Zoho Achieves 43% Revenue Growth in 2023 in the UAE

Zoho has announced that it has achieved a remarkable 43% increase in revenue and a 29% expansion in its partner network within the UAE for the year 2023. This growth is marked by a notable transition to the upmarket segment, as an increasing number of mid-to-large enterprises are adopting Zoho’s comprehensive and value-driven solutions. This announcement was made during Zoholics Dubai 2024, the company’s annual user conference held at Atlantis Hotel, Dubai.

While Zoho has traditionally dominated the small and medium-sized business (SMB) sector with its user-friendly, affordable, and secure offerings, a surge in demand from prominent UAE-based organizations such as Al Rostmani Group, Al Shirawi, IFFCO, CAFU, Masafi, Consulate General of India-Dubai, Sharaf DG, MAF Carrefour, and Jashanmal indicates a growing adoption trend among larger enterprises.

In the past year, Zoho experienced a notable 24% increase in migration by large corporations. The shift towards the upmarket is propelled by the adoption of key Zoho products such as Zoho One (a unified platform with over 50 products), Zoho Books (VAT-compliant accounting software), Zoho CRM Plus (a customer experience platform), Zoho Creator (a low-code platform), Zoho Workplace (an enterprise collaboration platform), and Zoho People (human resource management software). This strategic shift underscores Zoho’s expanding influence and its ability to cater to the diverse needs of businesses of varying sizes. In 2023, the UAE emerged as Zoho’s fastest-growing market globally.

“The UAE’s vibrant business scene and its pioneering approach to digital transformation perfectly align with Zoho’s mission to empower enterprises,” said Hyther Nizam, President of Zoho MEA. “We are thrilled to see more leading homegrown companies across diverse sectors leverage our comprehensive solutions to streamline operations, optimise costs, and achieve sustained growth. This fertile ground has allowed Zoho to thrive and contribute to the UAE’s continued digital evolution.”

The drive towards the enterprise segment has gained additional momentum through Zoho’s ongoing strategic partnerships in the UAE, aligning with its ‘transnational localism’ strategy. Over the years, the company has forged collaborations with key government entities, including the Department of Economy and Tourism (DET), International Free Zone Authority (IFZA), and Dubai Culture, as part of its commitment to supporting the national digitalization agenda. Valued at AED 43 million, Zoho’s strategic partnerships have facilitated digital empowerment for nearly 5000 small, medium, and large corporations in the UAE.

Zoho says that it has remained dedicated to addressing the unique needs of UAE businesses by providing localized support and tailored solutions. In 2023, Zoho achieved a milestone by becoming the first technology provider to incorporate corporate tax capabilities into its VAT-compliant accounting software, Zoho Books, enhancing businesses’ compliance efforts. The introduction of the Zoho Payroll edition further assists local businesses in streamlining their payroll operations.

Additionally, the company expanded its range of regional payment gateways through integration with Telr, a prominent payment gateway provider in the MENA region. This move not only diversifies Zoho’s offerings but also reinforces its commitment to meeting local payment requirements, fostering the transition towards a cashless economy. To enhance support services for large corporations, Zoho continues to expand its network of system integrators and value-added resellers, ensuring comprehensive implementation and support.

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Chris Fernando

Chris N. Fernando is an experienced media professional with over two decades of journalistic experience. He is the Editor of Arabian Reseller magazine, the authoritative guide to the regional IT industry. Follow him on Twitter (@chris508) and Instagram (@chris2508).

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