If there’s one industry that symbolizes how far the world has come, telecommunications would be a strong contender. It bears witness to human ingenuity and the universal desire to connect, ultimately fostering a sense of belonging.
Enhanced connectivity has blurred geographical barriers and closed gaps. Telecom operators have become more than just facilitators of quick communication. Over the years, they’ve assumed a crucial role in making various resources more accessible to a broader audience across the globe, spanning education, entertainment, health and public services. Moreover, they’ve facilitated participation in vital global dialogues from virtually anywhere in the world.
These benefits have precipitated the emergence of a more informed and engaged society.
Over the past two decades, the Middle East telecom industry has undergone particularly significant shifts. Today, as the region positions itself as a global leader in technological innovation, telecom has transcended its traditional boundaries to become a vital pillar of economic expansion.
Read: Middle East telecom: Bridging connections for digital transformation
Embracing telecommunications
Key governments in the region have embraced telecom and other advanced technologies to provide better, more accessible services. And as the Middle East telecom market continues to expand, the region is poised to witness the industry’s potential to unlock new growth opportunities, in line with the region’s collective ambition to broaden its economic horizons.
According to market research firm Technavio, the market value of the region’s telecom industry could potentially reach $20.57 billion by 2026. Several factors contribute significantly to this growth. Robust governmental support has led to widespread adoption of mobile technology across much of the Middle East, and the deployment of 4G and 5G networks has significantly enhanced connectivity.
As of October 2023, Saudi Arabia and the United Arab Emirates, alongside Norway, lead the world in terms of internet penetration, boasting an impressive 99 percent penetration rate. The advent of more sophisticated technologies such as cloud computing, blockchain and artificial intelligence further broaden the scope of telecom’s impact.
However, the path to a more connected future won’t be without hurdles. Data privacy, cybersecurity, disinformation and equitable access to technology are significant issues that require attention. Starting the conversation on these aspects is already a giant step forward.
About Joe Chidiac
Joe Chidiac is the CEO of JC Media Group and publisher of Economy Middle East and Economy Saudi Arabia.
