Middle East and North Africa Cloud Storage Market Set for Rapid Growth at 18% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Middle East and North Africa Cloud Storage Market, The Middle East and North Africa Cloud Storage Market size is estimated to grow at a CAGR of around 18% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Middle East and North Africa Cloud Storage Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2023-2028
CAGR (2023-2028): 18%

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Middle East and North Africa Cloud Storage Market Segmentation Breakdown:

The Middle East and North Africa Cloud Storage Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Component

Solution
- File Storage- Market Size Forecast 2018-2028F, USD Million
- Object Storage- Market Size Forecast 2018-2028F, USD Million
- Block Storage- Market Size Forecast 2018-2028F, USD Million
Services
- Consulting- Market Size Forecast 2018-2028F, USD Million
- Integration Implementation- Market Size Forecast 2018-2028F, USD Million
- Training, Support Maintenance- Market Size Forecast 2018-2028F, USD Million

By Deployment

Public Cloud- Market Size Forecast 2018-2028F, USD Million
Private Cloud- Market Size Forecast 2018-2028F, USD Million
Hybrid Cloud- Market Size Forecast 2018-2028F, USD Million

By Demand Type

Business-to-Business (B2B) - Market Size Forecast 2018-2028F, USD Million
Business-to-Consumer (B2C)- Market Size Forecast 2018-2028F, USD Million

B2B cloud storage solutions experience high demand in MENA due to the region's growing business and enterprise sectors. Companies such as Carrier, Abu Dhabi Bank, etc., are widely adopting cloud storage solutions.

By Enterprise Size

Small Medium Enterprises- Market Size Forecast 2018-2028F, USD Million
Large Enterprises- Market Size Forecast 2018-2028F, USD Million

By End User

BFSI- Market Size Forecast 2018-2028F, USD Million
Consumer Goods Retail - Market Size Forecast 2018-2028F, USD Million
Healthcare Life Sciences- Market Size Forecast 2018-2028F, USD Million
IT Telecom- Market Size Forecast 2018-2028F, USD Million
Energy Utility- Market Size Forecast 2018-2028F, USD Million
Others (Automotive, Media Entertainment, etc.) - Market Size Forecast 2018-2028F, USD Million

Among them, the BFSI segment holds a substantial share in the Middle East and North Africa Cloud Storage Market.

Geographical Growth Insights:

By Country

Saudi Arabia
The UAE
Qatar
Egypt
Israel
Algeria
Rest of the Middle East and North Africa

Among them, Saudi Arabia is witnessing a considerable growth rate in the Middle East and North Africa Cloud Storage Market.

MarkNtel Advisors Highlights Key Market Drivers for Middle East and North Africa Cloud Storage Market:

Increasing Need to Provide Remote Workforce with Ubiquitous Access to Business Data Fuelling the Market Growth – The growth of the Cloud Storage Market in the Middle East and North Africa (MENA) region has been primarily driven by the increasing need to provide remote workforces with omnipresent access to business data. The COVID-19 pandemic has accelerated the adoption of remote work across the MENA, to ensure business continuity while safeguarding employee health.

As employees working from different locations surged, the requirement for seamless access to data and collaborative tools also increased. This in turn drove the need for cloud storage solutions as cloud storage solutions are required to provide a secure and accessible platform for storing and sharing files, thereby fostering collaboration.

Additionally, as remote work allows companies to tap into a broader talent pool by hiring professionals from various geographical locations, enhancing diversity and expertise, businesses are aggressively turning towards hybrid or permanent work-from-home modules in the region. For instance, in 2022, Microsoft Work Trends released an index report stating that 98% of the UAE businesses are turning to invest in hybrid workplace technology by 2024. As a result, with the growing preference for remote work among the MENA workforce, the demand for efficient data storage and transfer solutions is expected to rise, leading to an increase in the market size of cloud storage in the region.

A Comprehensive Analysis of Leading Companies in Middle East and North Africa Cloud Storage Market

Microsoft Corporation
Google LLC
Oracle Corporation
Amazon Web Services, Inc.
The International Business Machines Corporation (IBM)
Alibaba Cloud
SAP MENA LLC
Etisalat
STC Cloud
Cisco Systems Inc.
Others

Explore More About This Research Report @ https://www.marknteladvisors.com/research-library/mena-cloud-storage-market.html

Middle East and North Africa Cloud Storage Market Recent Developments

In 2023: Oracle announced to invest over USD1.5 Billion to boost cloud-computing capacity of the Kingdom of Saudi Arabia.
IN 2022: Amazon Web Services (AWS)expanded the availability of AWS Storage Gateway to the AWS Middle East (UAE) Region enabling customers to deploy and manage hybrid cloud storage for their on-premises workloads.

Middle East and North Africa Cloud Storage Market Growth Opportunity:

The Spiking Adoption of Metaverse Technologies Across Verticals to Open New Doors for the Market Players – The Middle East and North Africa (MENA) region is experiencing a significant surge in the adoption of metaverse constellations across various verticals such as gaming, tourism, retail, and real estate. This growth is driven by the ongoing digital transformation, which is aligned with the strategic plans of countries such as Saudi Vision 2030, Qatar Vision 2030, etc. Moreover, to embrace digital transformation governments of countries like the UAE, Saudi Arabia, etc., are substantially trying to provide a conducive environment for the growth of metaverse businesses. For instance,

In 2022, the Dubai government launched Dubai Metaverse Strategy, which aims to attract more than 1,000 companies in the fields of blockchain and metaverse. In addition to this, the policy aims to generate more than 40,000 virtual jobs by 2030.
In 2022, Egyptian creative community hub Tutera announced the launch of the first phase of Metatut, the first Egyptian city entering the Metaverse.

The MENA region's growing adoption of metaverse technology is poised to draw numerous companies specializing in these technologies to the region. These companies will produce extensive digital content, spanning immersive gaming encounters to virtual tourism, retail, and real estate applications. Owing to which the demand for efficiently storing, organizing, and delivering this content to users would surge, which simultaneously would create a fresh opportunity for Cloud Storage Market participants.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative quantitative research company, strive to deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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