(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Middle East And North Africa (MENA) Digital Transformation Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East And North Africa (MENA) Digital Transformation Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Digital Transformation is defined as the application of technology to profoundly enhance performance of enterprises and extend their reach to customers. To achieve this, executives from different industries are focusing on implementation of digital platforms including social media, analytics, mobility and smart devices in their organization. In addition to that, effort is also being laid on improving traditional systems such as Enterprise Resource Planning (ERP), with an aim of transforming internal process, value propositions and customer relationships.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
The Middle East and North Africa (MENA) digital transformation market was valued at USD 1,121.4 Million in 2015 and is forecasted to reach at USD 2,791 Million by 2025, garnering a compound annual growth rate (CAGR) of 16.4%. With 31.2% share in 2015, Saudi Arabia held the largest digital transformation market in the MENA region and is further forecasted to continue its dominance by the end of 2025.
Increasing e-government and smart city initiatives, growing internet penetration and social media usage, rapid adoption of digital services in BFSI sector and enterprise mobility are forecasted to be major growth drivers of MENA digital transformation marker over the forecast period i.e. 2015-2021.
However, high switching cost and increasing threat of cybercrimes are anticipated to dampen the MENA digital transformation market growth over next few years. MENA digital transformation market is segmented on the basis of digital service, digital software and by verticals. The digital software market is further segmented into digital content and application, digital sales and commerce, digital marketing, digital customer experience and service and digital integration platform. Among these, digital integration platform software is forecasted to witness the highest compound annual growth rate (CAGR) of 21.7% during the forecast period i.e. 2015-2021.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
On the basis of digital service, the market is divided into digital consulting, digital technology implementation, digital technology integration and digital operation and management. With 44.6% share in 2015, digital technology implementation held the largest market in the MENA region. Rising adoption of digital devices by small and large scale enterprises is expected to be a key growth driver of digital technology implementation market in MENA region.
Digital transformation market in MENA region is segmented on the basis of industry verticals into BFSI, Energy & Utilities, healthcare, media and entertainment (M&E), manufacturing, public sector, retail, service, telecom and transportation and distribution verticals. With 24.5% share in 2015, BFSI held the largest digital transformation market in 2015 and is further portrayed to flourish at a robust CAGR of 17.9% over the forecast period i.e. 2015-2021. Rising e-banking initiatives is anticipated to escalate the growth of digital transformation in BFSI sector over next few years.
Conclusively, more and more enterprises are expected to adopt digital transformation in MENA region in order to develop better customer understanding, top-line growth, customer touch points, process digitalization, performance management, etc. and remain competitive in the global market place. Moreover, digital transformation is also projected to garner smart cities development to raise quality of living in future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
Business Questions answer by the report
- How will the market drivers, restraints and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that's why Kenneth Research offers customization according to Company's specific needs. The following customization options are available for the report:
Additional Company Information
- Additional company detail analysis.
- Additional country analysis.
- Detailed segment analysis.
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“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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