Trends that are expected to dominate the UAE Business Environment in 2023
Midhun Menon P
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Over the last two years, the world has seen some significant changes, and while 2022 has been an interesting year for the global economy, it is important to look ahead and analyze what the next disruptors will be and how businesses can capitalize on the next big thing.
Since the COVID-19 pandemic, the world has changed dramatically. The pandemic altered the entire landscape of several industries, causing businesses as we know them to collapse. Many people were unable to weather the storm of the health crisis, which wreaked havoc on businesses and economies worldwide due to widespread lockdowns. A variety of factors, including the shift to remote work and a lack of infrastructure to support it, hampered business continuity.
Such problems were not encountered in Dubai because it had the necessary high-tech infrastructure, but they were encountered in many countries around the world, including developed nations. With 2022 now past the halfway point, it is critical to consider what the next dominant trends will be as we look ahead to the rest of the year and plan for a prosperous 2023.
Hybrid work
The first dominant trend on the list is hybrid work. As the world slowly returns to normalcy following two years of agonizing uncertainty and unprecedented challenges caused by the pandemic, many businesses are confronted with the reality of Employee attitudes are changing, with many choosing to work remotely.
The pandemic taught businesses that their employees did not need to be physically present in the office to do their jobs. Employees were able to work from home with the proper cybersecurity protocols and technology in place. Employee attitudes shifted as many realized the benefits of working from home. Working remotely not only allowed people to develop a better work-life balance, but it also helped reduce costs because they did not have to commute, ensured greater flexibility, and reduced overall turnover in workplaces, all of which led to increased productivity.
This is a long-term trend. While employers recognized the benefits of remote work for their employees, they also recognized the need for some in-person meetings to help boost employee morale, collaboration, and communication. The hybrid work model, when planned strategically, can strike the right balance for both employees and employers.
Many people have shifted to the hybrid work model because of the numerous benefits and positive outcomes it provides.
Sustainability
Throughout 2022, sustainability emerged as a prominent business trend, and it is expected to become even more dominant in 2023.
Sustainability has perhaps become one of the most defining trends of our time. The world is beginning to take appropriate action as the effects of climate change continue to affect the planet, with many of the world’s largest companies issuing sustainability reports and setting their own sustainability goals.
Many businesses have jumped on the climate action bandwagon by setting their own net-zero emissions targets and focusing on more natural solutions.
NFTs and Cryptocurrency
One of the most significant revolutions of our time, cryptocurrency provides several benefits, including lower transaction costs, ease of cross-border transactions, anonymity, and customer privacy protection.
Depending on corporate and government acceptance, cryptocurrency use could remain a major trend in the UAE’s business ecosystem.
NFTs have also grown in popularity, and many believe that this isn’t just due to marketing. According to Bloomberg Business, the global market for NFTs was worth nearly $40 billion in 2021 alone, and it is expected to grow even more this year, becoming a major business trend in 2023, especially as the metaverse grows in importance in the global business environment.
Metaverse
The metaverse, one of the most novel trends of our time, is expected to become a significant part of the global business landscape by 2023.
The metaverse, a virtual world where customers can use their avatars to work, play, and shop, has become very appealing to many customer services and eCommerce businesses.
The metaverse’s full potential has yet to be realized. The metaverse will resemble a new digital reality where businesses can set up their own company and deliver new experiences to customers, with the potential to disrupt brands and companies. Businesses will be able to deliver immersive AR and VR experiences, which will be a huge opportunity not only for the gaming industry but also for digital marketplaces.
Automation
Automation is viewed as both an opportunity and a threat by businesses all over the world because it saves money and generates more revenue.
Automation saves time, boosts productivity, ensures compliance, cuts down on errors, and standardizes processes. This is not a new trend, but it will continue to dominate the market as companies strive for greater efficiency.
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