Zoho Dominates Upmarket Segment in the UAE, Achieving a Remarkable 43% Increase in Revenue for 2023
Zoho has announced a 43% revenue growth and a 29% expansion in its partner network in the UAE in 2023. This growth is characterized by a significant shift towards the upmarket, with an increasing number of mid-to-large enterprises opting for 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.
Zoho has long been a dominant player in the small and medium-sized business (SMB) landscape, offering user-friendly, affordable, and secure solutions. However, there has been a growing demand for Zoho’s products among prominent UAE-based organizations, including Al Rostmani Group, Al Shirawi, IFFCO, CAFU, Masafi, Consulate General of India- Dubai, Sharaf DG, MAF Carrefour, and Jashanmal.
In the past year, Zoho has seen a 24% increase in large corporations migrating to its platform. The upmarket momentum has been driven by the adoption of Zoho One (a unified platform of over 50 products), Zoho Books (VAT-compliant accounting software), Zoho CRM Plus (customer experience platform), Zoho Creator (low-code platform), Zoho Workplace (enterprise collaboration platform), and Zoho People (human resource management software). This shift underscores Zoho’s growing influence and its ability to meet the diverse needs of businesses of all sizes. In 2023, the UAE became 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.”
Zoho’s push towards the enterprise segment has gained further momentum through its ongoing strategic partnerships in the UAE, aligning with its ‘transnational localism’ strategy. Over the years, Zoho has established collaborations with key government entities, including the Department of Economy and Tourism (DET), International Free Zone Authority (IFZA), and Dubai Culture, demonstrating its commitment to supporting the national digitalization agenda. Valued at AED 43 million, Zoho’s strategic partnerships have enabled digital empowerment for nearly 5000 small, medium, and large corporations in the UAE.
Zoho says it remains committed to meeting the unique needs of UAE businesses by offering localized support and customized solutions. In 2023, Zoho reached a milestone by becoming the first technology provider to integrate corporate tax capabilities into its VAT-compliant accounting software, Zoho Books, enhancing businesses’ compliance efforts.
The launch of the Zoho Payroll edition further aids local businesses in streamlining their payroll operations. Additionally, the company expanded its range of regional payment gateways through integration with Telr, a leading payment gateway provider in the MENA region. This initiative not only diversifies Zoho’s offerings but also reinforces its commitment to meeting local payment requirements, promoting the transition towards a cashless economy. To enhance support services for large corporations, Zoho said it continues to grow its network of system integrators and value-added resellers, ensuring comprehensive implementation and support.