Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "GCC Managed Services Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The GCC Managed Services Market size is expected to grow from USD 9.52 billion in 2023 to USD 14.98 billion by 2028, at a CAGR of 9.49% during the forecast period (2023-2028).
The GCC region of the Middle East has been viewed as a region that lags in IT spending.However, the scenario changes, considering the government, large organizations, and small-to-medium enterprises (SMEs), as well as start-ups across all industries in the region, are slowly realizing the need to transform digitally.
Key Highlights
- Utilizing cutting-edge technologies like artificial intelligence (AI), cloud computing, and others will eventually enable firms to meet various functional business requirements while promoting business process improvement. Managed services offer efficient features at low rates without sacrificing quality. In addition, she worked in service support and guaranteed the consistency and dependability of services provided for various business operations.
- In a recent study by Microsoft, two in three Gulf enterprises reported that they were planning to invest at least 5% of their annual revenue in digitizing their operations. Further, up to 51% of organizations reported having prioritized cloud computing, business intelligence (41%), the Internet of Things (37%), and Artificial Intelligence (29%). Therefore, the region, which is expected to register a significant growth rate in IT upgrades, is expected to provide a greater demand for managed services.
- Further, the GCC region has also been the target of cyberattacks since The facts presented by FireEye, a prominent cybersecurity vendor, clearly indicate that cloud security will become a trend in the region over the next few years. For instance, FireEye mentioned that Saudi Arabia witnessed more than 1,640,000 online attacks daily. Considering the progress of the area in the direction of artificial intelligence and IT experience (Vision 2030) and their dependency on the cloud, cloud security might flare up in the region over the forecast period.
- The managed services market's expansion is anticipated to be constrained throughout the forecast period by a pervasive lack of expertise and experience in integrating new technologies and putting managed services in place. The market's expansion is anticipated to be constrained by additional issues, including doubts about the effectiveness of managed services models, worries about data security and privacy protection, and the requirement for qualified personnel.
A selection of companies mentioned in this report includes
- Etihad Etisalat Co. (Mobily)
- Emitac
- Saudi Telecom Company
- HP Middle East
- ACS Group
- IBM Corporation
- Diyar United Group
- Ooredoo Group
- Wipro Group
- AGC Networks (An ESSAR Company)
- MEEZA Group
- EITC Group (du)
For more information about this report visit https://www.researchandmarkets.com/r/928ijc
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