Professional Tips for Tech Companies to Grow in the Middle East with Statistics

The Middle East is a rapidly growing tech market, with a young and tech-savvy population. The region is expected to grow at a CAGR of 10.2% between 2023 and 2028, reaching a value of $314.4 billion by 2028.

Tech companies that want to grow in the Middle East need to understand the unique challenges and opportunities that it presents. Here are some professional tips with statistics:

• Localize your product or service. The Middle East is a diverse region with many different languages and cultures. It is important to localize your product or service to meet the needs of your target market. This could involve translating your website and marketing materials into Arabic, or developing features that are specific to the region.

According to a recent survey by Statista, 62% of internet users in the Middle East prefer to use websites in their native language.

• Build relationships with local partners. Partnering with local companies can help you to gain access to the market and navigate the regulatory environment. For example, you could partner with a local distributor to sell your product, or with a local marketing agency to help you reach your target audience.

A study by Deloitte found that 73% of CEOs in the Middle East believe that partnerships are essential for growth.

• Attend industry events and conferences. Industry events and conferences are a great way to meet potential customers and partners, and to learn about the latest trends in the Middle East tech market.

The ArabNet Digital Summit is one of the largest tech conferences in the Middle East, with over 10,000 attendees each year.

• Invest in digital marketing. Digital marketing is a great way to reach a large and targeted audience in the Middle East. Popular social media platforms in the region include Instagram, Twitter, and LinkedIn.

According to a report by Hootsuite, social media penetration in the Middle East is 62%, which is higher than the global average of 59%.

• Hire a team with local knowledge and experience. It is important to have a team with local knowledge and experience when you are expanding into the Middle East. This will help you to avoid any cultural faux pas and to navigate the business landscape effectively.

A study by PwC found that 75% of CEOs in the Middle East believe that hiring local talent is essential for success.

• Focus on mobile. Mobile penetration in the Middle East is very high, so it is important to make sure that your product or service is mobile-friendly.

According to a report by GSMA, mobile penetration in the Middle East is 85%, which is higher than the global average of 67%.

• Offer a variety of payment options. Many people in the Middle East prefer to pay in cash, so it is important to offer a variety of payment options.

A study by Visa found that 58% of consumers in the Middle East prefer to pay in cash.

• Provide excellent customer service. Customer service is very important in the Middle East, so it is important to provide excellent support to your customers.

A study by PwC found that 70% of consumers in the Middle East are willing to pay more for a product or service if it comes with excellent customer service.

• Be patient. Expanding into a new market takes time and effort. Don't expect to see results overnight.

Here are some additional tips:

• Invest in research and development (R&D). The Middle East is a growing hub for innovation, and tech companies that invest in R&D will be better positioned to meet the needs of the market. For example, companies could develop products and services that are tailored to the specific needs of the region's businesses and consumers.
• Partner with universities and research institutions. Universities and research institutions in the Middle East are producing a growing number of talented tech graduates. Tech companies can partner with these institutions to recruit and train employees, and to collaborate on R&D projects.
• Support the startup ecosystem. The Middle East has a thriving startup ecosystem, and tech companies can play a role in supporting its growth. For example, companies could provide funding and mentorship to startups, or partner with them to develop new products and services.
• Give back to the community. Tech companies can give back to the Middle East community by supporting educational initiatives and social causes. This can help to build goodwill and brand awareness, and to attract and retain talented employees.

By following these tips, tech companies can increase their chances of success in the Middle East market.