Emerging Tech Sectors
Advancements in technology have been transformational during the 21st century, changing the way people interact with the world around them and how businesses operate.
The United Arab Emirates (UAE) has emerged as a big player in technology, with the nation’s leaders investing heavily in creating a landscape for innovators to shine.
With that in mind, we assess four emerging technology sectors we believe are well worth monitoring in the UAE over the next few years.
The UAE is taking significant steps to establish a licensing and regulatory framework that allows iGaming sites and sportsbooks to operate within the jurisdiction.
This move creates a massive window of opportunity for technology start-ups and established businesses who are adept at website development.
Several local firms have already built sports betting sites for Arabs, while others have worked on projects that incorporate casino games such as roulette and blackjack.
With numerous investment opportunities available to innovative firms in the sector, iGaming development looks set to become big business in the UAE.
Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but its potential uses go way beyond the scope of the financial sector.
In simple terms, blockchain is a decentralised digital ledger that allows secure transactions to be made without the involvement of a middle-man.
Supply chain management is one of the primary the areas where blockchain is increasingly being used to help businesses track transactions more effectively.
By facilitating integration of logistics and financial services, blockchain will enable greater data collaboration between businesses in the UAE.
Virtual Reality & Augmented Reality
It would be fair to say that virtual reality (VR) and augmented reality (AR) technology have been on the cusp of crossing into the mainstream for some time now.
However, the supporting hardware has often failed to live up to expectations, thus limiting the impact VR and AR was able to have in numerous sectors.
Things have changed dramatically in the last couple of years, with the technology now being used successfully in industries such as gaming and travel.
VR and AR will boom in several other sectors in the UAE over the next few years, with healthcare, education and marketing among the areas most likely to be impacted.
The Middle East has been forecast to benefit to the tune of $320 billion by 2030 due to the benefits provided by artificial intelligence (AI) technology.
The UAE will likely see the most rapid growth, particularly with the government committed to pushing innovation in AI across numerous sectors.
AI offers businesses the opportunity to automate labour-intensive process, thus making many elements of their operations run far more efficiently.
Retail, automotive, healthcare, travel and financial services are expected to be the sectors with the most potential to benefit from AI over the next few years.