Global IT Outlook -
May 2023.

UAE

The cryptocurrency industry in the UAE is booming, with over 10,000 people being employed by over 1,800 businesses and startups. The UAE stands out because of its enticing combination of favorable rules, a welcoming talent environment, and robust backing from the government and institutions.

When compared to London, Dubai is the second most appealing crypto hub in the world. Companies and investors from all over the world flock to the United Arab Emirates because of the country's relatively predictable regulatory climate and its emphasis on innovative technologies. The UAE is home to a thriving cryptocurrency industry, with 70% of the market being produced by UAE-based companies.

UK

Due to consumer risks, a UK MP panel suggested regulating Bitcoin, Ether, and other cryptocurrencies as gambling. Due to their volatility and lack of support, legislators worry these cryptocurrencies could cause major financial losses. Some investors believe retail trading and investment in unbacked cryptocurrencies should be regarded like gambling. CryptoUK, an industry body, fiercely opposed this categorisation, arguing it distorted the crypto business's true nature and potential. The Financial Conduct Authority warned investors about cryptocurrency's risks. Cryptocurrency's blockchain technology could boost transaction efficiency.

USA

A recent survey indicates that over 66% of the American population expresses concern regarding the potential hazards of artificial intelligence (AI).

The ChatGPT chatbot developed by OpenAI is a prime example of the swift integration of AI technology into daily life. This has resulted in AI becoming a prominent topic of discussion among the general public and has sparked a competition among major technology companies to advance their AI capabilities

Both lawmakers and AI companies are concerned about the possible misuse of the technology and have advocated for its regulation. Based on the survey results, the number of individuals who expect unfavorable outcomes from AI is three times greater than those who do not hold such expectations.

PREDICTIVE ANALYSIS

According to market projections, the predictive analytics industry is anticipated to reach a value of USD 91.34 billion by 2032. This growth is expected to occur at a compound annual growth rate (CAGR) of 21.6% over the forecasted period. The market is being driven primarily by the rising demand for predictive learning powered by AI, particularly in the field of supply chain analytics.

Businesses may better predict consumer demand, manage stock, and streamline operations with the use of AI-powered predictive analytics. However, market expansion can be slowed by the need for time-consuming adjustments to predictive models brought on by shifts in regional data restrictions.

Notwithstanding the current situation, the market presents opportunities for growth due to advancements in technology and the introduction of new products. The industry comprises major companies such as IBM, Microsoft, SAP, SAS Institute, and Oracle.

EDGE COMPUTING

There are a number of variables propelling the expansion of Edge Computing in IoT Market. The rising popularity of IoT devices in various sectors is a major factor.

Managing the ever-increasing data volume in real time has become imperative with the advent of IoT devices, calling for the use of edge computing solutions

With edge computing, data may be processed, analyzed, and decisions can be made close to the network's edge, eliminating the need to send large amounts of data to distant data centers and so reducing latency and easing bandwidth limitations.

• At their recent Google Marketing Live event, Google debuted their new generational AI tools for online advertising campaigns.
• Users can personalize the ad copy that is generated for them via a technology that uses the content of their website as input.
• Product Studio is another useful application that lets marketers alter the backgrounds of product images and boost image resolution with simple voice instructions.
• Automatic ad copywriting and image creation using generative AI is coming to the existing advertising tool, Performance Max.
• When Google's generative AI is fully implemented in its flagship search engine, it will prioritize AI-generated responses to user queries over traditional results.
• Each user's search results will include relevant advertisements provided by AI.

SUMMING IT UP

• UAE offers a favorable regulatory climate and government support.
• 70% of the cryptocurrency market is produced by UAE-based companies.
• A UK MP-panel suggests regulating cryptocurrencies as gambling due to risks and volatility.
• 61% of American individuals harbor apprehensions that AI may pose a threat to the existence of human civilization.
• The global market for predictive analytics is expected to achieve a value of USD 91.34 billion by the year 2032, exhibiting a CAGR of 21.6%.
• Rising popularity of IoT devices drives the expansion of edge computing in the IoT market.
• Google's search engine will prioritize AI-generated responses to user queries and include relevant AI-provided advertisements in search results.