BFSI Sector to Exhibit Significant CAGR of over XX% in Terms of Revenue Contribution Between 2022 and 2031
Middle East and Africa Digital Transformation Market Introduction
The way organizations operating in different sectors are increasingly inclined towards deploying digital technologies to transform existing business models and enhance customer experience at interaction points. In recent past, the influence of digital technology has been profound, both in terms of making business process productive and transforming the way of carrying out business activities and resolving issues. Thus, gaining traction in emerging end user verticals such as retail, healthcare and media & entertainment.
The Middle east and africa digital transformation market is projected to grow at a double-digit CAGR during the forecast period. Major end user verticals in developed as well as developing countries are inclined towards investing substantial amount on digitization of internal operations in order to ensure improve coordination and efficiency in processes. Also, governments of various countries are increasingly inclined towards digitizing citizen-centric services that can be accessed through mobile devices such as smartphone, tablet and laptop 24/7 from anywhere. In addition, growing adoption of enterprise mobility solutions, proliferation of smartphones, and enhanced customer experience are some of the other major factors that are responsible for growth of the digital transformation market in Middle East and Africa.
The MEA digital transformation market has been segmented on the basis of type, end-user vertical and region.
By type, the MEA digital transformation market has been segmented into software and service. In 2021, service segment dominated the MEA digital transformation market and is projected to continue its dominance throughout the forecast period.
Software segment further sub-segmented into sales & commerce software, content & applications software, marketing software, customer experience software, and integration software. Among these sub-segments, sales & commerce software was the dominant sub-segment with over XX% market share in 2021, followed by content & application software sub-segment.
Service segment consists of implementation service, integration service, consulting service, operations & management service, and outsourcing service. In 2021, implementation and integration service segments collectively accounted for more than XX% share in MEA digital transformation market and are projected remain dominant by the end of 2031. Among services, outsourcing service segment is projected to expand at the highest CAGR during the forecast period from 2022-2031.
End-user vertical includes BFSI sector, public sector, manufacturing sector, energy and utilities sector, retail sector, transportation sector, services sector, healthcare sector, media & entertainment sector, and telecom sector. In terms of spending on digital solutions and services, BFSI sector dominated the MEA digital transformation market in 2021, followed by public sector. In addition, BFSI sector and public sector collectively accounted for more than XX% share of the MEA digital transformation market revenue in 2021.
Region wise, the MEA digital transformation market has been segmented into GCC, North Africa, South Africa, and rest of Middle East and Africa. In terms of value, GCC dominated the MEA digital transformation market with over XX% share in 2021.
Middle East and Africa Digital Transformation Market Competitive Landscape
Some of the key players identified in Middle east and africa digital transformation market are IBM Corporation, Accenture PLC, AT&T Inc., CGI Group Inc., PricewaterhouseCoopers LLP (PwC), DABO & Co., and Deloitte Consulting LLP. Major players in the market are focused towards acquiring small vendor so as to enter regional market and utilize acquired company’s brand value to enhance penetration level in the market.