UAE Economy Set to Soar by $181 Billion by 2033 Through Cloud Adoption
The United Arab Emirates (UAE) has always been a trailblazer in embracing technological advancements to power its economic growth. In its latest endeavour, the country has wholeheartedly embraced the game-changing potential of cloud computing. Recognising its ability to revolutionise industries and skyrocket productivity, the UAE is now poised to achieve an awe-inspiring feat. Research reveals that by tapping into the boundless power of the cloud, the UAE economy is set to be infused with an extraordinary $181 billion by 2033. This achievement is set to solidify the UAE’s position as an unrivalled global frontrunner and signifies its prominence in shaping the ongoing digital revolution.
The Prevalence of Cloud and UAE’s Financial Development
Cloud computing has emerged as a true force of nature, reshaping the landscape of both business and technology. The ability to store and access data and applications remotely through the cloud has unleashed a new era of efficiency, scalability, and cost savings.
“As a leading economy in the Middle East and North Africa (MENA) region, the UAE has embraced cloud technology proactively. With its visionary leadership and robust digital infrastructure, the UAE is well-positioned to capitalise on the immense opportunities the cloud offers.
Our recent regional statistics show that cloud adoption in the MENA region is rapidly increasing, as 71% already use the public cloud. Moreover, 86% of companies plan to move more data to the cloud in the next 1-3 years, citing improved data accessibility (48%), optimised data storage and backup (44%) and reduced costs (38%) as driving forces. Of those using the public cloud, 85% of organisations currently have a multi-cloud model, meaning they are working with two or more hyperscalers.” said Karim Azar, Regional Vice President of Emerging Markets, Middle East & Turkey at Cloudera.
The economic impact of cloud computing in the UAE is nothing short of profound. A surge in IT spending will propel the projected injection of $181 billion into the economy by 2033, remarkable gains in productivity, and an abundance of new business opportunities. The UAE stands at the precipice of an unprecedented transformation, leveraging the power of the cloud to reshape industries, drive innovation, and solidify its status as an unparalleled global powerhouse in the digital age.
“The MEA public cloud market, as a whole, is expected to reach 4.8 billion USD in 2023, with a compound annual growth rate of 21.5%. These figures reflect the growing recognition of the cloud’s potential to drive economic growth, enhance operational efficiency, and foster digital transformation across industries,” stated Azar.
Transformation Across Industries:
Adopting cloud computing will usher in transformative changes across various industries in the UAE. In finance, cloud-based platforms offer secure storage and processing of vast financial data, enabling streamlined operations, cost reduction, and enhanced customer services for financial institutions. Real-time analytics provide valuable insights, empowering banks to make data-driven decisions.
The healthcare industry stands to gain immense benefits from cloud adoption as well. Cloud-based electronic health records facilitate seamless data exchange among healthcare providers, improving patient care coordination and decreasing medical errors. Additionally, advanced analytics on cloud platforms enable researchers to analyse massive datasets, accelerating medical breakthroughs and ultimately resulting in better treatments and improved public health outcomes.
Cloud technology is propelling a digital revolution in education and e-learning. This promotes personalised learning, collaborative environments, and the development of digital skills, ensuring that the UAE’s workforce is future-ready.
“Cloud technology enhances collaboration and connectivity within the UAE and globally. The collaborative environment fuels entrepreneurship, attracts investments, and positions the UAE as a regional hub for digital innovation,” added Azar.
Local Initiatives and Collusion:
The UAE government has taken proactive measures to promote its adoption, acknowledging the pivotal role of cloud computing in driving economic growth. The National Artificial Intelligence Strategy 2031 and the UAE Strategy for the Fourth Industrial Revolution underline the significance of cloud technology as a foundational element for digital transformation.
The government’s commitment to establishing a conducive environment for cloud adoption is evident through initiatives like the Cloud First Policy. This policy encourages government entities to prioritise cloud solutions when procuring IT services. Furthermore, the UAE aims to attract renowned cloud service providers to establish data centres, fostering collaboration and fueling local innovation.
The UAE’s visionary approach to embracing cloud computing is poised to propel its economy to unprecedented heights. With a projected boost of $181 billion by 2033, the country is on track to become a global frontrunner in the digital economy.
Last Updated on 11 months by News Desk 2
