Digital technology is revolutionizing businesses across the world of all types, forcing the evolution aspects such as value chains and customer interaction through the utilization of tools such as online platforms and mobile devices. Digital transformation in the Middle East and North African countries is involving the integration of digital technology into the diverse aspects of business to redefine the working principle of the products, operational processes, and strategies by taking advantage of present day technological innovations.
Consultancy Services for Digital Upgrades Rise
Business entities in the region are competing intensely by providing customers with improved services at all levels, which is boosting the requirements for boosting efficiency through innovations in digital strategy, thereby expanding the MENA digital transformation market.
In addition, public and private entities in the region are emphasizing on providing digital services to consumers including online billing, process notifications and offer updates, which is creating lucrative opportunities for service providers here.
Banking, financial services and insurance (BFSI) services along with public transport are end use sectors in the region that are making the most use of digital transformation. Moreover, the major entities in the BFSI sector are increasingly enhancing their online service capabilities and customer relationship management to attract business which is strongly propelling the demand for digital transformation in MENA.
Government Regulations and Infrastructure Development Boost Demand
Among the different countries within MENA, Qatar’s contribution to digital transformation is projected to be very significant in the near future. This can be attributed to new national regulations being imposed by the government that support the use of e-transactions and e-commerce creating major opportunities for service providers in the region.
As per a recent study by Future Market Insights on the MENA digital transformation market, the United Arab Emirates is estimated to lead the MENA digital transformation scene on the basis of revenue generation. Rising digitization & development of content and higher rates of adoption for relevant software & services are some of the key influencers that are boosting the growth of the sector.
Patent Applications and Infrastructure Improvements to Drive Future Developments
The future for digital transformation is fairly promising, with estimates for exponential growth rates in the region. High consumer interest in digital tools and processes is expected to generate a good growth potential in the years to come, as consumers demand for digital offerings is already strong. Businesses in the sector are emphasizing on increase patent applications and improving service infrastructure to enhance its information and communications technology applications.
The digital market across the Middle East if unified could contribute significantly to local GDP, while also having a positive impact on social issues such as poverty reduction, improved education and healthcare, and reduction of environmental pollutants.
With the active participation from all parties ranging from government bodies to private agencies, given the rapidly increasing innovations in technology and its potential to constantly shape business practices and lifestyles, digital transformation has a bright future in MENA for years to come.
To gain better insights on the constantly changing MENA digital transformation market, click here.