The era of smart connectivity of all things represented by digitisation, networking, and intelligence is rapidly approaching as the globe embraces widespread 5G commercial use and keeps upgrading artificial intelligence (AI) technologies.
Obviously, the next big step in the world of technology is 6G. Several nations are stepping up research and development activities for 6G, the next generation communication technology, which is expected to become commercially viable around 2030.
This ground-breaking technology will connect with advanced computing, big data, artificial intelligence (AI), and blockchain to make up for applications that fall short of expectations in the 5G era. It is expected to be 10-100 times quicker than 5G in terms of data transfer speed.
According to experts, the next three to five years will be important for gaining footing in the industry and building a solid industrial base. They urged tight partnerships with standards agencies and platforms worldwide while embracing transparency and win-win collaborations.
Based on the significant financial and technological resources of its mobile operators and equipment manufacturers, China is assuming a leadership role among the countries preparing for 6G, according to industry observers.
China will participate in international initiatives to promote uniform standards and the development of innovative technologies. Numerous Chinese businesses, such as Huawei and ZTE, have partnered with other companies in the sector, such as Nokia and Ericsson.
A $164bn yearly market
The GCC economies have long relied heavily on oil and gas resources to fuel economic growth and build on national prosperity. However, this dependency on energy has decreased recently along with a decline in oil prices and the development of digital technology.
The Gulf countries have used a variety of approaches to building up financial industries and knowledge-based economies. Over the past ten years, the GCC has made significant progress in implementing digital technologies. Indeed, the fulfilment of the region’s national ambitions and development plans depends on digitalisation.
Since there are a lot of youthful customers in the GCC countries and internet infrastructure use is becoming more and more common, there is a lot of potential for the development of the digital economy.
The swift growth of the digital economy sectors and related businesses in Saudi Arabia, Bahrain, Kuwait, and the United Arab Emirates has demonstrated the adaptability of digitisation strategies when dealing with new markets created as a result of crises. As the Gulf countries pursue economic diversification, the digital transformation of the economy is expected to play a crucial role.
With a $164bn yearly market for information and communication technology products, the GCC states will host a large portion of the world’s expanding fifth-generation telecommunication network subscribers by 2025.
In Middle Eastern nations, the COVID-19 pandemic has had a substantial impact on sectors like tourism, aviation, and hotels. Despite this tendency, the digital economy has grown significantly, which has made the GCC governments realise how urgent and necessary it is to develop the region’s digital economies.
The importance of accelerating the digital economy’s expansion has been highlighted by the coronavirus pandemic, making it essential for ensuring economic resilience as well as the growth and development of all the economic sectors.
By implementing efforts, including growing digital industries, investing in digital infrastructure, implementing e-government platforms, and establishing technology parks and business incubators, the GCC has boosted governmental support to assist digital transformation.
China-GCC collaborations
China and the GCC countries have established close ties in recent years, and technology and innovation have become integral components of bilateral cooperation.
The phrase “digital economy” is being used more and more frequently, and digitisation is becoming the main force behind economic development and change in the GCC nations. Digital economies of the GCC alone are expanding at a rate twice as rapid as those of industrialised economies.
Although energy will continue to be the mainstay of trade between China and the GCC in the foreseeable future, a brand new and attractive area of collaboration is the technology sector. Huawei and other Chinese tech companies have been assiduously growing their digital footprint in the Gulf.
Governments in the GCC are embracing digital adoption to encourage sustainability, speed up economic diversification, and make sure the region is well positioned to transform into a digital economy that is rife with potential. The whole e-commerce market in the region will rise to $50bn by 2025, predicts multinational consulting firm Kearney Middle East.
Amazing prospects
The fine line between science fiction and fact will soon be a thing of the past when connectivity that is 100 times quicker, more dependable, and offers 20 times more capacity than 5G enables mind-boggling new use cases. The world in 2030 will seem overwhelmingly different from now, thanks to the constantly advancing technologies and rising demands from both companies and consumers. Stay connected!
