- 16th April 2018
- Posted by: Manolis
Considering the experts’ chatoyant predictions with the aid of evident business statistics studies, I would like to put forward the major industries be seated at the rapid growth affirmed industries in the year 2017.
The ebullience of Business Industries tightened with competition and emerging opportunities are prepared to adapt quickly to technological changes and frequently upgrade their products.
Let us find the major industries and how does it strike aggressively in the path of business growth and success in the current year.
1) IT, Telecommunication, E-Commerce, Advertising & Communications
Studies reveal the region’s aggregate GDP expanded 3.7% in 2016 compared to the previous year, with the diverse expansion of IT solutions and services and expected a major growth in this sector. The advent of various e-commerce sectors and digital business boost business to its zenith in this year. Tablets and PC sales are forecast surpass $9 billion and Mobile phone sales will grow from slightly above $30 billion in 2016 to nearly $35 billion in 2017.
The Cloud Services & data center comprises includes external network equipment, external controller-based storage, servers, and unified communications etc. expect to be emerged in the market soon. The new trends for business predictions will be Data Analytics and the career opportunities lied in there.
E-Commerce will be a mega trend for businesses in the UAE, and it is expected to be valued at Dh 36.7 billion by 2018 from the current value of 9.2 billion. The Expansion of Big Shopping Malls would be major reason behind this.
2) Healthcare & Insurance
The Middle Eastern insurance and reinsurance market is being lied with the factors like favorable demographic profiles, growing demand for insurance products, increased awareness and sophistication of customers; rising income; low insurance penetration rates mainly in personal lines; and advanced interest in Islamic products.
Demand for health care in the UAE is expected to demonstrate fast growth driven by a rapidly growing population, rising income levels, increased insurance penetration and an increased prevalence of lifestyle related diseases. The rise of growth over six percent in this year.
Written premiums of the 29 listed insurers in the UAE is forecast to rise 10 per cent annually. Motor and medical constitutes about 60 per cent of market growth, as per S&P. Gulf penetration levels are forecast to reach 2 per cent by 2017.
3) Banking and Financial Services
The Middle East is one of the world’s fastest growing markets in the banking and capital markets sector. Various services offered in Finance make the customers a fingertip away to do transactions and deals in a much better way.
The non-sovereign debt capital markets represent the smallest aspect of financial markets and have huge potential to emerge as an alternate funding source for private sector. Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after dropping to its lowest levels during 2016, the World Bank said in its latest report.
4) Travel, Tourism & Hospitality
The UAE is currently 28th in the world in terms of the size of its tourism economy, with a total contribution of AED 133.8 billion or 8.7 percent of GDP in 2015. It is being expected to get a growth of 25% to 36% by 2017 in travel and tourism Industry.
Middle East’s online travel market is forecast to almost double in value within the next two years, rising from US$18 billion to US$35 billion by 2018. The number of visitors to UAE is being expected 5.2% from 4.3% in 2016.
Dubai, UAE. Doha, Qatar, Petra, Jordan, Istanbul, Turkey Cairo, Egypt, Abu Dhabi, UAE are the major tourism destinations in the Middle east.
Oil, Machines, engines & pumps, Inorganic chemicals, Vehicles, Dairy, eggs, honey, Electronic equipment, Plastics, Organic Chemicals, Ships & Boats, Aluminum, etc. are the major Production/Manufacturing companies in the Middle East.
The contribution of the Production/Manufacturing industries to the middle east total economy weighs high. The Presence of Business free zones and government flexible and simple approach appeal more business to this category.
6) Food Industry
The increasing population growth, the change in income levels, Life style changes and availability of various types of delicious food forecast to reach 49.1 million metric tonnes by 2017. The investment in Food, especially in niche food trends ensure a good margin of profit hike without any doubt.