The MEA enterprise software market revenue totalled US$ 7,727.9 Mn in 2021. The EIA market is expected to reach US$ 13,791.4 Mn by 2032, growing at a CAGR of 5.5% for 2022-2032.
Enterprise software is a broad term that refers to a variety of programs used by businesses, universities, institutions, government agencies, and other organizations to carry out various business operations, simplify tasks, and improve overall business efficiency.
The increase in digitization across various sectors globally and in MEA, as well as the benefits such as dealing with large amounts of data, accuracy, speed, resourcefulness, and simplification that it brings, is the primary driver for the enterprise software market. The MEA enterprise software market consisted 3.1% of the global enterprise software market in 2021.
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The 2017-2021 MEA Enterprise Software Market Demand in Comparison to the 2022-2032 Forecast
The MEA enterprise software is estimated to grow at a CAGR of 5.5% between 2022 and 2032, and the market grew by a CAGR of 3.1% between 2017 and 2021.
Growth in travel and tourism in this region is assisting the growth of enterprise software implementation in this region
The number of visitors to MEA has increased, particularly from neighboring countries. The Global Expo, which took place in Dubai, UAE between 2021 and 2022, and the Qatar FIFA World Cup, which is set to begin on November 20th, 2022, could be accounted for in tourism.
This increases the requirement for companies to implement online bookings, project management platforms, and various online marketing solutions to boost their business growth and fulfil large tasks and manage large projects.
Country-level Analysis
The GCC had the largest market share of 43.4% for the MEA enterprise software market for the year 2021, while Turkey is estimated to be the fastest growing country in this region with a CAGR of 6.9%.
Implementation of cloud technologies, big data analytics, business analytics, and AI, ML, and IoT are technologies which are being used and implemented by enterprises in this region. Initiatives to establish smart cities in this region, such as the smart city Neom, which is under development in Saudi Arabia,
Trade, transport, travel, and tourism are major drivers for enterprise software growth in GCC countries
GCC countries were able to establish their initial wealth because of the oil reserves present in the Gulf region. But today, a large part of their wealth is also generated because of the trading and cargo services that they provide to several other countries and companies globally, as well as travel and tourism and construction.
These industries require online payment platforms, supply chain management software, booking software, and ERP software for this reason. GCC countries are some of the most developed countries in this region, with several IT and telecom companies operating their businesses in this region. For this reason, GCC countries had the highest market share of 43.4% in the year 2021.
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Strong internet penetration in Turkey is a key driver for the enterprise software market
Internet and social media usage is increasing in Turkey. This is allowing the retail, media, and entertainment industries to grow in this country. For these reasons, Turkey could witness a growth in customer relationship management software and content management software.
Several software companies in this region are providing ERP software solutions as well and are implementing new technologies like cloud and IOT to improve their ERP offerings. For these reasons, Turkey is estimated to display a growth of 6.9%.
The presence of international companies in South Africa and various industries is a driver for enterprise software
As a result, this country has access to a variety of enterprise software. The companies which have huge market capital in this country belong to diverse industries.
South Africa is home to large industries like manufacturing, mining, and energy & utilities. This helps boost the growth of supply chain management software in this country, allowing South Africa to have a CAGR of 6.3%.
Competitive Landscape
MEA enterprise software market consists of various different types of software and solutions which assist businesses carry out their functions. For this reason, enterprise software is developed by software companies, but depending upon the company and industry, the software can be developed by the company independently as well.
- In October 2021, DP World launched CARGOES logistics which allow instant online cargo booking, tracking of the cargo and selecting the mode of transport. For the first phase, the booking of cargo will be allowed from UAE to India and from India to several other destinations.
- In January 2021, PCMS, an established retail company extended a partnership with Redpanda software by adding sales and implementation to the already existing partnership between the two companies. Redpanda has worked on the software development of their product in the past and can redefine it for new and existing clients.
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MEA Enterprise Software Market by Category
By Type:
- Business Intelligence Software
- Content Management Software
- Customer Relationship Management Software
- ERP Software
- Supply Chain Management Software
- Others
By Organization Size:
- SMEs
- Large Enterprises
By Industry:
- BFSI
- Retail
- IT & Telecom
- Healthcare
- Media and Entertainment
- Others
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The post MEA Enterprise Software Market revenue totaled US$ 7.7 Bn in 2021. This market is expected to reach US$ 13.8 Bn growing at a CAGR of 5.5% during forecast period 2022-32 appeared first on Future Market Insights.
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