World advances rapidly towards technology, innovation

(MENAFN) As the world advances rapidly towards technology and innovation, countries investing in technological sectors are better positioned to achieve long-term economic growth and transition from growth to comprehensive development. Jordan, under the leadership of Jaafar Hassan, recognized this trend early and made Technology central to its economic modernization strategy, aiming to transform the country into a knowledge-based and innovation-driven economy. This vision is not just an ambitious goal but a necessity, given the rapid changes in global markets. Global projections suggest that technology sectors will be the key drivers of economic growth in the coming decades. According to recent studies from the McKinsey Global Institute, 18 major technology areas, such as artificial intelligence, cloud services, and cybersecurity, could generate between $29 trillion and $48 trillion in revenue by 2040. These substantial figures highlight the immense opportunities available to countries investing in these areas.

Jordan, which has traditionally depended on sectors like tourism and industry, has recognized the urgent need to diversify its income sources and focus on high-value sectors. Technology industries, particularly AI, cloud services, and cybersecurity, offer significant opportunities to generate jobs, attract foreign investment, and boost exports. Artificial intelligence, one of the fastest-growing sectors globally, is expected to see a compound annual growth rate (CAGR) of 17-25% in the coming years. This growth reflects the increasing demand for data-driven, automated solutions across various industries. In Jordan, AI can be a powerful tool to enhance efficiency in key sectors like healthcare, education, and agriculture. Cloud services are essential to digital transformation, providing the infrastructure necessary for secure and efficient data storage and management. With a CAGR of 12-17%, cloud services have become one of the most attractive sectors for investment. Jordan has the potential to use its strong communications infrastructure and growing tech community to position itself as a regional hub for cloud services, attracting international businesses seeking strategic locations for expansion.

The cybersecurity sector, vital for protecting digital assets, is projected to grow at a CAGR of 8-12%, with profit margins of 15-20%. As technology adoption increases, the need for robust cybersecurity solutions becomes critical. Jordan can leverage its local expertise to develop advanced security solutions, enhancing its digital infrastructure and attracting foreign investment. Additionally, the country has the potential to become a regional cybersecurity training center, reinforcing its leadership in this field. While the focus of Jordan's economic modernization plan is on AI, cloud services, and cybersecurity, the opportunities extend across a wide range of technological sectors that can help transform the economy into one driven by knowledge and innovation. E-commerce, for instance, has the potential to enhance exports, particularly with Jordan’s strong industrial and commercial base. By developing local trade platforms and improving logistics, Jordan could establish itself as a regional e-commerce hub.

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