Press Release Description
The Middle East and North Africa Cloud Storage Market Growth is Riding on Surging Digitalization Activities
The Middle East and North Africa Cloud Storage Market is projected to grow at a CAGR of around 18% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The Middle East and North Africa (MENA) countries are currently in the midst of a rapid digital transformation. Businesses are transitioning to online operations, e-commerce, and digital services, generating substantial volumes of data that necessitate secure and accessible storage in the cloud. The rise of remote work and the requirement for seamless collaboration among geographically dispersed teams have also led to increased demands for data storage and sharing.
Additionally, the MENA economies are concentrating on bolstering investments and expanding their service-based industries to boost GDP growth. This is resulting in increased investments in sectors like BFSI and ICT. Moreover, the region's growing emphasis on data privacy and compliance is driving organizations to select reputable cloud storage service providers that offer robust security measures and regulatory compliance features.
The MENA region features a thriving startup ecosystem and a burgeoning small and medium-sized enterprise sector. These enterprises frequently lack the resources required for extensive on-site data centers, which is why cloud storage emerges as an accessible and flexible solution. In parallel, governments in nations such as the UAE, Saudi Arabia, Qatar, and others are increasingly acknowledging the importance of data-driven governance and launching smart city initiatives. These undertakings encompass the gathering and analysis of substantial data volumes, underscoring the need for effective administration through cloud storage systems. Additionally, the continuous imperative for heightened cybersecurity to safeguard smart city data and other digitized information will persistently stimulate the demand for efficient cloud storage solutions, further states the research report, “The Middle East and North Africa Cloud Storage Market Analysis, 2023.”
BFSI to Hold a Prominent Share in the Middle East and North Africa Cloud Storage Market
Based on the end user segment, the market is further bifurcated into, BFSI, Consumer Goods & Retail, Healthcare & Life Sciences, IT & telecom, Energy & Utility, and Others (Automotive, Media & entertainment, etc.). Among them, BFSI segment holds a key share in the market, as the financial sector manages substantial volumes of sensitive information, encompassing customer data, financial transactions, and regulatory compliance records. To fortify the security of this critical financial data, the BFSI industry frequently integrates cloud solutions, including cloud storage. This not only enhances security but also offers scalability and adaptability, facilitating efficient data management as banks and financial institutions grow and respond to evolving market dynamics.
Furthermore, in the MENA region, consumer banking has shifted significantly from traditional in-branch transactions to online and mobile platforms. This shift generates substantial transaction and customer data, necessitating robust safeguards against cyber risks and credit loss. This transition is underscored by an increase in digital transactions and cross-selling activities. Thus, all these factors are widely facilitating the demand for cloud storage from BFSI in the MENA region.
Saudi Arabia to Witness Substantial Growth Rate in the Upcoming Years
Geographically, the Middle East and North Africa Cloud Storage Market expands across, Saudi Arabia, The UAE, Qatar, Egypt, Israel, Algeria, and the Rest of the Middle East and Africa. Among them, Saudi Arabia is witnessing notable momentum in the Middle East and North Africa Cloud Storage Market, supported by the nation's rapid economic diversification and digital transformation efforts under its Vision 2030 initiative. The growth of end-user industries, such as Banking, Manufacturing, IT & telecom, etc., along with the convenience and cost-effectiveness of cloud storage, is fuelling its adoption.
Additionally, the presence of prominent cloud providers such as Huawei, Microsoft Corporation, etc., who are increasingly expanding in Saudi Arabia with the launch of cloud-based solutions, further reflects the market attractiveness in the country. As the country's government and domestic industries are now focussing on transitioning towards cloud computing the demand for efficient cloud storage platforms is anticipated to boom enormously in the forecast years in Saudi Arabia.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Microsoft Corporation, Google LLC, Oracle Corporation, Amazon Web Services, Inc., The International Business Machines (IBM) Corporation, Alibaba Cloud, SAP MENA LLC, Etisalat, STC Cloud, Cisco Systems Inc., and Others.) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across various countries?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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