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Gulf Cooperation Council (GCC) Region Mega Trends, Forecast to 2030
Gulf Cooperation Council (GCC) Region Mega Trends, Forecast to 2030
Evaluating Key Transformational Themes
09-Jul-2020
North America
Megatrends
Description
Economic growth will strengthen in the GCC region despite oil-price complications, mainly due to the economic diversion from the oil sector to non-oil sectors and also due to initiatives and strategies to encourage private enterprises. Apart from robust economic growth, the business environment of the region will also undergo a radical change due to the emergence of new business models. These new business models will emerge due to the digital transformation of industries as well as other social and political changes. Social heterogeneity, which is identified by the differences in income, ethnicity, gender, and age, will exaggerate in this region. This will have a far-reaching impact on business models, economic trends, and also social dynamics. This increasing social diversity will lead to the advent of distinct generational groups such as Gen Y and Gen Z. Rising participation of women in the workforce and the growing affluent class will also have a huge impact on the economic and business environment of the region. Diverse attitudes, motivations, and beliefs among these groups will compel businesses to focus on products and services that are personalized to suit the unique demands of each group. Advancement in technologies like 5G, augmented reality (AR), virtual reality (VR), and AI will make way for new business models in this region. In the last decade, the GCC region endured major economic transformation, with the aim to diversify its economy away from the hydrocarbon sector. In the coming decade it is expected that technology will play a very significant role in further transformation of the economy from an oil-dominant to a digital society. Digital transformation in sectors such as retail, energy, manufacturing, healthcare, and entertainment will help in the growth of the non-oil economy in the region.
• Connected Living: Internet is expected to account for 5% of national GDP by 2030 up from 4.1% in 2018. All six markets are expected to launch 5G mobile services by the end of 2020. Hence, several digital initiatives to improve city governance to citizen’s lifestyle will be the highlight of the region.
• Fintech Revolution: There are more than 250 fintech start-ups in the GCC region across a population of close to 400 million. Regional fintech initiatives will expand fintech activities by 50% in the next 5 years.
• Online Retail: The GCC retail sector is expected to grow to $405 billion by 2030, with the UAE and Saudi Arabia leading retail sales in the next 5 years, accounting for 77% of total GCC sales. Physical stores will continue to dominate, but online retailing and business-to-business (B2B) marketplaces are also growing.
Socioeconomic trends such as Gen Z growing as a future consumer base, rising GCC affluence, and growing participation of women in work will create future opportunities for this region.
• Gen Z: Gen Z is expected to account for nearly 1/4th of GCC’s population and thus, is a significant influencer on the consumer base. Gen Z will create equal opportunities for even lesser known brands as long as the value proposition is experienced.
• Growing population of millionaires in GCC: UAE is expected to witness 60% growth in the number of ultra-high net worth individuals (UHNWI) from 2019 to 2030, thus, opening opportunities for numerous luxury products and services markets.
• Participation of women in the workforce: By 2030, participation of women in the workforce is likely to cross 50% in most GCC countries, with it reaching 25% in KSA and 31% in Oman. This is expected to add $90 billion to KSA’s economy alone.
Non-oil sectors such as education, mega event projects, and renewable energy will also create future investment and business opportunities in the region.
• Future of education: Opportunities are abundant in K-12 and tertiary and vocational education. Increasing preference for natives in employment is generating a huge demand for skillset training.
• Sporting events: The GCC sport event industry is expected to witness 8% to 10% growth till 2030. This will require the development of sports complexes and sports facilities. The demand for hotels will get a boost as sports tourists visit the region.
• Renewable energy: Cumulative installed generation capacity for renewable energy across GCC is expected to reach 72,300 MW by 2030.
In the next decade, GCC 's non-oil sectors will continue to dominate the economy. Increased digital penetration, advanced technologies such as 5G, artificial intelligence, robotics, and AR/VR lead to the emergence of Mega Themes that will have a far-reaching impact on the region and create future opportunities for this region.
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
What is a Mega Trend?
Mega Themes—Taxonomy
Mega Themes—Taxonomy (continued)
Mega Theme 1—Heterogeneous Society
Mega Theme 2—Connected Living
Mega Theme 3—Rise of Platform Economy
Mega Theme 4—Economic Diversion
Mega Theme 5—New Business Models
Mega Theme 6—Mega Events and Mega Projects
Mega Theme 7—Health, Wellness, and Wellbeing
Mega Theme 8—New Dimensions of Mobility
Mega Theme 9—Energy Revolution
Mega Theme 10—Cognitive Era
Research Scope
Research Aims and Objectives
Geographic Scope
Mega Theme 1—Heterogeneous Society
Rising Expat Population in GCC
Expat Population Policies Driving Skilled Expat Population in GCC
Generation Z—A Growing Consumer Base in GCC
Generation Z Customer Profile
Rising GCC Affluence Globally
GCC Women Participation in the Workforce
Women Empowerment Initiatives and Societal Reforms in KSA
Mega Theme 2—Connected Living
Mobile and Internet Economy of GCC
5G and Beyond
Digital Identity for GCC Citizens
eGovernance Services in the GCC
Future Evolution of eGovernance Services in the GCC
Fintech Revolution in GCC
Final Frontier Space Jam in GCC
Gaming Industry Positioned to Evolve as a Significant Economic Contributor
GCC Gaming Market to be Valued at $4.53 Billion by 2025
Mega Theme 3—Rise of Platform Economy
Future of Retail and eCommerce in the GCC
eCommerce Participants in GCC
The Rise of Dark Industries
The Rise of Dark Industries—Impact on Last-mile Logistics
Last-mile Food Delivery Market in the Middle East
B2B Marketplaces in GCC
The Future of Cryptocurrency
Mega Theme 4—Economic Diversion
Economic Diversification—Regional Perspective
GCC to Become a $2.82 Trillion Economy by 2030
Global Trading Hub—Overview
GCC to be a Global Trading Hub
GCC Trading Economy—Mega Ports and Regional Competition
Future of Education in GCC
Growth of the Private Education Sector in GCC
Transformational Shifts in the GCC Chemical Industry
Key Global and Regional Trends of the Chemical Industry
Growth Opportunities in the GCC Chemical Industry
Mega Theme 5—New Business Models
Omnichannel Strategy
Start-ups Putting GCC on the World Map
Servitization Model
Circular Economy
Case Study—Dubai has Committed Toward Driving Sustainability and Becoming a Circular Economy
Sport Events in the GCC
Impact of FIFA World Cup 2022 on Qatar’s Economy
Impacts of EXPO 2020 on Dubai/UAE’s Economy
Future of Tourism—Growth Drivers of the Muslim Travel Market
Mega Entertainment Parks in GCC
eSports Activities Rising in the GCC Region
Mega Theme 7—Health, Wellness, and Wellbeing
GCC Healthcare Expenditure
Burden of Lifestyle Diseases
Connected Care and Digital Health in GCC
The Growing Cosmetic Care Market in GCC
Extended Healthcare Market in the GCC
Digital Health—Smart Textiles: The GCC Story
The Newest Battleground for the Fight for Fitness
UAE Set to Become Hub of Medical Tourism in GCC
Medical Tourism in KSA
Mega Theme 8—New Dimensions of Mobility
Integrated and Multimodal Mobility in the GCC
Mode Share of Mobility in GCC Countries in 2018–2019
Expanding Car Industry of GCC
Auto Digital Retail in the GCC
GCC Takes Express Lane to Become a Part of a Global Mobility Supply Chain
The GCC Rail Network, Connecting the 6 Nations, to Roll Out by 2023
Large-scale Rail Network Expansion in GCC
Metro Network to Become the Backbone of the GCC Transport System
Abu Dhabi to See World’s 1st Commercial Hyperloop in 2020
The Dubai Air Taxi Programme—First in GCC
Mega Theme 9—Energy Revolution
Growing Renewable Energy Demand in GCC
Energy Efficiency Targets Across GCC Nations
Power Demand to Rise Across GCC Countries
Growth Opportunities in the Energy Sector Across the GCC Region
Mega Theme 10—Cognitive Era
Machine Learning and Deep Learning Application Landscape
Vision Saudi 2030 Aims to Make KSA the Investment Powerhouse
Mining Sector to be the Main Pillar of KSA’s Economy
KSA as a Transportation and Logistics Hub of GCC
Tourism will be the Highest Growth Sector of KSA by 2030
KSA’s Private Education Sector to Grow Exponentially by 2030
KSA to Have a Billion Dollar Entertainment Industry by 2030
Saudi Chemical Sector to Offer Huge Opportunities
Conclusive Summary—Impact Assessment of the Mega Themes
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
Conclusive Summary—Impact Assessment of the Mega Themes (continued)
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List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
List of Exhibits (continued)
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| Deliverable Type | Megatrends |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Malabika Mandal |
| Industries | Cross Industries |
| WIP Number | PA98-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9A3B |
