Middle East Cloud Applications Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2024
MarketsandMarkets expects the middle east cloud applications market to grow from USD 2.0 billion in 2019 to USD 4.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The growing number of investments in digitization are expected to spur the demand for cloud applications across the Middle East.
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Among applications, cloud-based CRM applications to grow at a higher rate during the forecast period
Cloud Customer Relationship Management (CRM) enables enterprises to store and utilize customer data at scale to offer better services and manage relationships with customers. Cloud-based CRM is gaining popularity among enterprises due to various benefits it offers, such as easy accessibility, affordability (especially for Small and Medium-sized Enterprises [SMEs]), rapid implementation, easy upgradation, scalability, and integration capability with other data sources. Cloud-based CRM applications centralize the customer database and provide a comprehensive view of all interactions with customers, offer instant access to real-time insights of sales opportunities, and automate task management processes. With ease of use and affordability, it increases customer retention rates making business more successful. Salesforce, Zoho, Oracle, Microsoft, and Oracle are some leading vendors offering cloud CRM.
The retail and consumer goods vertical is one of the fastest-growing verticals in the region
Factors driving the adoption of cloud applications are the rising purchasing power of customers and the need to satisfy customer expectations, which leads to existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services. Cloud computing services enable retailers to access customer data with just 1 click from any store located anywhere, thus leading to better customer service delivery. This store is leveraging the private cloud to store its data and manage all operations, such as conducting real-time inventory tracking, enabling employees to focus on delivering enhanced customers experience, and business critical activities.
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Unique Features in the Middle East Cloud Applications Market
The Middle East is seeing a swift digital revolution, as enterprises and governments make significant investments in cloud computing to boost economic expansion, improve public services, and increase operational efficiency.
Middle Eastern governments, especially those in the United Arab Emirates and Saudi Arabia, are aggressively pushing the adoption of cloud computing through national initiatives and significant expenditures in cloud infrastructure as components of their Vision 2030 and other strategic plans.
The area is leading the way in Internet of Things (IoT) integration and cloud applications for smart city efforts. Cloud technologies are being used to construct intelligent and connected urban environments, as demonstrated by projects such as NEOM in Saudi Arabia and Dubai’s Smart City.
Cloud applications are becoming more and more popular among Middle Eastern SMEs as a way to cut expenses, improve operational efficiency, and gain a competitive edge over bigger businesses. For SMEs, cloud solutions offer flexible and scalable resources.
In the Middle East cloud market, security and data sovereignty are given top priority. Governments are putting laws into place requiring data to be kept within their borders, which is increasing demand for local cloud providers and data centres that can adhere to these laws.
Major Highlights of the Middle East Cloud Applications Market
The market for cloud applications in the Middle East is expanding rapidly, propelled by heightened attempts to digitally change diverse industries and significant investments made in cloud infrastructure by both public and commercial entities.
The governments of the region—Saudi Vision 2030 and the UAE’s National Innovation Strategy, in particular—are aggressively pushing for the adoption of cloud computing. These programmes seek to improve public services, encourage innovation, and diversify economies.
In order to develop intelligent, linked urban settings, the region is home to ambitious smart city projects like Saudi Arabia’s NEOM and Dubai’s Smart City, which mostly rely on cloud applications and IoT integration.
Data sovereignty and regulatory compliance are highly prioritised, with several nations enacting legislation requiring local data storage. This increases the need for nearby data centres and cloud service providers who can adhere to these rules.
Cloud apps that are industry-specific are being developed and marketed to companies in the oil and gas, finance, healthcare, and education sectors. These solutions meet specific industry demands as well as legal constraints.
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Top Companies in the Middle East Cloud Applications Market
Major middle east cloud applications vendors include SAP (Germany), Oracle (US), Microsoft (US), Infor (US), Salesforce (US), Sage Group (UK), IBM (US), Epicor (US), 3I Infotech (India), Ramco Systems (India), Prolitus Technologies (India), IFS (Sweden), and QAD (US). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and acquisitions, to further expand their presence in the middle east cloud applications market. These strategies have helped them innovate their offerings and broaden their customer base.
SAP (Germany) is focused on becoming the most innovative cloud company, owing to its solution SAP HANA, which enables customers to innovate faster and drive effective and successful business outputs. The company believes in continuously investing a huge amount of its revenue in Research and Development (R&D) activities, and offers enhanced products and services for enabling customers to meet their business goals. For instance, in October 2018, SAP added new services and cloud choices to its SAP Cloud platform. These services enable customers to easily connect their demand chains to their supply chains, adhere to new privacy and security regulations, and provide an enhanced cloud environment for business-critical applications. The company further focuses on delivering intelligent enterprises to customers by providing enterprise software with the visibility, focus, and agility required for accelerated change. For instance, in September 2018, SAP launched a cloud-based Application Lifecycle Management (ALM) tool, known as the SAP Cloud ALM solution. This solution helps customers track and manage the need for cloud solutions from SAP. It offers benefits, such as quick team onboarding and scoping, following a fit-to-standard implementation approach, configuring for SAP S/4HANA Cloud, and tracking project progress. These initiatives showcase innovative and proactive approaches of SAP to maintain a leading position in the market.
Microsoft (US) is one of the leading cloud service providers across the globe. Majorly, the company’s hybrid cloud offering is widely adopted by customers across the globe. It focuses on offering tailored cloud services to customers with the help of the partnership strategy to become an exclusive vendor in the market. In November 2017, Microsoft partnered with SAP to give customers a trusted path of digital transformation to the cloud. With this partnership, companies would co-engineer go to market strategies and premier solutions, and provide joint support services to deliver the best cloud experience to customers. Moreover, it invests a substantial part of its annual revenue in R&D to enhance and upgrade its products and services in market. The company has expanded its presence in the region by establishing large data centers to better address cloud computing needs of the enterprises in this region. It has partnered with different local players to offers its services in different countries in the Middle Eastern region.
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