Dubai, United Arab Emirates: The innovation environment in the Middle East continues to evolve, based on the proven commitment of innovation to contribute to a strong economy through job creation, revenue generation and long-term socio-economic growth. The Boston Consulting Group (BCG) is focusing on the top 100 “tech Challengers” in emerging markets with a new report entitled “2020 BCG Tech Challengers: The Next Generation of Innovation in Emerging Markets”. This is a company with the ambition and potential of reinventing and reforming. The industry in which they do business – an already established force in technology and other sectors. Among the top 100 in the world is the UAE-based advertising technology company Media.net, which BCG recognizes for its innovative progress, rapid growth and expansion of its global position.
“Media.net began its journey in the UAE in 2010. Since then, the company has grown to become the world’s leading advertising company and ranked among the top five advertising technology companies in the world by market capitalization. “We are in,” said Thibault Werle, Managing Director and Partner of BCG. “Growth of innovation in the Middle East has been driven by decisive government-backed actions to advance enablers such as policy, financing and infrastructure, and more broadly, including innovation centers and technology districts. We are fostering collaboration and growth drivers throughout the entire ecosystem. “
In the report, BCG identified technology challengers from 14 countries in all major regions. And from a Middle Eastern perspective, the reaction from the private sector has been encouraged. Large companies continue to show their commitment to a broader innovation agenda through revitalization of R & D, but promising SMEs and start-ups are also driving the emergence of companies worth more than US $ 1 billion. It’s gaining momentum as it continues to build.
BCG’s technical challenger is a well-established company with a corporate value of at least US $ 500 million, but it is still in the early stages of development. To qualify for inclusion, technology challengers must be technology-focused, based in emerging markets, with promising business models, and demonstrating market traction.
The average valuation of these Global Challengers is US $ 6.3 billion. They have already grown into powerful and influential players in technology and other industries, handling the COVID-19 crisis generally favorably, and many are showing an increase in both customer and frequency of use. They individually generate an average of US $ 2 billion in revenue and are still growing at an average annual rate of about 70%. This is six times faster than the technology sector in developed countries.
BCG’s technology challengers have pursued several paths to achieving growth and success. Many use their capabilities to find solutions to problems specific to emerging markets, such as limited financial inclusion and access to education. After that, they often overtake more mature markets, rethink the industry value chain, rethink how players work together, resolve inefficiencies and bring better results to their customers.
BCG partner Faisal Hamady said: “The challengers of these emerging technologies are using technology in innovative ways, from education and healthcare to logistics, financial services and energy.” Many are not yet common names, but these It is drawing the attention of incumbents in the technology industry itself and other major industries that need to determine the best way to deal with the rise of new potential enemies and allies. “
© Press Release 2020
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