The latest February 2020 report by the African Development Bank Group (AfDB) which assesses the business case for #4IR adoption is out and lists 6 key technologies expected to disrupt Africa. Blockchain is among them.
The African Development Bank's #4IR report focused on 5 African countries – #Cameroon, #Morocco, #Nigeria, #SouthAfrica and #Uganda – which represent the different combination of strengths and weaknesses that African countries possess. #4IRDays #4IRAfricahttps://t.co/y8OgnHQMYC pic.twitter.com/dIyPragdgM
— African Development Bank Group (@AfDB_Group) February 19, 2020
According to the report, here are the top six technologies by capital investment so far expected to drive big business opportunities on the continent in order of importance:
- Internet of Things (IoT) – $110.8M
- Big Data – $9.5M
- Additive Manufacturing – $47M
- Artificial Intelligence (AI) – $17.5M
- Drones – $7.9M
- Blockchain – $14.9M
According to the report, the blockchain space has seen $14.9 million capital investment on the continent with a 16% market growth potential by 2025.
SEE ALSO: Blockchain is the Top Skill Companies Need Most in 2020, According to Latest LinkedIn Learning Study
The largest market potential for 4IR however is in the IoT space. More than $100 million of venture capital was invested in African IoT start-ups by 2019, making it by far the most attractive 4IR technology for investors on the continent. The IoT market is projected to reach a $12.6 billion value by 2021 in #Africa and the Middle East.
The report offers a few recommendations:
- Develop a unified vision to seize 4IR opportunities
- Create incentives (financial, fiscal) for technology adoption
- Start to prepare the next generation Africa 4.0 workforce
- Develop collaborative and adaptive regulation
- Nurture inclusive institutions promoting widespread innovation to adopt 4IR technologies
- Increase investments in training
- Raise awareness on the potential and the markets for 4IR
- Support and finance pilot and research projects in 4IR
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