CHICAGO, Jan. 17, 2020 /PRNewswire/ -- According to a new research report "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", published by MarketsandMarkets™, the Middle East Cloud Applications Market is expected to grow from USD 2.0 billion in 2019 to USD 4.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.
The growing demand for cloud-based services and advanced technologies, increasing need to engage with customers, and deliver an enriched experience continuously are some of the major factors driving the growth of the Middle East Cloud Applications Market.
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Among applications, cloud-based CRM applications to grow at a higher rate during the forecast period
Cloud Customer Relationship Management (CRM) enables enterprises to store and utilize customer data at scale to offer better services and manage relationships with customers. Cloud-based CRM is gaining popularity among enterprises due to various benefits it offers, such as easy accessibility, affordability (especially for Small and Medium-sized Enterprises [SMEs]), rapid implementation, easy upgradation, scalability, and integration capability with other data sources. Cloud-based CRM applications centralize the customer database and provide a comprehensive view of all interactions with customers, offer instant access to real-time insights of sales opportunities, and automate task management processes. With ease of use and affordability, it increases customer retention rates making business more successful. Salesforce, Zoho, Oracle, Microsoft, and Oracle are some leading vendors offering cloud CRM.
The retail and consumer goods vertical is one of the fastest-growing verticals in the region
Factors driving the adoption of cloud applications are the rising purchasing power of customers and the need to satisfy customer expectations, which leads to existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services. Cloud computing services enable retailers to access customer data with just 1 click from any store located anywhere, thus leading to better customer service delivery. For instance, Hallmark Cards is a retail shop with a number of stores worldwide and is known for selling greeting cards and other products. This store is leveraging the private cloud to store its data and manage all operations, such as conducting real-time inventory tracking, enabling employees to focus on delivering enhanced customers experience, and business critical activities.
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Saudi Arabia to have the largest market size during the forecast period
Saudi Arabia is accelerating the adoption of Information Technology (IT) services in recent years. The country's regulatory body, Communications and Information Technology Commission (CITC) has regulated Cloud Computing in Saudi Arabia by publishing the Cloud Computing Regulatory Framework (CCRF) on its website. The CCRF aims to provide clarity and certainty on the rights and obligations of Cloud Service Providers (CSPs) and users of cloud services. This shows the interest of the government to accelerate the adoption of cloud-based services in this country. The key factors driving the adoption of the cloud technology in this country include reduced costs, improved infrastructure efficiency, and enhanced scalability.
Major vendors offering Middle East Cloud Applications Market across the globe includes 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).
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