Emerging Technology - Industry - MEA Market, Share and Trends 2023-2028

Summary of Emerging Technology

Emerging technologies are disrupting industries and transforming our lives at an unprecedented pace across the Middle East and Africa region. From artificial intelligence and robotics to blockchain, augmented reality and the Internet of Things – innovative applications of these technologies promise to deliver immense social and economic benefits in the coming years for the MEA region.

The global emerging technology market is poised to move at a CAGR of 15.18% from $2360 billion in 2023 to $5712.6 billion in 2029. MEA countries are actively working to adopt emerging technologies to address challenges in key sectors like: — healthcare, education, agriculture and more. For example, AI and IoT are helping improve access to quality healthcare in remote areas. Robotic process automation is enhancing efficiency and productivity across manufacturing, banking and government. Blockchain technologies are fostering financial inclusion. Augmented and virtual reality offer new opportunities for education and skills training.

However, realizing the full potential of emerging technologies in MEA also requires addressing issues around the digital divide, skills gaps, data privacy and security concerns. Governments and private players are launching new programs to build technical capacity and infrastructure. Job roles are also evolving with the growing demand for skills in areas like:– data science, cloud computing and cybersecurity. Overall, emerging technologies present immense opportunities for innovation, growth and development across the MEA region if inclusive development and workforce preparedness are prioritized.

Recent Trends and Insights

The MEA region has seen significant growth in the adoption of emerging technologies over the past few years. One major trend is the rise of startups focused on sectors like:– fintech, edtech, healthtech and cleantech. This is spurring innovation and helping address regional challenges. Governments are also increasingly prioritizing digital transformation initiatives to deliver services more efficiently.

Another trend is the growing role of 5G and edge computing. Countries are making large investments in 5G infrastructure to boost connectivity. This will enable more IoT and AI applications. Edge computing deployments are also expanding to support low-latency use cases. Blockchain adoption is rising beyond cryptocurrency into areas such as :– supply chain, identity management and cross-border payments.

On the skills front, there is high demand for professionals with expertise in areas like:– cloud, cybersecurity, data science and UI/UX design. Universities are collaborating more with industry to strengthen curriculum. Governments are launching new programs to promote STEM education and lifelong learning. While progress has been made, more needs to be done to address issues around access, inclusion and the skills gap to maximize the benefits of emerging technologies.

Product Insights

Explainable AI (XAI) is gaining popularity in Europe given recent regulations around AI transparency. Several European companies are developing XAI solutions to provide insights on AI model decisions for critical domains like healthcare and autonomous vehicles. This increases trust in AI systems.

conversational AI assistants are being adopted across Europe for customer service applications in industries like: — banking, retail and tourism. Companies are developing multilingual assistants to serve diverse European markets. Privacy-focused assistants are also in demand.

Blockchain technology is finding increased usage beyond cryptocurrencies in Europe, especially in areas like supply chain, food traceability, digital identity and online voting. Several European countries are working on blockchain initiatives for government services and citizen data management.

Augmented reality and virtual reality are enhancing training and education in Europe. Industries like:- manufacturing, oil & gas are using AR/VR for equipment maintenance and repairs. Cultural heritage sites are leveraging AR/VR for digital preservation and enhanced visitor experiences.

Cybersecurity is a major focus area in Europe given the region’s stringent data protection laws like GDPR. European companies are at the forefront of developing privacy-enhancing, federated learning and homomorphic encryption techniques to ensure security and privacy in an increasingly connected world.

Additive manufacturing or 3D printing is gaining ground in Europe for rapid prototyping, tooling and production across industries. Advanced applications include:–3D printed prosthetics, implants, aerospace and automotive parts. European governments are supporting AM research and adoption.

Key Companies

Some major players within this vast domain of industry are

• Swvl
• Bango
• InstaDeep
• MNT-Halan
• Yoco
• Flutterwave
• Acteon
• GreenYellow

Regional Analysis

The MEA region has seen strong growth in venture capital funding and government investments towards developing its digital economy in recent years. Several countries have launched ambitious national strategies and initiatives focusing on areas such as:– AI, blockchain, cloud and cybersecurity. For example, Saudi Arabia’s Vision 2030 aims to diversify its economy and promote digital transformation across industries.

Saudi Arabia currently leads the regional emerging tech market with a 25.5% share, valued at $36.11 billion in 2023. This is driven by large-scale smart city projects and digital initiatives in sectors like:– energy, transportation and healthcare. The country is also emerging as a hub for global tech companies and startups through programs like the AI academy.

The United Arab Emirates follows with a 16% market share worth $22.66 billion. Dubai in particular has established itself as a center for FinTech innovation and digital business. Israel takes the fourth spot with a 14% share of $19.82 billion, leveraging its robust innovation ecosystem and cyber expertise.

Egypt has seen growing adoption of technologies like cloud, AI and blockchain to support e-government services and its digital economy goals. The country accounts for 10% of the regional market, valued at $14.16 billion. Meanwhile, Iran and Iraq are focusing on areas such as smart infrastructure, industrial automation and digital literacy.

Market Segmentation

By Type:

• Information Technology
• Biotechnology
• Robotics and Automation
• Internet of Things (IoT)
• Nanotechnology

By Industry/Application:

• Healthcare and Life Sciences
• Finance and Banking
• Manufacturing
• Energy and Environment
• Transportation

By Market Segment:

• Startups and Innovators
• Corporate Enterprises
• Government and Public Sector
• Research and Development
• Consumer Electronics

By Country:

• Saudi Arabia
• Iran
• United Arab Emirates
• Israel
• Egypt
• Iraq
• Qatar

Our Methodology

We have offered a well-founded review of the Middle East and Africa’s regional emerging technology market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.