Frost & Sullivan forecast GCC growth to rebound in 2022
GCC region is expected to rebound in 2022 and witness impressive growth through 2030, driven by global and regional mega trends, according to a new analysis released by Frost & Sullivan. According to its Gulf Cooperation Council Region Mega Trends Forecast to 2030, the company reveals that pandemic and diminishing oil prices caused the contraction in 2020 but there will be signs of economic recovery by Q2 of 2021.
Advancement in technologies such as 5G and a shift towards digital platforms and marketplaces will pave the way for new business models. The business environment in the region will experience a transformation that will have a far-reaching impact on economic trends and social dynamics. Further, with the surge in digital penetration in the next decade, the GCC’s non-oil sectors—retail, healthcare, education, mega-event projects, and renewable energy—will continue to dominate the economy, creating future opportunities in the region.
The report highlights the rise in app-based services and the adoption of advanced technologies such as AI, blockchain, and automation across sectors that will lead to the rise of the platform economy in the region. Business-to-business (B2B) ecommerce is also a promising sector and expected to grow by 234.78 percent by 2030, more than business-to-consumer (B2C). Other key growth area includes the widespread adoption of blockchain is expected in the fintech sector.
Gulf Cooperation Council Region Mega Trends, Forecast to 2030 is the latest addition to Frost & Sullivan’s Visionary Innovation Group research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.