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FG Targets Millions of Job Through Technology Hubs

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Co Creation Hub

The Federal Government has again committed to boosting job creation opportunities through the establishment of technology hubs across the country.

Speaking in a telephone interview, the Minister of Communications, Adebayo Shittu, said government is exploring all available avenues to create millions of job through these hubs.

Indeed, today, inclusion, efficiency, innovation are the main instruments spreading development gains from digital technologies, and the technology hubs and incubator entities, across a wide range, aim to maximise all three in different ways. This makes the establishments of technology hubs critical for any forward thinking economy.

Shittu informed that while government is building private centres where there will be free Wi-Fi connections, a number of technological hubs will also be coming up this year. “We are already working on the modalities to get things done appropriately in that regards. There will be phenomenal growth in the ICT sector, and in another six months, we should see the results.”

Vice President, Prof. Yemi Osinbajo, had informed of plans by the Federal Government to establish innovation hubs across the country, with two ‘super’ hubs in Lagos and Abuja, and six regional technology hubs in the six geo-political zones.

“Technology is certainly the key in turning the economy around, we need to invest significantly and improve our funding in technology and technology related industry,” Osinbajo affirmed.

The establishment of the hubs, would be in partnership with several major technology companies, whereby the hubs will be fully resourced with infrastructure and capacity building tools.

Furthermore, each hub will be designed to produce relevant innovative technology solutions to a wide range of business, commercial and government problems.

There are 310 active technology hubs across Africa, with Nigeria having the third largest with 23 after South Africa and Kenya, with 51 and 26 hubs respectively.

The springing up of technology hubs in the region has been hinged on the growth of mobile, which has emerged as the platform of choice for creating, distributing and consuming innovative digital solutions and services.

Some of the already existing hubs in the country include Co-Creation Hub; iDEA; Technology Incubation Centre; Delta State Innovation Hub; Focus Hub; Engine Incubator; Calabar Technology Incubation, and a host of others.

The Global System for Mobile telecommunications Association (GSMA) said the technology hubs springing up across Africa represented a key source of locally developed applications, stressing that of the 310 active tech hubs across the region, 180 are accelerators/incubators.

The body, which listed top three countries in terms of tech hubs in the region to include South Africa, Kenya and Nigeria, said last year, application accelerator company, Neumob, launched points of presence in Kenya, Nigeria and South Africa, to enable local app developers to improve the performance, security and user experience of their applications.

GSMA informed that the tech start-up investment ecosystem in Africa is increasingly active, with the range of tech start-ups funded and size of deals reflecting the accelerating development of the ecosystem.

In 2015, it said 125 African tech start-ups raised approximately $185 million, with Kenya, Nigeria and South Africa receiving more than 80 per cent of the funding.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Technology

Service Robots to Hit $30B in Sales by 2022, a 30% Increase in Two Years

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Unlike the industrial robotics sector, service robots have received a boost from the disruption caused by the COVID-19 pandemic.

According to data presented by BuyShares, the entire market is expected to continue growing strongly and hit over $30bn in sales by 2022, a 30% increase in two years.

Americas Lead in the Use of Service Robots, Entire Market to Hit $12B Value in 2022

Recent years have witnessed a surge in the use of service robots, as they offer increased productivity and convenience in both professional and private settings. The entire market is divided into two main segments. Commercial robots are used to perform tasks in a business environment, like medical robots and automated guided vehicles used in warehouses.

Personal service robots include convenience robots, which perform tasks like cleaning and vacuuming, and entertainment robots, such as toys and photography drones.

In 2018, the entire market generated $13.7bn in sales volume, revealed the Statista survey. This figure surged by almost 70% in the next two years, reaching $23.1bn in 2020. The growing demand for service robots is expected to continue this year, with the sales value rising by another 17% YoY to $27bn. By the end of 2022, this figure is forecast to jump by another $3bn.

Statistics show the service robotics market is led by the Americas, with an estimated sales value of $10.8bn in 2021, up from $7.4bn before the pandemic. This figure is forecast to jump to over $12bn in 2022.

As the second-largest region, the Asia Pacific is expected to hit almost $7.4bn in sales volume in 2021, a 20% jump in a year. The European market follows with a $7.3bn value.

Medical Robots to Generate One-Third of Total Sales Value

Statistics show that most service robots are used in the medical industry, expected to generate almost $9bn or 33% of total sales value this year. In the next twelve months, this figure is set to jump to $10bn. Technical innovations and demographic developments drive the market growth of these robots.

Robotic technologies can be more precise and flexible than human surgeons, making robot-assisted surgery a popular option. Since they are immune to infectious diseases, medical robots have also been implemented during the COVID-19 pandemic. They are also widely used in diagnostic, rehabilitation, and nursing care.

Statistics show the Americas dominate the medical robot’s market. However, due to aging populations, the Asia-Pacific region is expected to witness the most significant growth in the future.

Convenience robots for domestic tasks ranked as the second-largest segment, with $6.7bn in sales value in 2021. This figure is set to reach almost $7.5bn next year. These robots are increasingly finding their way into households worldwide. Packed with different capabilities, they can make everyday life more comfortable. Statistics show the Asia-Pacific region is the leading market for convenience robots. However, the largest producer, iRobot, is headquartered in the United States.

As the fastest-growing segment of the commercial service robotics market, logistics is forecast to hit over $3.9bn in sales volume this year, up from $3.1bn in 2020. The pandemic fuelled eCommerce surge continues driving demand for logistics robots, as they help automate and optimize operations, enabling higher precision, lower costs, and faster delivery times.

The Asia-Pacific region is forecast to witness the biggest increase in sales volume. However, Europe is expected to maintain its position as the region with the most sales of logistics service robots.

Statistics show the entire logistics robots industry is set to continue growing and reach $4.5bn in sales by 2022.

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Fintech

Global Investments into Fintech Companies Plunged by Almost 40% amid Pandemic

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The year 2020 was a challenging year for many fintechs. The global slowdown in funding caused by the COVID-19 led to a significant drop in the number of venture capital deals and brought uncertainty for many companies operating in this market.

According to data presented by AksjeBloggen.com, global investments into fintech companies hit $105.3bn in 2020, almost a 40% plunge amid pandemic.

US Fintechs Raised 75% of Total Investments

Fintech companies apply modern tech solutions in the financial services industry to offer digitally enhanced products and allow widespread access to financial products at a lower cost than traditional players. Over the years, these innovative startups transformed how people and businesses spend, invest, save, or borrow money.

Even before the pandemic, many fintechs found it difficult to access funding, as investors focused on established companies instead of early-stage businesses. Nevertheless, the total value of investments into fintech companies increased dramatically in the last decade.

In 2010, fintechs raised $9bn in funding, revealed the KPMG’s 2020 Pulse of Fintech report. By 2015, this figure grew more than seven times to $67.1bn. In 2018, the total investment value jumped to $145.9bn and continued rising to $168bn in 2019, as the record year for fintech investments.

After the COVID-19 pandemic brought many deals to a halt in the first half of 2020, H2’20 reversed the trend as investors and fintechs learned to do business in a new normal. Nevertheless, statistics show that last year witnessed 2,861 deals worth $105.3bn, almost $63bn less than before the pandemic.

The Americas were the region attracting the most investments in the sector, accounting for 75% of the total, or $79.2bn. Fintechs from the EMEA region raised $14.4bn last year. Asian fintechs followed with $11.2bn worth of investments.

The Number of Fintech Startups Doubled Since 2019

Although the COVID-19 affected the investment activity in the fintech sector, it also triggered a surge in the use of fintech solutions, creating a huge space for new companies.

The BCG data revealed the number of fintech startups worldwide more than doubled since the pandemic struck, rising from over 12,200 in 2019 to almost 26,500 this month.

As of April 2021, there were 10,738 fintech startups in North America as the leading region, up from 5,800 in 2019.

However, statistics show Europe, the Middle East, and Africa have witnessed even more impressive growth in the number of fintechs. In 2019, almost 3,600 companies were operating in this sector. Since then, the number of fintech startups in the EMEA region surged by 160% to more than 9,300.

Asia and the Pacific ranked third with nearly 6,200 fintech startups as of April, up from 2,850 in 2019.

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Social Media

WeChat Brand Worth $68B, More than Three Major Chinese Banks

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WeChat

As the leading social networking app in China and the fifth most widely used globally, WeChat saw impressive growth amid the COVID-19 pandemic, both in revenue and the number of users. The brand value of Tencent Holding’s mobile messaging app also surged in the last year, launching WeChat among the strongest brands globally.

According to data presented by StockApps.com, WeChat brand value hit almost $68bn in 2021, more than three major Chinese banks.

The World’s Strongest Brand

WeChat or also called China’s “app for everything,” offers services from messaging and banking to taxi services and online shopping. During the pandemic, the app also helped keep track of those traveling or in quarantine, providing access to real-time data on COVID-19, online consultations, and self-diagnosis services powered by artificial intelligence to more than 300 million users.

This diversity of services offered to its users, especially amid the pandemic, helped the WeChat brand value surge by 25% YoY, revealed the 2021 Brand Finance’s Global 500 survey. With a valuation of $67.8bn, WeChat jumped nine spots on the ranking to enter the top 10 for the first time, behind giants like Apple, Amazon, Google, Walmart, or Facebook.

Also, the popular app ranked higher than the three major banks in China. In comparison, China Construction Bank hit a $59.6bn brand value this year, $8.3bn less than WeChat. Agricultural Bank of China and Bank of China also ranked below the popular messaging app, with $53.1bn and $48.6bn value, respectively.

The Brand Finance survey also revealed WeChat overtook Ferrari to become the world’s strongest brand with a top score of 95.4 out of 100 and an AAA+ brand strength rating. The relative strength of brands is measured through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance.

Statistics show the Chinese mobile app is one of merely 11 brands in the ranking to have been awarded the elite AAA+ brand strength rating.

More than Hit 1.2 Billion Active Monthly Users

WeChat has lots of popular messaging app features, including Moments. A majority of WeChat users access WeChat Moments every time they open the app. Voice and text messaging, group messaging, payment and games are other examples of WeChat services.

Tencent’s 2020 financial results revealed the number of WeChat active accounts has been multiplying over the past years.

Between 2011 and 2015, the number of monthly active accounts surged from 2.8 million to nearly 700 million. In the first quarter of 2018, WeChat`s user base hit the one-billion benchmark, and the number just kept rising.

Statistics show the popular social networking app had over 1.2 billion monthly active users in the last quarter of 2020, ranking as the fifth most widely used social networking app globally.

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