MENA Digital Transformation Market: Key Players Focus on Broadening their Offerings, according to Future Market Insights

Valley Cottage, NY, July 21, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI), in its research report, "Digital Transformation Market: MENA Industry Analysis and Opportunity Assessment 2014-2020", provides key insights on the key players operating in the MENA digital transformation market.

According to FMI, IBM, Wipro, CGI, Deloitte, Accenture, and other leading players are looking to tap into the lucrative digital transformation market in Middle East and North Africa.

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A majority of the key players in the MENA digital transformation market provide holistic solutions to businesses, cutting across different sectors, such as BFSI, energy and utility, retail, and media & entertainment.

The niche focus of the key participants in this model is on real-time analytics and cloud-based digital marketing. Mobility, cloud computing, and social tools are other key niche segments for market players.

On the basis of application, FMI has segmented the MENA digital transformation market into,

  • Healthcare
  • Telecom
  • Media & entertainment
  • Transportation
  • Retail
  • Manufacturing
  • Energy & Utilities
  • Services
  • Public Sector
  • BFSI

Among these end-use applications, BFSI, public, and transportation sector collectively accounted for over 50% of the MENA digital transformation market in 2014.

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The key drivers that are anticipated to fuel the BFSI segment include enhanced customer experience, increase in e-banking initiatives, and growing e-commerce sector. According to FMI, banks and financial institutions are focusing on providing e-banking services to the target audience in a bid to strengthen their position. For example, the Bank of Beirut, Lebanon inaugurated its B-SMART digital service to provide self-service banking experience.

Growth in the e-commerce segment is also fuelling the BFSI segment of MENA digital transformation market. Key players have identified the growth opportunities in this segment and they are focusing on offering effective solutions to the consumers.

Public sector spending on digital software and services accounted for US$ 207.3 Mn, accounting for 20.2% share of the MENA digital transformation market. FMI estimates this segment to reach a valuation of US$ 472.5 Mn by 2020.

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The key factors fuelling the public sector of MENA digital transformation market include focus on enhanced online services, e-government initiatives, and transformation in educational institutions.

According to FMI, governments across MENA are focusing on providing seamless services to their citizens. The government has introduced e-filing of income tax returns, registration for online driver license, and passport registration services, and this is anticipated to provide an impetus to the public sector. Furthermore, educational institutions are also introducing online publication of school, college, and university policies, and FMI opines this to fuel the market through 2020.

The transportation sector of MENA digital transformation market is anticipated to reach a valuation of US$ 223.5 Mn by 2020. FMI estimates this segment to amplify at a CAGR of 13.8% during the forecast period 2014-2020.

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Increase in online transaction is one of the key factors driving the transportation sector in Middle East and North Africa. Leading travel agencies in MENA are deploying digital platforms to offer online services and this is anticipated to fuel the transportation segment of the market during the forecast period. Further, growth in online reservation of flight in encouraging companies to invest in digital interaction channels.

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Source: Future Market Insights