The research report MEA Cloud Computing Market by Offering (Service Model (laaS, PaaS, and SaaS)), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Vertical (BFSI, Energy and Utilities, and Manufacturing) and Region - Global Forecast to 2028
The MEA Cloud Computing Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.6 % during the forecast period, to reach USD 49.5 billion by 2028 from USD 21.1 billion in 2023, according to new research report by MarketsandMarkets™
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300 - Tables
47 - Figures
289 – Pages
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By service model ,SaaS segment to hold the largest market size during the forecast period
Software as a Service (SaaS) in cloud computing refers to a delivery model where software applications are hosted and provided over the internet by third-party cloud service providers. Users access these applications through web browsers, eliminating the need for local installations and maintenance.
SaaS offers scalability, flexibility, and cost-effectiveness, as users can subscribe to services on a pay-as-you-go basis, receive regular updates, and benefit from centralized data storage and security measures, making it a popular choice for businesses seeking to streamline IT operations and enhance accessibility while minimizing infrastructure investments.
By PaaS ,data management segment to hold the largest market size during the forecast period
Data management in Platform as a Service (PaaS) within cloud computing refers to the comprehensive suite of tools, services, and infrastructure provided by cloud providers to efficiently store, process, and analyze data. PaaS offerings enable businesses to leverage scalable databases, data warehouses, and analytics platforms without the burden of managing underlying hardware and software infrastructure.
This allows organizations to focus on developing and deploying applications, ensuring data security, and harnessing data-driven insights, ultimately streamlining their operations and enhancing decision-making capabilities in a cost-effective and agile manner.
By vertical, BFSI segment to hold the largest market size during the forecast period
The BFSI (Banking, Financial Services, and Insurance) sector has increasingly embraced cloud computing to revolutionize its operations. Leveraging the scalability, agility, and cost-efficiency of cloud services, BFSI organizations are able to enhance customer experiences, streamline data analytics for risk assessment and fraud detection, and ensure robust data security and compliance.
Cloud solutions enable rapid deployment of new financial services, facilitate remote access to critical applications, and reduce infrastructure costs, ultimately enabling BFSI institutions to stay competitive in a dynamic and data-driven industry while adhering to stringent regulatory requirements.
Regional Analysis for MEA Cloud Computing Market
Middle East:
The United Arab Emirates (UAE), Saudi Arabia, Qatar, and Israel are just a few of the Middle Eastern nations that have made significant investments in cloud computing and digital transformation projects. The following are some major factors in the Middle East cloud market:
- Governmental Initiatives: Middle Eastern governments have started programmes to encourage the use of the cloud, digital innovation, and technology-driven economic diversification. For instance, the "Smart Dubai" effort of the UAE seeks to make the city a world-class smart city supported by cloud computing.
- Data Sovereignty: Due to worries about data security and sovereignty, there is a growing demand for local cloud storage solutions. Global cloud service companies have opened data centres in the Middle East as a result of this.
- Oil and gas industry: The Middle East is home to many nations that strongly rely on this industry. These businesses can benefit from cloud computing's data analytics, remote monitoring, and collaboration to increase productivity and save costs.
- Financial Services: To boost customer service, streamline operations, and improve data analysis, the region's financial sector has been implementing cloud solutions, particularly in the UAE and Saudi Arabia.
Africa:
Though considerably more slowly than in other areas, cloud use has been increasing steadily across Africa. The following are some factors affecting the African cloud market:
- Mobile and Internet Penetration: Opportunities for cloud services have been generated, particularly in the delivery of mobile apps and services, as a result of the proliferation of mobile devices and rising internet penetration.
- Startups and SMEs: For startups and small to medium-sized businesses (SMEs) that might lack the resources for large IT infrastructure, cloud computing offers cost-effective options.
- Governments and organisations in Africa are aiming to close the digital divide and achieve digital inclusion. When it comes to giving people access to services and information, cloud technology can be useful.
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Key Market Players
The MEA cloud computing market is dominated by companies such as Microsoft (US), AWS (US), IBM (US), Google (US), Alibaba Cloud (China), Oracle (US), SAP (Germany), Salesforce (US), Etisalat (UAE), eHosting DataFort (UAE), Injazat Data Systems (UAE), STC Cloud (Saudi Arabia), Insomea Computer Solutions (Tunisia), CloudBox Tech (SA), Ooredoo (Qatar), Gulf business Machines (UAE), Intertec Systems (UAE), Fujitsu (Japan),Huawei (China), Comprehensive Computing Innovations (Lebanon), Compro (Turkey), Teraco Data Environment (SA),
Factors that Drive MEA Cloud Computing Market
- Digital Transformation Initiatives: In order to modernise processes, improve customer experiences, and increase efficiency, governments and businesses in the MEA area have been actively pursuing digital transformation plans. The scale and agility required to support these projects are provided by cloud computing.
- Data Sovereignty and Privacy: Local cloud solutions that store data within the region's borders are in demand as a result of worries about data privacy and sovereignty. Global cloud service companies have opened data centres in the MEA area as a result of this.
- Cost Efficiency: A more affordable option to traditional IT infrastructure is cloud computing. By paying for cloud services on a subscription basis rather than up front, businesses can better allocate their budgets.
- Scalability and Flexibility: Businesses may scale their IT resources up or down in response to demand thanks to cloud services, which eliminates the requirement for over- or under-provisioning.
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