What are the technology megatrends the Islamic economy can harness?

| 12 February, 2019 | General

This article is an extract from the State of the Global Islamic Economy 2018/19 report.  The full report in pdf can be downloaded from HERE.

As the fourth industrial revolution takes hold, there are four core technological drivers taking place that are transforming lifestyles and industries.

1. The connectivity backbone is evolving as blockchain becomes widespread, driving decentralised, secure transactions and transparent data storage, and as internet connectivity extends to physical matter, potential impact could exceed $3.9 trillion by 2025.

2. Computers are entering an age of sophistication as artificial intelligence drives the potential automation of 800 million jobs by 2030, and as big data, projected to be a $123 billion industry by 2025, automatically synthesises disparate datasets into actionable insights.

3. Physical resources are used more efficiently and sustainably with the renewable energy industry estimated at $2.2 trillion, and with 3D printing reaching $24 billion by 2025.

4. The human body and senses are being augmented with VR and AR, a $135 billion market opportunity by 2025, enabling an enhanced, immersive and multi-sensory experience.

As technology trends are mapped by sector, the three most significant developments that can be tied into the Islamic economy are:

1. Supply chain visibility for products across all lifestyle sectors is being enhanced by the broad application of blockchain — enabling clear verification and accountability.

2. Finance is becoming more nimble and disintermediated as consumers and businesses seek to transact instantaneously, driving the rise of alternative currencies. Financial institutions are also becoming more efficient, automating substantial functions.

3. Digital immersion is substantially enhancing human recreation, including the way humans experience and determine travel plans, and media, spanning from games through to content, and paves the way for new types of advertising.

For the full report and analysis, download the full report in pdf from HERE.