Zoho Captures UAE's Upmarket Segment and Records 43% Revenue Growth in 2023

Dubai – January 24, 2024: Zoho, a leading global technology company, today announced a revenue growth of 43% and 29% increase in partner network in the UAE in 2023. This growth has been marked by a significant upmarket shift, with an increasing number of mid-and-large enterprises shifting to Zoho's comprehensive and value-driven solutions.

Having long dominated the small and medium-sized business (SMB) landscape with its user-friendly, affordable, and secure solutions, Zoho has seen a growing demand in adoption among prominent UAE-based organisations, including Al Rostmani Group, Al Shirawi, IFFCO, CAFU, Masafi, Consulate General of India- Dubai, Sharaf DG, MAF Carrefour, and Jashanmal. 

Last year, Zoho recorded a 24% increase in migration by large corporations. The upmarket momentum has been led by adoption of Zoho One (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 signifies Zoho's growing influence and its ability to cater to the diverse needs of businesses of various sizes. In 2023, 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."
The expansion towards the enterprise segment has been further bolstered by Zoho's ongoing strategic partnerships in the UAE as part of its 'transnational localism' strategy. Over the years, the company has partnered with leading government entities including Department of Economy and Tourism (DET), International Free Zone Authority (IFZA), and Dubai Culture among others to support the national digitalisation agenda. With a total value of AED 43-million, Zoho's strategic partnerships have digitally-enabled close to 5000 UAE small, medium and large corporations. 

Zoho continues to provide local support in addition to bespoke offerings to address UAE businesses’ needs. In 2023, Zoho became the first technology provider to introduce corporate tax capabilities in its VAT-compliant accounting software, Zoho Books, to help businesses stay compliant. It launched a Zoho Payroll edition for the country to help local businesses streamline their payroll operations. The company has also expanded its regional payment gateway arsenal with a recent integration with Telr, a leading payment gateway provider in MENA, further diversifying its offerings and boosting its commitment to local payment needs, and enabling the transition towards a cashless economy. 

Zoho continues to grow its portfolio of system integrators and value-added resellers to provide comprehensive implementation and support services to large corporations. 
The announcement was made on the sidelines of Zoholics Dubai 2024, the company's annual user conference taking place in Atlantis Hotel, Dubai.