Northbrook, IL 60062 -- (SBWIRE) -- 09/28/2023 -- 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 research report by MarketsandMarkets™.

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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.

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Africa to hold the second largest market size during the forecast period

Africa is experiencing a burgeoning interest in cloud computing, marked by heightened investments and widespread adoption throughout the continent. This surge is driven by both businesses and governments eager to leverage the advantages of digital transformation, with cloud services serving as a pivotal tool in providing scalable, cost-efficient, and accessible computing resources. This section of the report segments the cloud applications industry in the Africa, based on countries such as South Africa, Egypt ,Nigeria, and other countries.

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),

Key Dynamic Factors For MEA Cloud Computing Market:

Initiatives for digital transformation:

To increase operational effectiveness, improve the customer experience, and maintain their competitiveness, businesses in the MEA region are undergoing digital transformation. Cloud computing, which offers scalable, adaptable, and affordable IT solutions, provides the fundamental technology to support this shift.

Governmental programmes and rules:

Cloud adoption is significantly influenced by governmental rules and regulations addressing data privacy, cybersecurity, and compliance. Governments in the MEA region are concentrating more on developing enabling regulatory frameworks to encourage the usage of cloud computing while protecting data security and privacy.

Latest Technologies:

Market expansion is being fueled by the incorporation of cutting-edge technologies like edge computing, blockchain, artificial intelligence (AI), and Internet of Things (IoT) with cloud services. Businesses in the MEA are utilising these technologies to innovate and improve their processes.

Growing Demand for Multi-Cloud and Hybrid Solutions:

To combine the advantages of on-premises and public/private cloud platforms, businesses in MEA are implementing hybrid and multi-cloud strategies. This strategy ensures company continuity while offering more flexibility and better security.

Concerns about data localization and sovereignty

Cloud service providers are establishing regional data centres in MEA nations because to data sovereignty and localization requirements. This answers questions about data residency and adherence to local data protection legislation.

Infrastructure development and investment:

To address the rising demand for cloud services, the MEA region is making large investments in data centre facilities and cloud infrastructure. To ensure dependable and low-latency connectivity, this entails building data centres and improving network capabilities.

Specific Industry Adoption:

MEA's several sectors, including healthcare, banking, education, and government, each have specific requirements for cloud computing. Customised cloud solutions are being created to meet the needs of particular industries, which is accelerating adoption in these fields.

Concerns about cybersecurity

Strong cybersecurity measures are now more important than ever due to the frequency and sophistication of cyber threats. To allay users' fears and foster confidence, cloud service providers are concentrating on increasing security measures.

Training and Development of Skills:

Professionals with expertise in cloud technology are increasingly in demand. In order to have a skilled workforce that can manage and use cloud services successfully, educational institutions and training programmes are essential.

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Competitive and Segmentation Analysis:

Due to the fact that organisations are becoming more aware of the revolutionary potential of cloud technology, the Middle East and Africa (MEA) cloud computing industry is experiencing fierce competition. Global cloud service providers including Microsoft Azure, Amazon Web Services (AWS), Google Cloud, and IBM, as well as other influential competitors in the area, are vying for market dominance by providing a wide range of cloud services. With an emphasis on scalability, security, compliance, and industry-specific solutions, these services vary from Infrastructure as a Service (IaaS) through Platform as a Service (PaaS) and Software as a Service (SaaS).

The MEA cloud computing market is often segmented based on industry verticals (government, healthcare, finance, education, retail, and more), geographic areas, service models (IaaS, PaaS, and SaaS), deployment strategies (public, private, hybrid, and community clouds), and service models (IaaS, PaaS, and SaaS). Every section offers different chances and difficulties. For instance, in order to improve service delivery and citizen participation, the public sector in MEA is rapidly using cloud technology. Similar to other industries, the healthcare sector uses cloud computing for telemedicine, data processing, and storage.

Hybrid and multi-cloud solutions, which let organisations balance performance, data security, and compliance needs, are also in high demand in the MEA cloud computing market.

Strategic alliances, mergers, and acquisitions are the main focus of market participants as they look to improve their market positions and diversify their service offerings. Additionally, initiatives are being taken to solve the skilled labour shortage by funding educational and training programmes that would give workers certificates and skills in the cloud. The MEA cloud computing market is, in general, expanding quickly, presenting a dynamic environment of competition and segmentation with a diversified variety of products customised to address the varying needs of enterprises and industries throughout the region.

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