Technology has always been far-reaching in its effects on human life since its advent, it is always looking for ways to make life and activities easier and better. From the way we communicate to how we conduct business, technology has helped.
With improved technological innovations, it can do more for emerging markets in this era of digital economy.
Emerging markets usually consist of developing countries that have the potential to change their economic, political, and social conditions.
These developing countries are often characterized by a lack of proper infrastructure, a limited financial system, and low income.
However, they are moving to emerging markets once innovations are rapidly improving these conditions.
There is also increased access to the global market with a growing middle class driving economic growth.
The criteria for classifying emerging markets are flexible, however, the above are the most common factors for identification.
Some of the developing countries are found in Africa, such as South Africa, and Nigeria and others. Countries like China and India are also classified as emerging markets.
Technology has played a major role in the development of emerging markets, some of which include increased access to education.
People in developing markets can gain access to global knowledge through online learning platforms, and those in remote areas, not limited by a lack of learning infrastructure, because they can now access education anywhere.
Increased access to information is essential to the development of emerging markets, every sector will benefit directly and indirectly from it.
Data is essential to every human activity, from agriculture to transportation and even corporate businesses.
Farmers have information on better ways to cultivate and store farm products, the needs of the market, and how to best transport different farm products.
These farmers will get tools that will help them check the weather forecast, and make better decisions.
Technology can also help small and medium enterprises, providing them with tools that enable them to gain a share of the global market and do so effectively and efficiently.
There are business management tools as well as online platforms where they can serve the global community.
It encourages more people to pursue entrepreneurship and build technology-enabled businesses, build startups, and access funding, business incubation, and mentoring. Along with this, there is an increase in business success rates.
In Africa, there are many startups in fintech, edtech, agtech, and other industries. There are other startups that help fight climate change and promote environmental sustainability.
Technology plays a very important role in the development of the healthcare system in these emerging markets, and with its use, there are better and improved outcomes and delivery of healthcare services. health.
With technology, there is better governance because there is room and opportunity for public engagement and those elected can be called and held accountable for their activities if they fail to fulfill their duties.
Governance is a key factor in helping growth in emerging markets. There is a lot of technology that can be developed for the emerging market once it is adopted and evaluated as new. These technologies as they are used should however be user-centric to provide the required results.
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