The space of tech around the world is significant in the economic development of any country.South Africa with a population of about 62 million people and a GDP of 808 billion dollars as at 2023 stands on this scale as a result of the usage of technological tools in commerce, education, government and many other sectors.The country is among the first 70 most technologically advanced in the world with a shift from 63rd to 61st within the two years around 2019 and 2021 which unveil their improvement, aims and shift into the tech world.
Upgrade and Policies on broadband network providers.
Gartner predicts a shift into tech using sophisticated tools with a spiral change and tailored solutions for small enterprises in 2024 which amounts for 25% or more efficiency.Statistics shows that out of five major cellular operators use 5G network and as at 2023, four of the major tech giants like MTN, RAIN, Vodacom and Telcom have 5G network with a network speed between 200 to 300Mbit/secIn February 2023, Communication Minister Khumbudzo declares a five year ultimatum to roll-out inferior 2G and 3G networks for every broadband service provider and an extension of extension of their services to the rural areas. This feat with integrative AI can be accomplished within the space of three years if they step up their game especially with the great improvements in information technology in December, 2023.
Market data
Fintech data shows a $7.24M market size in 2023 compared to the previous $6.75M achieved in 2022.This is due to the fast growing market and the integration of tech networks for sales and distribution of products and services.
Digitization and Tech
A leading Mobile company, Huawei invested $30M during the Eco Connect Sub-Saharan African programme held in Johannesburg in multiple projects and innovation and training.During the program, Leo Chen, the president of Huawei in the Sub African Region stressed the utilization of mega trends and tech tools as he also promises to deliver many successful projects through partnership.AfricArena in their 7th Grand submit in partnership with Amazon Web Services (AWS) also invest in female entrepreneural training in tech as Christophe Viamaud emphasised the importance of a shift in tech powers to females.
Closures and Issues of startups.
As the economic downturn around the world and the revered up to date tech tools usage evolved, many startups like Naspers, WhereIsMyTransport and many others had to shut down due to inadequate funding and rise in price of machineries. How much more the liquidation of 120 companies among which 16 were given a compulsory closure.
Conclusive surmise on the achievements of the country antedate promising feats in their tech industry. Moreso, with the prevalence of AI in many sectors, experts predict better output in businesses with a growth in the country’s GDP.
