Two-thirds of technology leaders in the UAE: Artificial intelligence contributes to increasing business profitability

KPMG Technology in the UAE titled “Driving the Course of the Digital Future 2023” confirmed that 89% of technology leaders in the country are confident that current technology is contributing to supporting business growth rates and enhancing organizational growth. compared to their peers around the world (16%).

This remarkable progress highlights the country’s pioneering position and its leadership in the global scene in advanced technology sector and innovative technologies.

In this context; The report highlights the UAE’s keenness to optimally use technology to achieve ambitious business goals, address challenges and improve environmental, social and governance (ESG) practices.

According to the results of the report; 87% of technology leaders in the country believe in the ability of current technology to drive greater progress on the company’s ESG level, compared to their peers worldwide (15%); Furthermore, 86% of technology leaders in the country confirm the significant role technology plays in improving employee satisfaction, well-being, efficiency and reducing costs.

Mohammed Majeed, head of digitization and innovation at KPMG Lower Gulf, said: “Despite challenges arising from uncertainty in the global economy, digital transformation leaders in the UAE are prioritizing innovation and creating rapid value.” The KPMG UAE Technology Report 2023 provides insights to help the country’s technology leaders achieve technology-enabled innovation and growth.

He added: “The release of this report is significant as it provides a global example of strategic AI adoption including environmental, social and governance practices and the best use of the technology across a range of businesses.”

In line with the country’s vision to push the artificial intelligence code forward, technology leaders are eager to adopt the latest innovative technologies. According to a KPMG report, 53% of technology leaders in the country confirmed that artificial intelligence is a key factor in achieving their short-term goals.

The survey also highlighted participants’ other technology preferences in achieving their short-term goals, with edge computing (43%) and quantum computing (41%) emerging as the most valued options. Further; The virtual world of “metaware” (29% as reported) refers to the concept of evolution rather than competition for innovative technologies.

Furthermore, 43% of technology leaders surveyed indicated that artificial intelligence is one of the fundamental pillars to help increase return on investment. Two-thirds of tech leaders attribute profit growth to AI initiatives.

In this context; 84% of technology leaders in the UAE have emphasized the need to invest in Xaas technologies. compared to 21% of their peers worldwide. XaaS, or “Everything as a Service,” refers to the availability of various resources and services over the Internet through subscriptions.

These services include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS) and others. XaaS technology enables organizations to effectively adapt to changing needs, rationalize costs and stay abreast with the times through regular updates and improvements.

The report revealed that information security is a key factor in promoting digital transformation due to regulatory requirements and increasing cyber security concerns. In this context; More than half (56%) of technology leaders emphasized the importance of meeting customer demands for improved privacy and cybersecurity in guiding their strategies.

47% of technology leaders in the country cited unsophisticated data management strategies as a barrier to change, compared to the global average (34%). Furthermore, 43% of survey participants highlight limitations as a result of traditional technology, which underscores the need for innovative strategies that address these challenges head-on.

In conclusion; Future generations of technology leaders see the holistic evolution of the digital world as fostering innovation in all areas of business. In line with the country’s efforts to achieve its ambitions by 2071, technological changes and technological developments can transform the future of education, health, tourism, manufacturing and environmental, social and governance practices.