With regional governments now set to reduce oil dependency through policy and regulation change, the Industrial Revolution 4.0 and the phenomenon of the Internet of Things (IoT) is now rife among all sectors in the region. MEED, a leading business intelligence provider in the region, gives us the 10 technologies set to transform the
GCC and the rest of the Middle East over the next 10 years.

1. GRID-SCALE BATTERIES WILL ENABLE ENERGY DIVERSIFICATION
Global investment in high-capacity batteries is transforming the market for renewable energy.  A significant drop in the prices of lithium and vanadium – essential battery components – in addition to improvements in battery efficiency, are enabling large scale adoption of energy storage facilities. 

Abu Dhabi’s recent launch of the region's first Grid Scale Battery Deployment and the world's largest Virtual Battery Plant is indicative of the region’s commitment to diversifying its energy supply.

2. DIGITAL PAYMENT – FINTECH 

With limited access to banking facilities, an estimated 86% of adults in the region do not have a bank account. This, coupled with an increase in the mobile phone capabilities makes the MENA market a real opportunity for fintech investment. 

Research company MENA Research Partners estimated the fintech market in the MENA region to be worth $2 billion in 2018 and it is expected to reach $2.5 billion by 2022.

Complex systems such as oil fields, electricity grids, building sites and entire cities can be managed more effectively if siloed data can be combined on a single platform. 

New remote sensor technology can provide critical real-time data, allowing managers to make quick, informed decisions and increasingly intelligent software is being developed to automate complex processes. Internet of Things (IoT), which is a convergence of technologies such as remote sensors, machine learning and real-time analytics is central to the development of these smart, digital ecosystems.

The GCC has been a global frontrunner in the uptake of autonomous driving, with the UAE leading the way. The Dubai Future Foundation, in partnership with Dubai Roads and Transport Authority (RTA), launched the Dubai Autonomous Transportation Strategy which aims to make 25% of Dubai transportation autonomous by 2030, saving $6 billion annually. 

In May 2019, Etisalat, launched the region’s first 5G-enabled smartphones. The new 5G networks transfer data 20 times faster than 4G, have a bigger capacity, are more reliable. This vital development is needed to support the emerging ecosystem of digital technologies including IoT, smart cities, cloud computing and autonomous vehicles. 

According to Globaldata, the number of mobile network subscriptions in the MENA region is expected to be 15.8 million by 2023.

Shifting away from traditional fuel sources to free up crude oil for higher value products and export sees an increase in demand for alternative energy sources. 

One of the most promising alternative fuels is hydrogen, which can be produced using solar photovoltaic technology. This will be showcased at EXPO 2020 by the use of fuel-cell vehicles that run on hydrogen generated at a solar-driven hydrogen electrolysis facility at Mohammed bin Rashid Solar Park.

Initially gaining popularity through the gaming industry, augmented and virtual reality (AR and VR) are increasingly being used for training, marketing and problem solving. VR systems can have powerful applications when combined with AI. 

For example, it could be possible to develop a microscope that can highlight cancerous cells, or the dashboard of a vehicle that can detect hazards and alert the driver using signals on the dashboard.

Electric Vehicles (EVs) potentially are among the most transformative of all emerging technologies, delivering a change as significant as the move from horse-drawn carts and internal combustion engines in the early 20th century. 

Their  benefits in terms of reducing carbon emissions and energy conservation could be huge. 

By 2025, the global 3D printing market is expected to account for an annual spend of over $20 billion, and the Middle East is recognising the potential of additive manufacturing.

The sectors that could see the most benefit from the technology are healthcare - for joints, teeth, medical and training equipment, aerospace, consumer manufacturing and construction.

Increasing population, extreme climate conditions and political and economic instability are putting food security in the Middle East high on the political agenda. With the region importing over 50 per cent of its food, governments are looking to boost local production using soil-free methods of farming that are 70 per cent more water-efficient than traditional methods and use fewer chemicals. 

New, vertical farming techniques that require less space can be adopted in urban areas to bring production closer to the consumers.