16% by 2020. The focus on e-banking and e-government is forecasted to augur well for the growth of the MENA digital transformation market. Growth in the enterprise mobility sector is also projected to boost the MENA digital transformation market.
MENA Digital Transformation: Market Segmentation
On the basis of key services, the MENA digital transformation market is segmented into:
Digital consulting
Digital technology integration
Digital operations and management
Digital technology implementation
Among these segments, digital technology implementation is the most dominant and it is projected to witness a CAGR of 15% through 2020. It is forecasted that the digital technology implementation segment of the MENA digital transformation market will reach a valuation of US$ 765.7 Mn by 2020. The demand for enhanced digital services is anticipated to be the key driver for the demand of this segment.
On the basis of key software, the MENA digital transformation market is segmented into:
Digital content and applications
Digital sales and commerce
Digital marketing
Digital customer experience and service
Digital integration platforms
Among these segments, the digital sales and commerce segment has a major share of 28.4% of the overall market and it is projected that it will witness a high CAGR of 12.4% through 2020. With a CAGR of 28.5%, the digital marketing segment is projected to outpace other segments and reach a valuation of US$ 182.8 Mn.
On the basis of key verticals, the MENA digital transformation market is segmented into:
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Manufacturing
Energy and utility
Telecom
Media and entertainment
Retail
Transportation
Public sector
Services
Currently, BFSI is one of the dominant segments of the MENA digital transformation market and it is expected that it will continue to do so through 2020. It is projected that the BFSI market will witness a CAGR of 14.5% during the forecast period and reach a valuation of US$ 561 Mn. The media and entertainment segment is projected to witness the fastest growth with a CAGR of 17.3% during the forecast period.
MENA Digital Transformation Market: Key Players
The key players in the MENA digital transformation market include Accenture plc, CGI, Deloitte Touche Tohmatsu Limited, Wipro Technologies, IBM Corporation, and PWC among others.
To get more information about how digital transformation will impact Middle East & North Africa, request a sample at http://www.futuremarketinsights.com/reports/sample/rep-ma-39