Smart city apps to create $1.5 trillion in opportunities

The Middle East and North Africa (Mena) region is expected to be linked through over 545 million connected devices by 2020, which means around 6-7 connected devices per household.



By (Wam)

Published: Mon 19 May 2014, 10:43 AM

Last updated: Tue 7 Apr 2015, 10:35 PM

Smart city applications are expected to create huge business opportunities with a global market value of $1.5 trillion in 2020, said Dubai SME, an agency of the Dubai government’s Department for Economic Development.

In addition, the Middle East and North Africa (Mena) region is expected to be linked through over 545 million connected devices by 2020, which means around 6-7 connected devices per household. Dubai SME revealed the figures during a seminar it organised under the title ‘A 360 Degree Perspective of Industry Competitiveness and Leadership’ in partnership with Frost & Sullivan to help the Dubai SME100 companies understand the macro global trends shaping the economy, the region, the industry and the potential impact on the future of business. Global online retail sales are expected to account for 16.6 per cent of total retail sales by 2020, indicating that one out of every 10 retail transactions will be done online. This increase in online retailing is ushering new logistics business models.

Y. S. Shashidhar, managing director of Frost & Sullivan, Middle East, North Africa and South Asia, said the region is poised for social change, adding that this change is resulting in the collapse of conventional ways of doing business and challenging SMEs and their growth plans.

Abdul Baset Al Janahi, CEO of Dubai SME said that SMEs in Dubai need to keep developing their potential, and be distinct in their products and services, so they will be ahead of the curve.


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