IoT – the future is here

BlogHBatch Nov

By 2030 there will be approximately 120 billion connected IoT devices in the world.

IoT Smartwatch device

IoT’s exponential growth

The Internet of Things (IoT) is on a fast-moving train showing no sign of slowing down. The growth of IoT has an impact on every industry and almost all market areas from the beginning stage right up to the consumption of final goods. This impact will increase global data transmissions from 25% to 50% annually in the next 15 years.

Based on this information it is no surprise to hear that China is shifting focus from semiconductors to IoT and smart devices. The ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, is also making the Internet of Things a focal point. His ‘Smart Dubai Plan 2021’ seeks to build the world’s most advanced IoT ecosystem. This strategy aims to protect Dubai’s digital wealth and achieve a completely paperless government over the next 36 months.

Many other global players in technology are boosting their own initiatives to invest in IoT too. Dell, Alibaba, Samsung, and Toshiba, are just to name a few.

The strength of IoT will change our world. And while we have already begun to see the incredible impact that it has made thus far, there is much more to come.

How IoT will change our lives

Before we know it every single device and object around us will be connected to the internet. They will be able to communicate with us and with each other. Whether it will be through your smartphone, wearable technologies or everyday households, like, your fridge or your toaster, IoT will connect us in ways we’ve only imagined.

24 billion devices by 2020

There will be more than 24 billion IoT devices on planet Earth in the next 3 years. Devices used in businesses will grow to 11.2 billion. And devices used in governments will be 7.7 billion while consumer devices will be 5 billion. That’s equivalent to 4 devices per person in the world.

(Reference: Business Insider)

As the presence of the Internet of Things in our lives becomes stronger, its effect on everything we see, touch and experience will become exponential.

BlogHBatch Nov

By 2024, the DIFC plans to be the permanent home to 1,000 active financial firms and have 50,000 working professionals. Already, they are the leading financial hub in the Middle East, Africa and South Asia (MEASA), a region poised to shape the financial future.

Global map Middle East, Africa, and South Asia region (MEASA) ready to shape financial future.The DIFC together with Dubai has grown to be the leading financial centre in the MEASA region. “DIFC and Dubai are the gateways to the vast MEASA region. A region whose three billion people and $7.4 trillion GDP offer vast opportunities,” says Eisa Kazim, Governor of DIFC.

These opportunities lie in the region’s increasing mobile connectivity, growing prestige as a trade and investment hub and predominantly unbanked populations, consisting mainly of women and young adults. MEASA will be the cause of the demand and the supply for greater and superior financial services. And according to the Economist Intelligence Unit, this is a multi-billion-dollar opportunity to bank on.

“As the world reaps the benefits of the digital age, the financial sector in emerging and developing economies are well positioned to succeed by embracing a combination of technology, innovation, and smart policymaking. As the leading financial centre in the region, DIFC is catalyzing this shift by serving as an established platform for firms to tap into transformational opportunities throughout MEASA,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

The future of finance:

The basics of the financial system are starting to change all over the world. And the root of this change is the next generation consumer that prefers digitally delivered services. The only way businesses can survive this shift, is by keeping up with the digital times. Many financial companies have adapted their offerings already across the financial services spectrum. These technological advances have done more for the transformation and inclusion of the financial sector in the last ten years compared to any other decade prior to it.

Another key technological component set to change the future of finance is the omnipresence of mobile phones that are transforming the financial system, such as payment methods. In a nutshell, mobile phones make getting and keeping customers cheaper. This enables financial inclusion and increases the supply of financial services to all levels of society.

Financial companies in various stages have started to invest in platforms that meet the demands of the next-generation consumer.

Mobile connectivity index score for MEASA region. The future of finance is the omnipresence of mobile phones

Enabling finance through regulation and best practices:

Governments, central banks, and financial regulators shape the evolution of financial services. They do this by balancing innovation with stability while protecting the consumers. Enabling finance through regulation and best practices can foster financial innovation in the future.

The financial sector’s regulations are built around the walls of the past. A good example of this is the Know Your Customer rule. This rule requires financial institutions to meet the clients face-to-face to verify important details using physical documents. This process ensures that money moves through the system legally, but the cost of this compliance requirement is high.

Finding a balance between financial crime prevention and financial innovation is not an easy task. However, the MEASA region has shown some interesting examples of solving this difficulty.

Some of the best practices enabling financial innovation are, smarter data that helps to improve credit scoring, the involvement of governments to promote the shift to digital, the collaboration of financial services, financial education, the development of educational hubs and the implementation of Islamic finance.

The future of finance in MEASA does not rest on technology alone. Improving educational facilities to attract the next generation of entrepreneurs and developing diversified financiers from the region plays an equally important role, in strengthening the sector’s long-term business growth and improving lives.

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BlogHBatch Nov

By 2030 there will be approximately 120 billion connected IoT devices in the world.

IoT Smartwatch device

IoT’s exponential growth

The Internet of Things (IoT) is on a fast-moving train showing no sign of slowing down. The growth of IoT has an impact on every industry and almost all market areas from the beginning stage right up to the consumption of final goods. This impact will increase global data transmissions from 25% to 50% annually in the next 15 years.

Based on this information it is no surprise to hear that China is shifting focus from semiconductors to IoT and smart devices. The ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, is also making the Internet of Things a focal point. His ‘Smart Dubai Plan 2021’ seeks to build the world’s most advanced IoT ecosystem. This strategy aims to protect Dubai’s digital wealth and achieve a completely paperless government over the next 36 months.

Many other global players in technology are boosting their own initiatives to invest in IoT too. Dell, Alibaba, Samsung, and Toshiba, are just to name a few.

The strength of IoT will change our world. And while we have already begun to see the incredible impact that it has made thus far, there is much more to come.

How IoT will change our lives

Before we know it every single device and object around us will be connected to the internet. They will be able to communicate with us and with each other. Whether it will be through your smartphone, wearable technologies or everyday households, like, your fridge or your toaster, IoT will connect us in ways we’ve only imagined.

24 billion devices by 2020

There will be more than 24 billion IoT devices on planet Earth in the next 3 years. Devices used in businesses will grow to 11.2 billion. And devices used in governments will be 7.7 billion while consumer devices will be 5 billion. That’s equivalent to 4 devices per person in the world.

(Reference: Business Insider)

As the presence of the Internet of Things in our lives becomes stronger, its effect on everything we see, touch and experience will become exponential.

BlogHBatch Nov

By 2024, the DIFC plans to be the permanent home to 1,000 active financial firms and have 50,000 working professionals. Already, they are the leading financial hub in the Middle East, Africa and South Asia (MEASA), a region poised to shape the financial future.

Global map Middle East, Africa, and South Asia region (MEASA) ready to shape financial future.The DIFC together with Dubai has grown to be the leading financial centre in the MEASA region. “DIFC and Dubai are the gateways to the vast MEASA region. A region whose three billion people and $7.4 trillion GDP offer vast opportunities,” says Eisa Kazim, Governor of DIFC.

These opportunities lie in the region’s increasing mobile connectivity, growing prestige as a trade and investment hub and predominantly unbanked populations, consisting mainly of women and young adults. MEASA will be the cause of the demand and the supply for greater and superior financial services. And according to the Economist Intelligence Unit, this is a multi-billion-dollar opportunity to bank on.

“As the world reaps the benefits of the digital age, the financial sector in emerging and developing economies are well positioned to succeed by embracing a combination of technology, innovation, and smart policymaking. As the leading financial centre in the region, DIFC is catalyzing this shift by serving as an established platform for firms to tap into transformational opportunities throughout MEASA,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

The future of finance:

The basics of the financial system are starting to change all over the world. And the root of this change is the next generation consumer that prefers digitally delivered services. The only way businesses can survive this shift, is by keeping up with the digital times. Many financial companies have adapted their offerings already across the financial services spectrum. These technological advances have done more for the transformation and inclusion of the financial sector in the last ten years compared to any other decade prior to it.

Another key technological component set to change the future of finance is the omnipresence of mobile phones that are transforming the financial system, such as payment methods. In a nutshell, mobile phones make getting and keeping customers cheaper. This enables financial inclusion and increases the supply of financial services to all levels of society.

Financial companies in various stages have started to invest in platforms that meet the demands of the next-generation consumer.

Mobile connectivity index score for MEASA region. The future of finance is the omnipresence of mobile phones

Enabling finance through regulation and best practices:

Governments, central banks, and financial regulators shape the evolution of financial services. They do this by balancing innovation with stability while protecting the consumers. Enabling finance through regulation and best practices can foster financial innovation in the future.

The financial sector’s regulations are built around the walls of the past. A good example of this is the Know Your Customer rule. This rule requires financial institutions to meet the clients face-to-face to verify important details using physical documents. This process ensures that money moves through the system legally, but the cost of this compliance requirement is high.

Finding a balance between financial crime prevention and financial innovation is not an easy task. However, the MEASA region has shown some interesting examples of solving this difficulty.

Some of the best practices enabling financial innovation are, smarter data that helps to improve credit scoring, the involvement of governments to promote the shift to digital, the collaboration of financial services, financial education, the development of educational hubs and the implementation of Islamic finance.

The future of finance in MEASA does not rest on technology alone. Improving educational facilities to attract the next generation of entrepreneurs and developing diversified financiers from the region plays an equally important role, in strengthening the sector’s long-term business growth and improving lives.

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