By capturing competitive advantages brought about by utilising the Internet of Things, big data and other digital opportunities, businesses could see revenue increase by almost a third, according to a renowned management consulting firm.
The estimations made by McKinsey & Company coincide with a new report which forecasts that the digital economy in the Middle East will be worth US$30 billion within three years.
The report by SAP and the Economist Intelligence Unit (EIU) suggests Middle East-based firms would be wise to implement new technologies sooner rather than later, with the region's digital economy seeing 30% growth already this year.
Hannes Liebe, chief operating officer, SAP MENA, stressed that businesses which fail to embrace digital transformations face "becoming irrelevant".
He said: "This will be not just another evolution in technology. It will be a revolution for both: the way business are run, and also how new business models are suddenly possible.
"As the Middle East continues to be an early adopter of latest innovations, businesses in the region, local businesses will have to define their approach now to stay relevant in this new digital economy."
For firms in the Middle East region in particular, the reasons to digitise business processes are even more obvious, thanks to initiatives such as 'smart cities', Liebe added.
Liebe continued that the "holistic ICT approach" required in order to facilitate cloud-based services, analytics and citizen-centric applications will bring about "an increasing need of ICT skills those technologies".
He suggested that the region's demand for individuals with these services could therefore increase, adding that businesses must be prepared to invest in better integrating of ICT learning.