MarketsandMarkets expects the Middle East Cloud Applications Market 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 number of investments in digitization are expected to spur the demand for cloud applications across the Middle East.
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.
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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. 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.
Major middle east cloud applications vendors 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). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and acquisitions, to further expand their presence in the middle east cloud applications market. These strategies have helped them innovate their offerings and broaden their customer base.
SAP (Germany) is focused on becoming the most innovative cloud company, owing to its solution SAP HANA, which enables customers to innovate faster and drive effective and successful business outputs. The company believes in continuously investing a huge amount of its revenue in Research and Development (R&D) activities, and offers enhanced products and services for enabling customers to meet their business goals. For instance, in October 2018, SAP added new services and cloud choices to its SAP Cloud platform. These services enable customers to easily connect their demand chains to their supply chains, adhere to new privacy and security regulations, and provide an enhanced cloud environment for business-critical applications. The company further focuses on delivering intelligent enterprises to customers by providing enterprise software with the visibility, focus, and agility required for accelerated change. For instance, in September 2018, SAP launched a cloud-based Application Lifecycle Management (ALM) tool, known as the SAP Cloud ALM solution. This solution helps customers track and manage the need for cloud solutions from SAP. It offers benefits, such as quick team onboarding and scoping, following a fit-to-standard implementation approach, configuring for SAP S/4HANA Cloud, and tracking project progress. These initiatives showcase innovative and proactive approaches of SAP to maintain a leading position in the market.
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Microsoft (US) is one of the leading cloud service providers across the globe. Majorly, the company’s hybrid cloud offering is widely adopted by customers across the globe. It focuses on offering tailored cloud services to customers with the help of the partnership strategy to become an exclusive vendor in the market. In November 2017, Microsoft partnered with SAP to give customers a trusted path of digital transformation to the cloud. With this partnership, companies would co-engineer go to market strategies and premier solutions, and provide joint support services to deliver the best cloud experience to customers. Moreover, it invests a substantial part of its annual revenue in R&D to enhance and upgrade its products and services in market. The company has expanded its presence in the region by establishing large data centers to better address cloud computing needs of the enterprises in this region. It has partnered with different local players to offers its services in different countries in the Middle Eastern region.
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