UAE Industry Trends; Forecast growth for ICT sector & Construction Market Size

Eslam Mobarak
Published 11 months ago on 8 August, 2023-775 views
UAE Industry Trends and construction market size

The UAE industry market is highly competitive with government support and the introduction of new and technically advanced projects such as AI, Smart Cities, ICT, and others. Market competition is expected to increase even further. Oracle Corporation, SAP AG, Microsoft Corporation, Salesforce, and IBM Corp. are key UAE industry market players.

UAE Industry Trends

Informatica, an industry trends market leader in enterprise data management, announced a multi-year strategic framework deal to provide industrial services to Abu Dhabi government agencies at Gitex Global 2022. The Abu Dhabi Digital Authority enabled and supported proactive, individualized, collaborative, and secure digital government (ADDA). The Data Enablement Program, a multi-year strategy led by ADDA, aims to make the Emirate of Abu Dhabi a data-driven state in order to further its strategic goals and harness the power of data to spur economic growth and accelerate the development of the Emirate’s digital economy.

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UAE Industry ICT Market Trends

UAE Industry ICT Trends
UAE Industry ICT Trends

The abbreviation for information technology is information and communications technology (ICT) (IT). It emphasizes the significance of unified communications and the integration of telecommunications (telephone lines and wireless signals), as well as the enterprise software, middleware, storage, and audiovisual requirements required to enable users to access, store, transmit, understand, and manipulate information.

The UAE ICT Market is classified by Type (Hardware, Software, IT Services, and Telecommunication Services), Enterprise Size (Small, Medium, and Large Enterprises), and Industry Vertical (BFSI, IT, Telecom, Government, UAE Retail market and E-commerce, Manufacturing, Energy and Utilities, and Other Industry Verticals). For all of the above segments, market sizes, and forecasts are provided in terms of value (USD million).

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Artificial Intelligence Market

The UAE places a high value on artificial intelligence (AI). According to the International Trade Administration in the United States, artificial intelligence (AI) is expected to contribute approximately 14% of the country’s GDP (or USD 96 billion) by 2030. AI’s contribution to the UAE economy is expected to grow by 33.5% per year between 2018 and 2030.

As part of the UAE Centennial 2071 goals, the UAE AI Strategy 2031 was introduced to increase productivity in the transportation, health, space, renewable energy, water, technology, education, environment, and traffic sectors. AI integration into industries such as education, healthcare, space, transportation, and aviation has already begun in the UAE. The government’s ambitious goals of diversifying its economy and developing a knowledge economy include AI as a critical component.

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UAE Smart Cities & 5G Developments

UAE Smart Cities
UAE Smart Cities

The UAE has made significant investments in smart city projects with the goal of building new smart cities from the ground up and improving infrastructure in existing cities. The Dubai government has been working to make Dubai a smart city since October 2013 by implementing innovations in six major sectors: urban planning, transportation, communications, infrastructure, electricity, and economic services.

The UAE was the first Arab country and the fourth in the world to launch a 5G network. The country’s two largest telecom operators, Du and Etisalat, launched limited 5G networks in 2019 and made the 5G-capable ZTE Axon 10 Pro smartphone available to both post-paid and pre-paid customers. The UAE’s technological leadership and high GDP per capita are expected to drive up demand for 5G services in the coming years.

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Top 5 Construction Industry Trends

In recent years, the UAE construction market industry has undergone significant changes, with innovation and sustainability at the forefront of development. As we look ahead to 2023, construction trends are expected to continue to evolve and shape the future of buildings in the UAE.

Sustainable construction practices & building materials

The sustainable construction trend has quickly gained traction in the UAE in recent years, and its impact is expected to grow further in 2023 as environmental awareness grows. The UAE government is leading the charge for sustainable construction, committing both hard capital and political will to lower carbon emissions. They are creating an industry that places sustainability at its core by investing heavily in renewable energy sources and green building technologies, giving businesses access to new resources and allowing them to make responsible decisions now and in the future.

The prefabricated buildings

Modular construction and prefabricated buildings are becoming more important than ever as the UAE looks ahead to 2023. Dubai’s pioneering feat: a 9.5-meter tall 3D-printed structure that occupies 640 square meters at the municipality building, setting the record as the world’s largest 3D-printed structure, is paving the way, demonstrating the UAE’s commitment to employing modern technology and construction trends in 2023.

Modular construction on a construction site can reduce construction time while increasing efficiency and cost-effectiveness. Because of their numerous advantages, such as innovation, reduced energy consumption, and high efficiency, prefabricated buildings are widely used in construction projects.

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Technology in construction projects

Construction firms can now complete projects faster and more efficiently thanks to rapid technological advancements. The construction industry in the United Arab Emirates is expanding rapidly, and it is expected to expand further through 2023.

The use of technology in construction projects has grown in popularity in recent years. Planning, design, project management, cost estimation, quality control, and scheduling can all be streamlined using technology. For example, 3D printing technology can be used to quickly and efficiently create complex structures.

The Energy efficiency

Trends in energy efficiency and renewable energy are bringing clarity to future development prospects. In response, the UAE Energy Strategy 2050 was unveiled as an ambitious roadmap for reducing carbon emissions by 70% while doubling renewables’ contribution to power generation – laying the groundwork for innovative measures for long-term success across all sectors.

Over the last few years, energy efficiency has become a major focus for UAE construction companies. To meet this demand, many new energy-saving technologies and eco-friendly building materials have been developed. Insulated windows and doors, solar panels, energy-efficient lighting systems, and motion sensors are examples of these.

The Renewable Energy Trends

The UAE is actively promoting renewable energy sources such as solar power. The country currently has one of the world’s largest solar parks, the Mohammed Bin Rashid Al Maktoum Solar Park, which will have a production capacity of 5,000MW by 2030, reducing more than 6.5 million tons of carbon emissions annually.

Individuals and businesses who install rooftop solar panels on their properties will also receive generous financial incentives from the government. These incentives are designed to encourage more people to invest in renewable energy, while also saving them money on their electricity bills over time.

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Which industry is growing in UAE?

Top 10 Booming Industries in Dubai with a Bright Future in the UAE 2023:
Dubai’s construction and related industries are booming.
E-commerce services.
Travel and tourism.
The real estate market.
Hospitality and health.
Any type of consulting service.
Hotel and restaurant chains.
Beauty products and jewelry.
UAE lighting market.

What is the fastest-growing business in the UAE?

In 2023, the tourism and hospitality industry in Dubai will be one of the fastest-growing business sectors. A business in the tourism industry and hospitality sector has a high chance of success due to the increasing demand for services and goods trends of consumers.

What is the economic growth trend in UAE?

The annual economic growth trend will have slowed from Q4 to the first half of 2023. The oil sector’s contribution to the UAE GDP growth rate slowed in the first quarter, with output rising only 3.1% year-on-year, the slowest pace since the second quarter of 2021.

What is the consumer trend in UAE 2023?

2023 Consumer Spending Forecast: The outlook of The acceleration in growth drivers primarily by higher domestic fuel prices, rising rental prices, and strong demand-side pressures in 2022, which resulted in monetary policy tightening and lower real household spending growth. The total amount spent by households will be AED657.

It is becoming clear that the UAE market Industry trends for 2023 will be heavily focused on information and communications technology (ICT) and construction sustainability. With significant government-mandated carbon footprint reduction commitments in place, as well as growing market demand for green construction methods, the Emirates UAE construction industry is proving itself well-positioned, driving the UAE to meet the rapidly increasing interest in sustainable construction practices. These construction trends can also help to reduce costs by lowering energy consumption in consumer trends.

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