Dr. Hamza Alakaleek

In a world rapidly evolving with technology and innovation, nations that invest in technology sectors are best positioned to achieve sustainable economic growth and transition from mere growth to comprehensive development. Jordan, under the leadership of the Jaafar Hassan government, has recognized this early on and placed technology sectors at the heart of its economic modernization vision. This vision aims to transform the Jordanian economy into one driven by knowledge and innovation. It's not merely an ambitious plan; it's a pressing necessity in light of the rapid global changes sweeping across international markets.

Global forecasts indicate that technology sectors will be the primary engine of economic growth in the coming decades. According to recent studies (McKinsey Global Institute), 18 key technology areas, such as artificial intelligence, cloud services, and cybersecurity, will generate revenues ranging from $29 trillion to $48 trillion by 2040. These astronomical figures reflect the immense opportunities available to countries investing in these sectors.

Jordan, heavily reliant on traditional sectors like tourism and manufacturing, needs to diversify its income sources and focus on high-value-added sectors. Technology sectors, particularly artificial intelligence, cloud services, and cybersecurity, offer immense opportunities for creating new jobs, attracting foreign investment, and boosting exports.

Artificial intelligence is considered the future of industries and is one of the fastest-growing sectors globally, with an expected compound annual growth rate of 17-25% in the coming years. This rapid growth reflects the increasing demand for intelligent solutions based on data analysis and automation across various industries. In Jordan, AI can be a powerful tool for improving efficiency in vital sectors such as healthcare, education, agriculture and Tax.

Cloud services, the backbone of digital transformation, provide the necessary infrastructure for secure and efficient data storage and management. With a compound annual growth rate of 12-17%, cloud services have become one of the most attractive sectors for investment. In Jordan, these services can play a pivotal role in enhancing digital infrastructure, supporting startups, and improving e-government services. By investing in cloud services, Jordan can become a regional hub for providing these services, especially with a strong telecommunications infrastructure and a growing tech community.

Cybersecurity, the foundation of digital protection, is more critical than ever as reliance on technology grows. The cybersecurity sector is expected to grow at a compound annual growth rate of 8-12%, with high profit margins of 15-20%. In Jordan, this sector can be a primary source of income, especially with local talent capable of developing advanced security solutions. By strengthening cybersecurity, Jordan can protect its digital infrastructure, attract foreign investment seeking a secure environment to expand their operations, and become a regional center for training cybersecurity professionals, solidifying its position as a leader in this field.

Within the economic modernization vision adopted by the Jaafar Hassan government, opportunities extend beyond AI, cloud services, and cybersecurity to encompass a wide range of technology sectors that can contribute to transforming the Jordanian economy into a knowledge-based, innovation-driven economy.

E-commerce, one of the fastest-growing sectors globally, with an expected compound annual growth rate of 7-9%, can be a powerful tool for boosting exports in Jordan, especially with a strong industrial and commercial base. By developing local e-commerce platforms and enhancing the logistics infrastructure, Jordan can become a regional hub for e-commerce.

Video streaming services, with the increasing reliance on digital content, are another rapidly growing sector, expected to grow at a compound annual growth rate of 6-11%. In Jordan, this sector can be an opportunity to enhance the media and entertainment industry, especially with local talent in media production.

The most profitable sector is video games, a billion-dollar industry expected to grow at a compound annual growth rate of 5-8%. In Jordan, this sector can boost the software industry and develop local talent in game design. However, this sector faces challenges such as the need to develop programming and design skills and attract investments in game development. Nevertheless, it offers numerous opportunities, such as strengthening the local software industry and exporting local games to global markets.

In the face of rapid global changes, technology is the key to achieving sustainable economic growth and transitioning from growth to development. Jordan has the opportunity to be a key player in this transformation by focusing on promising technology sectors. By investing in AI, cloud services, cybersecurity, E-Commerce, and other emerging technologies, Jordan can build a knowledge-based economy, create new job opportunities, and achieve the comprehensive.