When we talk about GCC and how the region is evolving to do more than the ordinary, it is important to acknowledge how each country is playing a distinctive role. With diversification in place and a post-oil era fully in effect, the times ahead for GCC countries are promising and surely something worth looking at.
For entrepreneurs, this region is the place to be in terms of opportunities and the extensive network you can potentially tap into. Apart from UAE and KSA, even smaller states like Bahrain have a lot of untapped potentials – waiting to be explored.
The population of Bahrain is 1.7 million and the Island country is actively welcoming investors to look into the country and provide their insights. A collaborative ecosystem is underway and even an app developer in Dubai is pretty much looking into the small country for opportunities.
With the technological shift underway, here are a few emerging trends you should look at when looking at Bahrain for your next digital product.
Top Technological Trends
The list we have compiled is based on different factors such as the potential for growth in the upcoming decade, how the government is planning to capitalize on technology, and their support for the people. And how interconnected Bahrain is with other countries.
Bahrain has already established itself as one of the best countries for expatriates to migrate to when it comes to jobs in consulting and banking. Bahrain has a lucrative financial sector and banking systems in the country are well connected to strategize and empower the rest of the region. Bahrain includes economic freedom and there is room for long-term stability if you venture into financial services right now.
Figures show that fintech is going to be the next big thing with over $2 billion in venture capital expected to flow this year and the compound growth rate is expected to be exponential at over 30%. This is the perfect time to get into the fintech ecosystem.
This seems like a generalized trend but hear us out. Mobile applications are a necessity now for every resident and citizen in Bahrain. The pandemic showcased to the people of TekRevol Bahrain how apps like BeAware are crucial when it comes to preventing the COVID-19 outbreak.
And more on-demand apps are in the trend right now. From food deliveries to booking a doctor’s appointment – everything is possible with mobile apps. See what kind of industry you can step into and help people uplift their lives.
People are going digital with everything they do and when it comes to shopping, comfortably browsing through different stores is the preferred way now. No one goes to the mall anymore. Consumer behavior in Bahrain has evolved to new folds ordering everything with a tap of a button is the default way to do things. For small business owners, it is easy to target a certain market and arrange their ecommerce store accordingly.
With the perfect strategy and a clear-cut supply chain plan, your ecommerce store could be the next Amazon for consumers in Bahrain. Ecommerce enables entrepreneurs to reach a wider audience with minimal investment. The perfect return on investment (ROI).
Augmented Reality (AR)
Augmented reality is an essential part of the upcoming Web3 ecosystem and considering that every other conversation tends to transition towards the Metaverse, it is safe to say that we will be seeing augmented reality at the forefront, everywhere.
The government of the Kingdom of Bahrain and private entities plan on fully utilizing the potential of AR technology and moving forward with an inclusive technological system where it is a part of the country’s entertainment and tourism sector. Major events are underway in Bahrain and the investors believe that AR can help uplift the experience.
It is clear that Bahrain should not be underestimated and the opportunities are just as endless as in Saudi Arabia or the United Arab Emirates. In fact – considering the fact that Bahrain has a smaller population – it is an easier market for some businesses to tap into. We suggest you do a thorough market analysis and see which country would benefit your business the most in terms of sustainability and profitability.
To be a leading name in any market, your audience needs to tie in together with the whole narrative. The people of Bahrain embrace new concepts and ideas as long as your product or service helps them live in a better way. Ask questions and see how you can play a bigger role.
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