Middle East Witnesses Renewed Confidence in Big Data Analytics

Regional Businesses Boost IT Investments to Enhance Customer Experience and Stay One Step Ahead of Competitors

Dubai, United Arab Emirates: The Middle East is witnessing renewed confidence in Big Data Analytics as businesses in the region ramp up their IT capabilities in an effort to stay ahead of their competitors, according to experts.

The Middle East is one of the fastest growing IT markets in the world, with spending on IT products and services in the region expected to increase 7.3 per cent year on year in 2014, topping US$32 billion, according to predictions by the International Data Corporation (IDC) for 2014.

Increased interest in Big Data and analytics plays a critical role in this growth, as businesses in the region leverage their IT capabilities towards driving revenue streams by tapping into customer insights.

Organizations are achieving this not only by expanding their capacities for Big Data, but also by improving their business analytics, said Savitha Bhaskar, General Manager of Condo Protego, a leading data storage and security firm.

“Companies recognize that in order to stay ahead of their competitors, they require a true understanding of their market,” said Bhaskar.

“While collecting data is one step towards that end, it is not sufficient on its own. All this information must be further analyzed to give it meaning and insight.  This is where business analytics plays a pivotal role.”

According IDC’s 2014 predictions, increasing demand for insights from data will push organizations to step up their analytics technologies, moving beyond basic queries and reporting toward data warehouses and data visualization.

Latest forecasts from IDC show that the UAE IT services market is set to grow an impressive 15.5 per cent year on year in 2014 and at a compound annual growth rate of 11.3 per cent over the coming five years, with the growth largely attributed to the country’s large-scale projects.

According to the forecasts, an increased interest in the adoption of 3rd Platform technologies, namely big data and analytics, enterprise mobility, social platforms, and cloud computing, also partially account for the growth, with adoption levels varying across verticals.

For example, many retail, transport, and banking and financial services organizations have started piloting big data and analytics projects, while other verticals are adopting basic business intelligence and dashboard-based performance management tools.

“With smart city plans firmly in place across the GCC, all businesses are ramping up their IT capabilities in an effort to enhance their customer experience and retain a competitive edge,” said Bhaskar.

“This will impact all verticals, from commercial and consumer-driven markets to healthcare, education, and government services.”

According to a recent report by Gartner, Inc., business intelligence and analytics software in the Middle East and Africa totaled US$217 million in 2013, an 11 percent increase from the 2012 revenue of US$196 million.