Trends set to dominate the UAE business environment in 2023

The world has gone witnessed some big changes over the past two years, and while 2022 has been an interesting year for the world economy, it is important to look ahead and analyze what the next disruptors will be and how businesses can jump on the next big thing.

Since the onset of the COVID-19 pandemic, the world has undergone some drastic changes. The pandemic changed the entire landscape of several industries, disrupting business as we know it. Many were unable to weather the storm of the health crisis as it wreaked havoc on businesses and economies all over the world due to widespread lockdowns. Business continuity was hindered due to a variety of factors, including the shift to remote work and the lack of infrastructure to support it.

Such issues were not experienced in Dubai as it had the high-tech infrastructure to keep going, but these problems were faced across the world in many countries, including in developed nations. With 2022 now surpassing its half-way point, it is important to consider what the next dominating trends will be as we look ahead for the rest of the year and plan for a fruitful 2023.

Hybrid work

First on the list of dominating trends is hybrid work. As the world slowly begins its return to normalcy after two years of painstaking uncertainty and unprecedented challenges that were brought on by the pandemic, many businesses are facing the reality of a shift in employee attitudes, with many opting to work remotely.

The pandemic taught businesses that its employees did not need to be present in an office to get the job done. With the right cybersecurity protocols and necessary technology in place, employees were able to get the job done from home. This caused a shift in employee attitudes as many realized the convenience of working from home. Not only were people able to develop a better work-life balance when they worked remotely, but it also helped reduce costs as they did not need to commute, ensured greater flexibility, and decreased overall turnover in workplaces, all of which led to increased productivity.

This trend is here to stay. While employers have realized the advantages remote work posed for their staff, they also realized the need to have some in-person meetings to help boost employee morale, collaboration, and communication. When planned strategically, the hybrid work model can strike the right balance for both employees and employers.

Many have shifted to the hybrid work model after reaping the many advantages and positive outcomes that it offers.

Sustainability

Sustainability has emerged as a prominent business trend throughout 2022 and is expected to become even more dominant in 2023.

Perhaps one of the most defining trends of our time, sustainability has become ubiquitous. With many of the world’s largest companies issuing sustainability reports and setting their own sustainability goals, the world is beginning to take appropriate action as the effects of climate change continue to affect the planet.

Many companies have jumped on the climate action bandwagon by setting their own net-zero targets to reduce emissions and more nature-based solutions.

Crypto and NFTs

One of the biggest revolutions of our time, cryptocurrency offers a variety of advantages, some of which include: reduced transaction costs, ease of cross-border transactions, anonymity, and the protection of customer privacy.

Depending on its acceptance at corporate and government levels, the use of cryptocurrency could continue to be a major trend in the UAE’s business ecosystem.

NFTs have also risen in popularity, and many believe that this is not just based on hype. According to Bloomberg Business, the global market for NFTs was worth almost $40 billion in 2021 alone and is projected to grow even further this year, and will no doubt become a major business trend in 2023, especially as the metaverse continues to become a more significant player in the global business environment.

Metaverse

Perhaps one of the most novel trends of our time, the Metaverse is expected to become a very prominent part of the global business landscape by 2023.

The metaverse – a virtual world where consumers can use their own avatars to work, play, and shop – has become very attractive to many businesses operating in the customer service or eCommerce space.

The potential of the metaverse has not been fully realized yet. With the potential to disrupt brands and companies, the metaverse will resemble a new digital reality where businesses can set up their own company and deliver new experiences to customers. Businesses will be able to deliver immersive AR/VR experiences, a huge opportunity for the gaming industry in particular, but also for digital marketplaces.

Automation

Seen as both an opportunity and a threat, automation is highly sought after by businesses all over the world as it yields cost savings and generates greater revenue.

Automation saves times, increases productivity, ensures compliance, minimizes errors, and standardizes processes. This is not a new trend, but it will continue to dominate the market as businesses continue on their quest for efficiency.