UAE IT SERVICE MARKET IS ESTIMATED TO REACH USD XX BILION BY 2033: SPER MARKET RESEARCH
IT services involve the use of business and technological capabilities to help firms create, manage, and optimize access to information and business processes. The three basic categories of IT services are hardware support, software and BPO, and cloud services. Infrastructure, platforms, and software that are hosted by outside providers and made available to clients online are referred to as cloud services. There are three sorts of organization sizes: major companies, small and medium organizations, and those used by end users such as BFSI (banking, financial services, and insurance), retail and manufacturing, life science and healthcare, wholesaling, communication, media, and technology, among other industries.
According to SPER Market Research, ‘UAE IT Service Market Size- By Types of Services, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the UAE IT Service Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
Drivers:
Numerous important reasons are driving the rapid expansion of the UAE IT services market. First, there is a growing need for creative IT solutions due to the quick digital revolution taking place in a number of industries, such as retail, healthcare, and finance. Furthermore, the UAE’s strategic initiatives, like the UAE Digital Government Strategy and Vision 2021, support the development of infrastructure and technology breakthroughs. The increasing utilisation of cyber security and cloud computing solutions by enterprises to boost productivity and safeguard confidential information is driving the market expansion. Furthermore, a thriving ecosystem that encourages innovation and entrepreneurship in the IT sector is created by the inflow of foreign investment and the existence of a diversified, tech-savvy populace.
Restraints:
The use of Software as a service requires sensitive and secret information and data about the firm and its clients. However, shifting company needs, a rise in security lapses and cyber attacks, and mounting concerns about data security, complying with regulatory standards is becoming more and more important. . When firms use SaaS, they have less access to and control over their data. As a result, there is a greater risk of data loss or deletion by accident. If this risk occurs, it could result in the irreversible loss of sensitive data, which is typically detrimental to a company’s finances, legal standing, and reputation. It may operate as a significant impediment to the expansion of UAE software as a service sector.
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Impact of COVID-19 on UAE IT Service Market
The COVID-19 outbreak in the nation, the software as a service market in the United Arab Emirates had fresh growth prospects. After the epidemic and the countrywide shutdown, businesses switched from on-premises deployment to SaaS. The organizations were able to access their work remotely with the help of this SaaS conversion. For the many companies who were negatively impacted monetarily by the pandemic but still wish to grow and increase production and efficiency, the cloud also provides a more enticing initial buy-in. As more businesses emerge in industries such as manufacturing, healthcare, and retail, there is a growing need for SaaS solutions and services to help them grow throughout the pandemic.
UAE IT Service Market Key Players:
UAE IT service market is dominated by the Dubai region due to diverse range of industries. Major players in the market are Alibaba, AWS, Etisalat, G42, Google, and Microsoft.
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