New Report Shows UAE Tech Leaders Optimistic About Business Growth and Technological Advancements

A recent report by KPMG has revealed that technology leaders in the UAE are highly confident in their current technology’s ability to fuel business growth and enhance organizational development. The report, titled Tech Trailblazers: Navigating the Next Digital Frontier, highlights the UAE’s dedication to using technology to achieve ambitious business objectives, tackle challenges, and prioritize environmental, social, and governance (ESG) initiatives.

According to the report, an impressive 89 percent of tech leaders in the UAE believe that their current technology can effectively drive business growth. This level of confidence surpasses that of their global counterparts by a significant 16 percent. Additionally, 87 percent of UAE tech leaders are confident in their current technology’s ability to advance the organization’s ESG agenda, exceeding the global average by 15 percent.

Furthermore, a substantial 86 percent of UAE tech leaders believe that their organization’s technology is simultaneously enhancing employee satisfaction, well-being, efficiency, and cost reduction. This showcases the UAE’s commitment to harnessing the power of technology to drive organizational success.

Mohamad Majid, partner, digital and innovation at KPMG Lower Gulf, praised the UAE’s digital transformation leaders for their commitment to innovation and value realization despite global economic uncertainty. He emphasized the insights provided by the UAE Tech Report, which highlights the nation’s focus on strategic AI adoption, ESG and cybersecurity prioritization, and business technology advancement.

The UAE’s strategic focus on AI and machine learning (ML) is shared by CTOs, with 53 percent of tech leaders recognizing AI as a key driver for fulfilling short-term objectives. The study also identified edge computing (43 percent) and quantum computing (41 percent) as highly valuable options for achieving these goals. While the Metaverse was identified as an evolving concept rather than an immediate competitor to innovative technologies, 29 percent of tech leaders still see potential in it.

The report also revealed that 84 percent of UAE tech leaders believe that the benefits of XaaS technologies, also known as “Everything as a Service,” outweigh the risks. This puts them 21 percent ahead of their global peers. XaaS allows businesses to access various resources and services over the internet through subscriptions, enabling quick adaptation to changing needs, cost savings, and regular updates and improvements.

Information security is a key driver of digital transformation in the UAE, with 56 percent of tech leaders emphasizing the importance of meeting customer demands for enhanced data privacy and cybersecurity. However, 47 percent of tech leaders in the UAE identified underdeveloped data management strategies as a hurdle to transformation, higher than the global average of 34 percent. Legacy technology limitations were also highlighted by 43 percent of respondents, underscoring the need for innovative strategies to address these challenges directly.

The report concludes by stating that tomorrow’s tech leaders envision a holistic digital evolution that fosters innovation across all industries. As the UAE strives to achieve its ambitious 2071 centennial goals, technological breakthroughs have the potential to reshape education, healthcare, tourism, manufacturing, and ESG initiatives.

Overall, the KPMG UAE Tech Report highlights the strong confidence and strategic focus of tech leaders in the UAE, positioning the country as a global example for technological advancements and innovation-driven growth.