Dublin, Jan. 29, 2020 (GLOBE NEWSWIRE) -- The "Middle East Cloud Applications Market by Application (ERP, CRM, HCM, SCM, and Business Intelligence and Analytics), Organization Size, Vertical (BFSI, Manufacturing, and Telecommunications), and Country - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Middle East cloud applications market size is expected to grow from USD 2 billion in 2019 to USD 4.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.

Initiatives by governments and corporates to promote emerging technologies, such as cloud and analytics, to propel the Middle East cloud applications market growth

In this region, the Banking, Financial Services, and Insurance (BFSI), government, and energy and utilities verticals are shifting toward the adoption of cloud computing services rapidly. According to a survey done by Cisco, cloud traffic is expected to surge between 2016 and 2021. Moreover, the region is receiving investments for infrastructure by leading market players.

The increased awareness of cloud applications, lower operational costs, scalability, and disaster recovery are a few factors driving the adoption of cloud computing in this region. Major US-based tech companies such as Google, Microsoft, and AWS have shown interest and launched their data centers in the region.

Among applications, the CRM segment to hold a significant market share in 2019

Cloud Enterprise Resource Management (ERM) solutions are deployed over the cloud environment and make the use of cloud computing platforms and services to provide businesses with flexible business process transformations. ERM implementation revolutionizes management across large enterprises and Small and Medium-sized Enterprises (SMEs), helping them improve their operations and making them manageable and more transparent.

Vendors offer cloud-hosted ERM solutions that efficiently help organizations manage processes across functions, such as finance, marketing, sales, operations, and human resource. The major solution suppliers offer supporting services, such as integration and training, along with support and maintenance, for the smooth transition and implementation of cloud ERM solutions.

Under verticals, the BFSI vertical to hold the highest market share in 2019

The Banking, Financial Services, and Insurance (BFSI) vertical is adopting digitalization initiatives at a rapid pace to meet the rising customer expectations and sustain the highly competitive market. Cloud-based services help vendors efficiently meet IT needs, while they also assist in saving Capital Expenditure (CAPEX) and Operating Expenditure (OPEX).

The banking sector needs to store and manage customers' confidential information, such as credit card details, transaction details, and personal information. This data needs to be securely stored as losing such data might result in customer loss and may create a negative brand value in the market. This is leading to the growing adoption of cloud computing services.

The UAE to record the highest growth rate during the forecast period

The adoption of cloud applications in the United Arab Emirates (UAE) has grown significantly in the last decade. In December 2018, according to a report developed by Dubai Silicon Oasis Authority (DSOA) and IBM in collaboration with Thomson Reuters, 70% of startup enterprises are currently leveraging the benefits of cloud computing services and are planning to spend more on cloud services in the next 2 years.

The major challenges faced by them are data privacy concerns, compliance and regulatory issues, and infrastructure integration problems. To deal with these challenges, major cloud vendors are opening their data centers and business operations in this country due to the increasing customer potential and rising digital transformation initiatives. Several cloud players are establishing their data centers in the Middle East to accelerate the adoption of cloud computing and reach out to a broad customer base in the UAE.

Prominent Players

Major vendors offering cloud applications across the region 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). The study includes an in-depth competitive analysis of these key players in the Middle East cloud applications market, along with their company profiles, recent developments, and key market strategies.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Middle East Cloud Applications Market
4.2 Middle East Cloud Applications Market, By Application (2019 vs. 2024)
4.3 Middle East Cloud Applications Market, By Organization Size (2019 vs. 2024)
4.4 Middle East Cloud Applications Market, By Vertical (2019 vs. 2024)

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Investment in Digital Transformation by Governments
5.2.1.2 Business Expansion By Global Vendors to Gain the First-Mover Advantage
5.2.1.3 Initiatives By Government Organizations to Promote the Latest Technologies
5.2.1.4 Increased Awareness of the Benefits of Cloud and Its Adjacent Technologies Among Enterprises
5.2.2 Restraints
5.2.2.1 Difficulty in Addressing Governance and Compliance Requirements
5.2.2.2 Limited Bandwidth Providers and Lack of Access to High-Speed Internet
5.2.3 Opportunities
5.2.3.1 Improving Network Connectivity to Provide Seamless Saas Implementation
5.2.3.2 Telecom Service Providers Leveraging Existing Infrastructure to Offer Cloud-Based Services
5.2.4 Challenges
5.2.4.1 High Latency and Workload Complexities in the Cloud Environment
5.3 Regulatory Landscape
5.3.1 Regulations in United Arab Emirates
5.3.1.1 UAE Civil Code Number 5 of 1985 on the Civil Transactions Law
5.3.1.2 UAE Federal Law Number 2 on the Prevention of It Crimes
5.3.1.3 Federal Law Number 1 of 2006 Concerning Electronic Transactions and Ecommerce
5.3.1.4 Dubai International Financial Centre Law Number 5 of 2012
5.3.1.5 Electronic Transactions Law, Difc Law Number 2 of 2017
5.3.2 Regulations in Saudi Arabia
5.3.2.1 Law Number 20 of 2014 Pertaining to Electronic Transactions
5.3.2.2 Anti-Cyber Crime Law
5.3.2.3 Saudi Arabia Telecommunications Act
5.3.2.4 Shariah Principles
5.3.3 Regulations in Qatar
5.3.3.1 Penal Code: Law 11 of 2004
5.3.3.2 Electronic Commerce and Transactions Law
5.3.3.3 Telecommunications Law
5.3.3.4 Banking Law: Law 33 of 2006
5.3.3.5 Qatar Computer Emergency Response Team (Q-CERT)
5.3.3.6 Data Protection and Privacy Law

6 Middle East Cloud Applications Market, By Application
6.1 Introduction
6.2 Enterprise Resource Management
6.3 Customer Relationship Management
6.4 Human Capital Management
6.5 Supply Chain Management
6.6 Business Intelligence and Analytics
6.7 Collaboration and Content Management
6.8 Others

7 Middle East Cloud Applications Market, By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.3 Small and Medium-Sized Enterprises

8 Middle East Cloud Applications Market, By Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance
8.3 Energy and Utilities
8.4 Government and Public Sector
8.5 Healthcare and Life Sciences
8.6 Manufacturing
8.7 Retail and Consumer Goods
8.8 Telecommunications
8.9 Other Verticals

9 Middle East Cloud Applications Market, By Country
9.1 Introduction
9.2 Saudi Arabia
9.3 United Arab Emirates
9.4 Qatar
9.5 Rest of Middle East

10 Competitive Landscape
10.1 Introduction
10.2 Competitive Scenario
10.2.1 New Product Launches
10.2.2 Acquisitions
10.2.3 Partnerships
10.2.4 Business Expansions

11 Company Profiles
11.1 Introduction
11.2 SAP
11.3 Microsoft
11.4 Oracle
11.5 Infor
11.6 Salesforce
11.7 Sage
11.8 IBM
11.9 Epicor
11.10 Ramco Systems
11.11 3i Infotech
11.12 Prolitus Technologies
11.13 IFS
11.14 QAD

For more information about this report visit https://www.researchandmarkets.com/r/9wdvpi

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