MEA Cloud Computing Market worth $49.5 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 21, 2023 /PRNewswire/ -- Growth, innovation, and growing integration of cloud services into numerous industries and corporate processes will characterise the MEA Cloud Computing Market's future. In the region, cloud computing will continue to be a crucial enabler of digital transformation and agility.
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 a new report by MarketsandMarkets™.
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Scope of the Report
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.
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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.
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.
Top Key Companies in MEA Cloud Computing Market:
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MEA Cloud Computing Market Advantages:
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