Latest news with #digitaleconomy
Times of Oman
3 days ago
- Business
- Times of Oman
Bengaluru joins global tech elite with 1 million-strong workforce: CBRE report
New Delhi: In a resounding affirmation of India's ascent in the global digital economy, the city of Bengaluru has achieved a historic milestone. CBRE's Global Tech Talent Guidebook 2025 highlights that Bengaluru, often dubbed the "Silicon Valley of India," has officially joined the ranks of elite global technology powerhouses with a tech workforce exceeding 1 million. This landmark development places the city alongside global giants such as the San Francisco Bay Area, New York, and London, underscoring its rising influence in the global tech landscape. The recognition from CBRE, one of the world's leading commercial real estate and investment firms, is a major endorsement of Bengaluru's role as a transformative force in the tech world. With a robust ecosystem of startups, multinational firms, research institutions, and a highly skilled talent base, Bengaluru exemplifies the dynamism and potential of India's broader tech revolution. A testament to India's tech potential Bengaluru's achievement reflects the strength of India's tech ecosystem, which has evolved remarkably over the last two decades. The city has consistently been a magnet for domestic and international firms seeking talent, innovation, and scalability. With the number of tech professionals now crossing the one million mark, Bengaluru has not just grown in size but matured in sophistication. The CBRE report emphasises that this scale of growth is matched by the city's ability to adapt to evolving global technology trends. From artificial intelligence and machine learning to cloud computing, fintech, and enterprise solutions, Bengaluru is home to cutting-edge innovation across all major domains of the digital economy. A vibrant innovation ecosystem One of Bengaluru's greatest strengths lies in its vibrant and collaborative tech ecosystem. The city is home to a large number of startups—many of which have achieved unicorn status—as well as global tech giants such as Google, Microsoft, Amazon, and Intel, all of which have established significant operations in the city. India's largest software services exporters, including Infosys and Wipro, also have their headquarters in Bengaluru. These firms continue to evolve and scale, providing high-value services to global clients and investing significantly in upskilling their workforce and investing in research and development. In addition to corporate giants, Bengaluru is known for its thriving startup culture. The city has produced some of India's most successful tech startups—like Flipkart, Swiggy, Razorpay, and Freshworks—that have grown to become global players. The support ecosystem—comprising venture capital firms, incubators, and accelerators—has played a crucial role in nurturing innovation and entrepreneurship. A young, skilled, and diverse talent pool One of the driving forces behind Bengaluru's rise to global prominence is its immense talent pool. The city is home to premier institutions such as the Indian Institute of Science (IISc), Indian Institute of Management Bangalore (IIMB), and numerous engineering colleges that feed the tech industry with top-tier talent year after year. The workforce in Bengaluru is not only large but also diverse and future-ready. With a median age far younger than many Western tech hubs, Bengaluru benefits from a dynamic demographic profile that fuels innovation, risk-taking, and digital fluency. Increasing numbers of professionals are trained in next-gen technologies, enabling the city to stay at the forefront of rapid technological change. Moreover, the city has increasingly become attractive to talent from across India and the world, contributing to a cosmopolitan work culture that values collaboration, agility, and continuous learning. World-class infrastructure and connectivity Bengaluru's development as a tech hub has also been supported by strong infrastructure and policy initiatives. The presence of numerous tech parks such as Electronic City, Whitefield, and Manyata Tech Park, along with Special Economic Zones (SEZs), has provided world-class facilities to enterprises of all sizes. The city's improved public transportation network, including the expansion of the Namma Metro, growing international connectivity via the Kempegowda International Airport, and the development of suburban rail and tech corridors, further strengthens its appeal as a global business destination. Additionally, Karnataka's state government has played a supportive role in enhancing the ease of doing business, encouraging innovation, and facilitating foreign investments through proactive policies. Initiatives like the Karnataka Digital Economy Mission (KDEM) aim to double the state's digital economy and create millions of jobs, with Bengaluru as the cornerstone of that vision. A preferred global technology hub CBRE's Global Tech Talent Guidebook 2025 positions Bengaluru as a premier destination not just for Indian firms but also for global companies looking to expand or establish their technology operations. The city offers a unique combination of scale, skill, and cost-effectiveness that few other global destinations can match. Bengaluru's competitive cost of operations, coupled with a high return on innovation investment, makes it particularly attractive in an era where enterprises are increasingly focused on value creation and efficiency. The city's proficiency in both back-end services and front-line innovation makes it a one-stop destination for end-to-end technology development. Furthermore, Bengaluru's global mindset—shaped by decades of working with international clients—enables seamless collaboration across borders. The prevalence of English as the business language, a strong legal framework, and robust intellectual property protection further enhance its global appeal. A future-ready city As the world embraces the Fourth Industrial Revolution, Bengaluru is positioning itself as a future-ready city. Investments in emerging areas such as quantum computing, space tech, clean energy, and sustainable innovation are beginning to take root in the city's rapidly evolving tech ecosystem. Educational institutions, corporate R&D centres, and public-private partnerships are driving frontier research, while the city's young entrepreneurs are tackling global challenges through technology-driven solutions. Government initiatives to promote skilling in AI, data science, blockchain, and cybersecurity are preparing the workforce for the jobs of tomorrow. Importantly, the rise of remote and hybrid work models has not diminished Bengaluru's relevance. On the contrary, it has made the city an even more attractive destination for digital-first companies that value a tech-savvy, distributed workforce. Bengaluru's global tech moment Bengaluru's entry into the league of global tech powerhouses with over 1 million professionals is a moment of immense pride—not just for the city, but for India as a whole. It is a testament to decades of hard work, strategic investments, and a culture that embraces innovation and excellence. As highlighted in CBRE's Global Tech Talent Guidebook 2025, Bengaluru's rise is not a coincidence—it is the result of sustained momentum built on a foundation of talent, infrastructure, vision, and resilience. The city's tech workforce is powering not only Indian enterprises but also contributing to transformative solutions across the globe. With its eyes firmly set on the future, Bengaluru is not just keeping pace with the world—it is helping shape it.
Argaam
3 days ago
- Business
- Argaam
Digital economy accounts for 15.6% of Saudi GDP in 2023: GASTAT
The digital economy accounted for 15.6% of Saudi Arabia's GDP in 2023, marking a 1.6% increase compared to 2022, according to the Digital Economy Statistics Bulletin 2023 issued recently by the General Authority for Statistics (GASTAT). As for the structure of the digital economy, the core level, consisting of activities that produce information and communication technology (ICT) goods and services, contributed 2.6% to GDP. The narrow level, which covers establishments relying on digital inputs, contributed 2.3%. The broad level, which includes establishments that significantly enhance their products and services through digital inputs, accounted for 10.7% of GDP. This survey adheres to international standards set by the UN Conference on Trade and Development (UNCTAD) in its Handbook on Measuring Digital Trade, ensuring the international comparability of Saudi Arabia's digital economy indicators. Imports of ICT goods recorded a notable growth, reaching SAR 54.9 billion in 2023, reflecting a 20% growth rate. Meanwhile, exports and re-exports of these goods grew by 76%, reaching SAR 11.8 billion. According to the bulletin, 71.6% of establishments connected to the internet used smart devices or systems, with the most notable being alarm systems, smart meters, smart lighting, and smart surveillance cameras. Regarding the sector's financial performance, operating revenues for the ICT sector in 2023 totaled approximately SAR 236.4 billion, while operating expenses reached SAR 115.4 billion. Employee compensation in the sector amounted to SAR 27.5 billion. Operating Revenues of ICT Sector in 2023 Details Value (SAR bln) Operating Revenues 236.4 Operating Expenses 115.5 Employee Compensation 27.5 The number of active commercial registrations for e-commerce reached about 37,500 in 2023, an increase of 24% compared to 2022. Commercial registrations for software publishing rose from 3,113 in 2022 to 4,009 in 2023. Commercial registrations for cloud computing services providers also saw a 41% increase, reaching 1,759.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE live streaming market set to surge to $3.4 billion by 2030, report says
Heads up, UAE content creators: Take advantage of the live streaming segment as it is expected to grow in the country from $1.9 billion to $3.4 billion by 2030. Overall across the Mena region, the industry is projected to reach $17.8 billion by 2030, according to TikTok's newly released report. Yahya Munir, TikTok Live trust & experience manager for Mena, highlighted the opportunity in livestreaming market that is currently valued at $8.1 billion across the Mena region. 'It is fast becoming a cornerstone of the digital economy, driving job creation, entrepreneurship, and creative industry growth across the region,' he said in a statement sent to Khaleej Times on Friday. TikTok, which was released in September 2016, underlined: 'The UAE can attract talent, amplify local stories, and cement its role as a leader in the global livestreaming economy. Munir explained: 'Livestreaming is redefining how content is created, consumed, and monetised across Mena. This is no longer just a creator trend – it's a fast-growing economic force that is unlocking opportunities for creators, brands, and communities alike.' According TikTok's 'Future of Entertainment' report – done in collaboration with consulting firm Kearney – more than 10 million people across Mena have livestreamed at least once. 'This proves the format's accessibility and surging popularity.' 115,000 go live daily In the UAE, around 115,000 social media users are estimated to go live daily on (various) livestreaming platforms — 'producing content that ranges from entertainment and educational topics to emerging lifestyle and niche formats.' 'These creators are empowered by TikTok's various resources and features that educate creators on how to utilise TikTok LIVE, the different offerings and monetisation opportunities, helping them professionalise and scale their reach,' TikTok noted, adding: 'The UAE is well-positioned to become a regional hub for livestreaming, thanks to its strong infrastructure, progressive regulation, and national focus on digital growth.' The UAE's Digital Economy Strategy actually aims for the country 's tech sector to constitute 20 per cent of overall GDP by 2031 — a benchmark that, if attained, would position the UAE as a regional and global leader in technology. The UAE Centennial Plan 2071, meanwhile, includes long-term goals for creating a knowledge-based economy driven by technology and digital transformation. The key, TikTok noted, is a 'combination of real-time interactivity, creator-driven production, and direct audience engagement' to reshape media consumption patterns and offer new avenues for commercial brands. Here are the other key findings of TikTok's 'Future of Entertainment' report: Mena creators produce a variety of content tailored to audience preferences, ranging from global trends to region-specific offerings. Gaming remains a global powerhouse, with platforms such as Twitch driving this preference, while interactive discussions, which can revolve around an immense range of topics and genres including comedic entertainment, serious debates, open forums, and informative lectures, have gained widespread popularity Educational content, including live tutorials and workshops, appeals to knowledge-seeking audiences, while live commerce merges entertainment and shopping to create interactive product demonstrations. Music and dance performances also feature prominently. Religious livestreams, including Quran recitations, discussions on Islamic teachings, and interactive faith-based content, have attracted a distinct audience. There is a notable growth in categories such as cooking, fitness coaching, and highly specific hobbies. The Mena region currently has more than 700 agencies, representing a relatively underdeveloped industry compared to China, where some 80 percent of creators who livestream daily are affiliated with agencies. Mena has only around 10 per cent of creators who livestream daily work with agencies – this highlights the opportunity to scale up agency involvement. Agencies are emerging as important enablers that provide training, tools, and infrastructure to help creators enhance content and build sustainable careers. A typical agency employs 15 to 20 people and manages anywhere from 200 to 500 creators. Larger agencies can have 100 or more employees, overseeing the careers of 5,000 or more creators. Agencies in Mena manage creators spread across different countries and maintain offices in multiple countries to support their diverse creator base.
News24
4 days ago
- Business
- News24
Why Gen Z entrepreneurs must embrace upskilling
This year, the oldest members of Gen Z have been in the workforce for about 8 to 10 years. They've become the most significant portion of early-to-mid-career professionals, entrepreneurs under 30 years, and recent university graduates. Gen Z's are widely regarded as the most entrepreneurial generation by far. According to a global 2024 Forbes report, 62% of Gen Zs either already run a business or side-hustle, or they are planning to start one. Unlike their Millennial counterparts who tend towards a traditional approach to entrepreneurship, Gen Z are far more likely to look to the digital economy to find their niche. As the first generation of true digital natives, Gen Zs are uniquely positioned to thrive in online business landscapes. After all, they have grown up fluent in social media, e-commerce, influencer culture, digital marketing, and cloud-based tools for productivity, and just about everything else. Read more | 5 Hacks to manage digital overload This digital eloquence gives them an advantage in setting up side-hustles at a young age, feeding their ambitions to one day scale up their efforts into viable businesses. To cement their digital knowledge, they will still require a qualification or two to sell themselves with. Where passion meets reality - the need for entrepreneur education The rise of the digital economy and the advantages of their digital fluency converge with several Gen Z priorities such as their focus on work-life balance, their drive to work with purpose and their desire for levels of autonomy and independence that aren't offered by conventional employment. However, whether your venture is operating on or offline, every entrepreneur needs a strong grounding in business fundamentals, which apply in any context. A 2023 Youth Business International report identifies access to business education, financial literacy, and mentorship among the most common barriers for young entrepreneurs globally. Lee-Ann Drummond, Head of SACAP's Management and Leadership faculty says, 'As a venture grows, one of the most common obstacles that emerges is the lack of business knowledge and skills to reach the next level. Business planning and strategy, financial literacy and budgeting, marketing and branding, leadership and people management are some of the foundational aspects to building a sustainable business. So, it makes sense that aspiring Gen Z entrepreneurs have plans to gain this essential knowledge, and this is where accessible Higher Certificate education programmes can come to the fore.' Nowadays, higher learning institutions are extending their online course offerings for flexibility. This allows one to work while studying to advance their careers. 'This means you can learn at your own pace while operating your business, and you get to dynamically apply the business-ready skills you are learning as you progress through the curriculum. These programmes are designed as practical pathways into the world of business, grounded in applied psychology, business knowledge and critical thinking.'
Asharq Al-Awsat
4 days ago
- Business
- Asharq Al-Awsat
Saudi Arabia's Deemah AlYahya Reappointed as DCO Chief
The Digital Cooperation Organization announced the reappointment of Deemah AlYahya as secretary-general for a new four-year term, following a nomination by the Kingdom and the approval of member states during the DCO council meeting held virtually in Kuwait. AlYahya's reappointment paves the way for implementing the organization's agenda over the next four years, as announced in February 2025 during the DCO's fourth annual general assembly. The agenda focuses on supporting collaborative efforts to enhance the resilience of the digital economy and promote social prosperity by advancing digital maturity levels across member states. On behalf of the DCO council, Kuwaiti Minister of State for Communication Affairs and chairman of the DCO council's current session Omar Al-Omar congratulated AlYahya on her reappointment as secretary-general. He noted that the decision reflects her exemplary leadership during her first term and expressed optimism about the continued success of the DCO over the next four years. Under AlYahya's leadership, the DCO has expanded its membership from five founding nations to 16 member states, solidifying its position as a multilateral international organization. The DCO focuses on empowering nations to shape policies and develop digital infrastructure that fosters economic opportunities, supports youth and entrepreneurs, and advances alignment with the Sustainable Development Goals (SDGs).
