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MENA Digital Transformation Market Will hit at a CAGR of 15.1% from 2014–2020
Digital transformation describes the adaptation of a company’s value proposition, technology strategy and operational model to the fundamental changes brought by digital technologies. Digital transformation technologies are transforming organization’s business models, value chains, ecosystem as well as revolutionizing its interaction with customer through online platforms, social media and mobile devices. Digital transformation takes in digital services and digital software which are becoming mainstream in various major verticals such as banking, financial services and insurance (BFSI) sector, manufacturing and retail sector as these services and software enhance customer experience at all the levels of customer touch points.
Middle East & North Africa Digital Transformation: Market Value and Forecast
The MENA digital transformation market was valued at 897.0 Mn in 2013 and is projected to account for US$ 2,398.3 Mn by 2020, registering a healthy CAGR of 15.1% from 2014 to 2020. Increasing need for enhanced customer experience at all levels of customer interaction points and enhanced process transparency in enterprises across the MENA region is driving the growth of MENA digital transformation market. Moreover, increasing eGovernment and smart city initiatives in Saudi Arabia and the UAE, with the objective to transform themselves into digitally-enabled countries, is further supporting the market growth.
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MENA Digital Transformation Market: Key Device Type
FMI has segmented MENA digital transformation market into digital software and digital services. Digital services segment dominated the market with over half of the overall MENA digital transformation market share in 2014. However, this is expected to decrease by 70 BPS by 2020. The digital software segment been further sub-segmented into digital content and application, digital sales & commerce, digital marketing, digital consumer experience & service, and digital integration platform software. Among all the digital software sub-segments, digital content and application and digital sales & commerce software sub-segments dominated the market in 2014. Digital service segment includes digital consulting, digital technology implementation, digital technology integration and digital operations & management service. Of all the previously mentioned sub-segments, digital technology implementation sub-segment dominated the market in 2014 followed by digital technology integration service sub-segment.
Key Verticals in the Middle East & North Africa Market
By end-user vertical banking, financial services and insurance (BFSI) and public sectors dominated with over 40% share of the MENA digital transformation market in 2013. However, the media & entertainment sector sub-segment is projected to exhibit the fastest CAGR during the forecast period, followed by the retail sector sub-segment. This growth is attributed to the shift from print to digital media, increasing penetration of smartphones and changing consumer buying habits.
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MENA Digital Transformation Market: Region-wise Outlook
Ongoing infrastructural modernisation across major GCC and North African countries in MENA region in terms of digitisation is leading to an increase in uptake of digital software and digital services across end-user verticals. At present, Saudi Arabia is dominating the market with over one-third share of the overall MENA digital transformation market, followed by the UAE and Algeria. However, Qatar is expected to grow at a significant double-digital CAGR over the forecast period from 2014 to 2020.
Key players in the MENA digital transformation market are continuing 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 in order to expand their geographical presence and enhance customer base. Major players included in the report are IBM Corporation, CGI Group Incorporation, Accenture PLC, Deloitte Touche Tohmatsu Limited, Booz & Co. and PWC.
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