Connect with us

Technology

Money Transfer Agencies Market size is set to grow by USD 15.84 billion from 2024-2028, Technological advancements to boost the market growth, Technavio

Published

on

NEW YORK, July 8, 2024 /PRNewswire/ — The global money transfer agencies market  size is estimated to grow by USD 15.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.54%  during the forecast period. Technological advancements is driving market growth, with a trend towards rising number of start-ups. However, rising illicit financial flows  poses a challenge. Key market players include Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Systems Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and WorldRemit Ltd.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Money transfer and Currency exchange) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Systems Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and WorldRemit Ltd.

Key Market Trends Fueling Growth

Fintech start-ups, such as TransferWise, Revolut, Xoom, WeSwap, PeerTransfer, Sendmoney.ph, WorldRemit, Remitly, Azimo, and TransferGo, are disrupting the global money transfer agencies market by raising substantial investments and offering innovative solutions. These start-ups are challenging traditional banks and Money Transfer Operators (MTOs) with peer-to-peer (P2P) and consumer-to-business (C2B) cash payment models. For instance, M-Pesa’s P2P and C2B transactions have significantly improved money transfer convenience for millions of users. With the increasing number of start-ups, the payments landscape is poised for significant change during the forecast period. Xoom held a 23% market share in September 2021, and the market is expected to grow due to the convenience, affordability, and accessibility offered by these fintech solutions. 

The Money Transfer Agencies market is experiencing significant trends as more people use mobile wallet transfers for cross-border payments. Migrants, expatriates, students, travelers, and business partners are increasingly relying on mobile platforms for remittance services. Digital technology and correspondent banks are key partners in facilitating these transactions. Currency exchange and exchange rates are crucial factors, with digital banks and wire transfers offering competitive rates. Traditional financial institutions and multinational corporations are also embracing digital technology to streamline international trade transactions, investment activities, and currency risk management. Cross-selling and value-added services like currency exchange, bill payments, prepaid cards, microfinance products, and transaction histories are becoming popular offerings. International organizations and financial inclusion initiatives are also leveraging these services for foreign exchange and remittances. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The money transfer agencies market faces significant challenges due to the increasing issue of illicit financial flows. These flows involve funds that are illegally earned, transferred, or used. With the growing reliance on digital technologies, the communication networks facilitating these illicit transactions pose a major concern. Furthermore, digital technologies enable organized cybercrimes and offer opportunities for fraud, corruption, tax evasion, and other unlawful activities. These factors are expected to impede the market’s growth throughout the forecast period.Money transfer agencies face several challenges in today’s digital world. User-friendly mobile apps and online platforms are essential for customer convenience, but they require advanced technologies and API-driven infrastructure. Banking infrastructure and regulatory scrutiny are crucial for secure and efficient cross-border transactions. Industry professionals must navigate the use of blockchain technology, digitalization, and cryptocurrencies like Bitcoin and Ethereum. Security is paramount, with fraud, tracking, and multicurrency accounts top concerns. Immigrant populations and their family members and friends rely on remittance services for financial inclusion. Fintech companies and disruptors are transforming the financial services industry with digital transactions, while physical branches and currency exchange rates remain important for some customers. Cross-border remittances, e-commerce, and financial investments also pose challenges. Decentralized ledgers offer potential solutions, but regulatory compliance and financial crimes are ongoing concerns. Intermediaries must balance the need for efficiency and security with the demands of international borders and financial services regulations.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This money transfer agencies market report extensively covers market segmentation by

Service 1.1 Money transfer1.2 Currency exchangeGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 Money transfer-  Money transfer agencies facilitate the process of sending money across borders. These agencies offer various services such as cash pick-up, bank transfer, mobile wallet top-ups, and home delivery. They partner with banks and financial institutions to ensure secure and efficient transactions. Fees and exchange rates may vary, making it essential for customers to compare offerings before selecting a service. The market for money transfer agencies continues to grow due to increasing globalization and the need for seamless cross-border transactions.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Money Transfer Agencies (MTAs) market is a dynamic and evolving sector that facilitates the transfer of monetary assets across international borders and domestic transactions for individuals and businesses. MTAs serve as intermediaries between senders and receivers, providing various payment methods through digital platforms and physical agent networks. The market caters to diverse needs, including international remittances, business payments, and personal financial needs. Industry standards ensure secure and efficient transactions. Financial technology innovations, digital technologies, mobile devices, and user-friendly mobile apps have revolutionized the sector, making it more accessible and convenient. Online platforms and retail agents offer cash pickups and bank deposits as payout locations, expanding financial inclusion and broadening the reach of MTAs in the financial services industry.

Market Research Overview

The Money Transfer Agencies (MTOs) market is a dynamic and evolving industry that facilitates the transfer of monetary assets between individuals, businesses, and service providers across international borders. This market caters to various financial needs, including international remittances, business payments, and personal financial requirements. The industry is witnessing significant digitalization, with digital platforms and mobile devices becoming increasingly popular for digital transactions. Financial technology innovations, such as blockchain technology and API-driven infrastructure, are revolutionizing the industry by providing secure, efficient, and decentralized solutions for cross-border transactions. MTOs operate through physical agent networks and correspondent banks, offering various payout options, including cash pickups, bank deposits, mobile wallet transfers, and home address delivery. The market is subject to regulatory scrutiny and industry standards to ensure security, efficiency, and compliance with financial crimes and fraud prevention measures. The MTO market serves a diverse clientele, including immigrants, expatriates, students, travelers, and businesses, and caters to various financial services, including foreign remittances, cross-border e-commerce, and financial investments. The industry is experiencing disruption from fintech companies, which are leveraging digital technologies to offer user-friendly mobile apps, online platforms, and digital transactions. Currency exchange rates, regulatory compliance, and security are critical factors that influence the market’s growth and competitiveness. The market’s future growth is expected to be driven by digital transformation, financial inclusion, and the increasing demand for cross-border payments and remittances.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceMoney TransferCurrency ExchangeGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/money-transfer-agencies-market-size-is-set-to-grow-by-usd-15-84-billion-from-2024-2028–technological-advancements-to-boost-the-market-growth-technavio-302189695.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Shijingshan: Committed to High-Level Openness

Published

on

By

BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.

Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.

Presenting Achievements in Open Cooperation and Development in Multiple Dimensions

This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.

Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.

The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.

Working Together for Global Open Cooperation and Development

The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.

It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.

Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.

The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.

To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.

The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.

View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html

SOURCE Open Cooperation Forum

Continue Reading

Technology

Most Users Are NOT Using AI Companion as Their AI Girlfriend – Insights from Muah AI User Survey

Published

on

By

LOS ANGELES, Sept. 22, 2024 /PRNewswire/ — Muah AI/

In a world where artificial intelligence (AI) is becoming increasingly intertwined with daily life, the idea of having an AI companion or even an AI “girlfriend” has gained significant attention. While this concept has sparked curiosity, excitement, and even controversy, a recent survey by Muah AI has shed light on the reality of how users are actually engaging with these AI companions. According to the survey results, fewer than 2% of users consider themselves to be in a serious romantic relationship with their AI companion, with the overwhelming majority regarding it as a source of entertainment and roleplaying.

This revelation presents an interesting twist to the popular narrative surrounding AI and human relationships. Many assumed that, with the rise of sophisticated AI that can mimic human emotions and responses, people would begin forming deep emotional bonds with these digital entities. However, the survey data from Muah AI shows that, at least for now, the vast majority of users are not taking these AI relationships as seriously as some might have thought.

The Emergence of AI Companions

AI companions, or “AI girlfriends” as some platforms market them, have become a hot topic over the past few years. Platforms like Replika, Anima, and Muah AI offer users the chance to interact with a personalized AI, which can carry on conversations, offer emotional support, and even engage in roleplaying scenarios that resemble a relationship. The premise is simple: using advanced machine learning algorithms and natural language processing, these AI companions can learn from their users, creating the illusion of intimacy and personalization.

The potential appeal is obvious. For those who are lonely, socially anxious, or seeking comfort, the idea of having an AI that is always available, non-judgmental, and designed to cater to their emotional needs can be incredibly attractive. In fact, there are numerous reports and anecdotes from individuals who claim to have developed genuine emotional connections with their AI companions. But as the Muah AI survey shows, these instances may be far rarer than media headlines suggest.

Survey Results: Entertainment Over Emotional Investment

Muah AI‘s survey provides a comprehensive look at how its users interact with their AI companions, and the results challenge the notion that most users are looking for a serious relationship with AI. According to the data:

Less than 2% of users consider themselves to be “seriously dating” their AI companion.A significant majority view their interactions with the AI as a form of entertainment or roleplaying rather than a meaningful romantic or emotional connection.Many users engage with AI companions out of curiosity or as a way to pass the time, often treating the interactions as light-hearted and fun rather than a substitute for a real-life relationship.A notable portion of users also expressed that they enjoy using AI companions for creative roleplaying scenarios, where they can explore fictional or fantasy-based interactions without any real-world implications.

This data suggests that while the idea of an “AI girlfriend” may be intriguing, most users are not approaching it with the intention of forming a serious romantic bond. Instead, they are treating it more like a game or simulation, where they can experiment with different types of interactions and relationships in a low-stakes environment.

Why Are Users Hesitant to Commit to AI Companions?

There are several reasons why users may be hesitant to view their AI companion as a genuine romantic partner. First and foremost is the awareness of the artificial nature of the interaction. While AI can simulate human conversation and emotions, most users are well aware that these responses are pre-programmed and algorithmically generated. The knowledge that their “partner” is ultimately a machine can create a barrier to forming a deep emotional connection.

Moreover, many users view AI companions as a tool for escapism or fantasy rather than a replacement for real-life relationships. In the same way that people may enjoy playing video games or engaging in fictional roleplaying, interacting with an AI companion can offer a similar outlet for creativity and entertainment. These users are not seeking emotional fulfillment from the AI but rather a way to explore different scenarios and personalities without the complexities of real-world dynamics.

Additionally, there are ethical and philosophical concerns that may prevent users from seriously considering a relationship with AI. The idea of forming a romantic connection with a machine raises questions about authenticity, consent, and the nature of love. Many users may feel uncomfortable with the idea of developing feelings for an entity that lacks true emotions or consciousness, no matter how convincing the simulation may be.

The Future of AI Companions: Entertainment or Emotional Support?

While the Muah AI survey indicates that most users are not taking their AI companions seriously as romantic partners, that does not mean that AI companions are without value. For many, these AI entities serve as a valuable source of emotional support and companionship. Users who are isolated, dealing with mental health challenges, or simply looking for someone to talk to may find comfort in the consistent and non-judgmental nature of an AI companion.

Furthermore, the role of AI in human relationships may evolve as the technology continues to improve. As AI becomes more advanced, it is possible that future iterations of AI companions could offer even more realistic and emotionally engaging interactions. This could blur the line between entertainment and emotional connection even further, leading to more users considering AI as a legitimate relationship option.

However, the survey data suggests that for now, AI companions are primarily being used for fun and fantasy rather than serious emotional investment. Whether this changes in the future will depend not only on advancements in AI technology but also on shifting societal attitudes towards AI-human relationships.

Conclusion

The concept of an “AI girlfriend” may have captured the imagination of many, but Muah AI‘s survey reveals that most users are not taking their AI companions seriously as romantic partners. With fewer than 2% of users considering themselves to be in a serious relationship with their AI, it’s clear that the majority view these interactions as a form of entertainment or roleplaying rather than a meaningful emotional connection.

As AI technology continues to develop, it will be fascinating to see how users’ relationships with AI companions evolve. For now, however, it seems that the allure of AI companionship lies more in its ability to entertain and provide creative outlets than in offering a substitute for real-life romantic relationships.

Ultimately, the future of AI-human relationships is still in its early stages, and as AI becomes more capable, the way people engage with these digital companions may change. But as of now, it’s clear that most users are enjoying the novelty of AI companionship without taking it too seriously—at least not yet.

Media/Business Contact Information:
Muah AI 

PR Director:
Ashley

Contact Number:
+1 626-677-6013

Company Website:
https://muah.ai 

Company email:
love@muah.ai

Feel free to reach out if you are interested in writing a dedicated piece about Muah AI!

View original content to download multimedia:https://www.prnewswire.com/news-releases/most-users-are-not-using-ai-companion-as-their-ai-girlfriend—insights-from-muah-ai-user-survey-302254868.html

SOURCE Muah AI

Continue Reading

Technology

Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East

Published

on

By

WASHINGTON, Sept. 22, 2024 /PRNewswire/ — The Internet Society (ISOC), a global charitable organization advocating for an open, globally connected, and secure Internet, released a comprehensive report on the state of Internet connectivity across the Middle East and North Africa (MENA) region.

The report underscores Internet connectivity as a catalyst for economic growth and social development and how an increase in fixed broadband access has a direct impact on growing gross domestic product (GDP).

Key Findings:

Growth in Mobile and Fixed Broadband: Both mobile and fixed broadband connections have grown substantially from 2015 to 2021, particularly in Gulf States with advanced fiber-optic and 5G networks. However, deployment has been slower in other parts of the region, primarily due to infrastructure challenges and affordability issues.

Mobile Internet users increased from 130M to over 180M between 2016 and 2021, with Egypt, Tunisia, and Morocco showing the highest growth rates. Fixed broadband users rose from 17M to 29M in the same period, with Egypt leading the way. The Arab region lags behind other regions in fiber optic deployment, with stagnation in investment since 2018.

High-Income Countries: Significant progress in broadband infrastructure, especially in Gulf Cooperation Council (GCC) countries due to 5G rollout. High-income countries improved their Internet availability from 77.34 to 79.37, surpassing global averages.Low-Middle-Income Countries: Broadband has improved modestly, but challenges persist. Despite overall progress, a significant digital divide remains between high-income and low-middle-income countries, partly due to political and economic instability in some regions, such as Tunisia and Syria.

Infrastructure Challenges: There is a heavy reliance on European Internet Exchange Points for international Internet traffic, which results in slower speeds due to additional data hops.

Emerging Technologies: The report emphasizes the role of emerging technologies such as High-Throughput Satellites (HTS) and Low-Earth Orbit (LEO) satellites in bridging the connectivity gap. These technologies are crucial for expanding access to underserved rural areas.

Impact of COVID-19: The COVID-19 pandemic has adversely affected network performance and digital transformation plans, causing delays and disruptions in connectivity improvements.

Recommendations:

Policy and Regulation: The Internet Society advocates revising regulatory frameworks to accelerate infrastructure deployment. Key recommendations include enhancing spectrum policies, removing regulatory barriers, and fostering public-private partnerships to drive investment, competition, and support for small and medium enterprises.

Spectrum Availability: North African countries have limited spectrum compared to global averages, impacting network capacity and costs.Regulatory Frameworks: Enhance regulatory frameworks to foster investment, encourage spectrum and infrastructure sharing, and support new technologies like HTS and LEO satellites.

Collaboration and Investment: Promote public-private partnerships and update national broadband plans to improve infrastructure and connectivity.

Digital Skills and Literacy: Addressing digital skills and literacy is crucial for maximizing the benefits of Internet connectivity. The report calls for more affordable, relevant, and inclusive education and training programs to build a digital workforce.

Local Internet Exchange Points (IXPs): The report stresses the importance of establishing and upgrading IXPs to enhance local Internet traffic, reduce costs, and improve service quality. Governments are encouraged to support IXPs by providing resources and facilitating network interconnections.

“The Internet has become indispensable for many people, and its role in connecting people, fostering economic opportunities, and driving innovation is undeniable. The Arab region has made big leaps in the availability and adoption of the Internet in recent years; however, adoption rates are still low. We hope that governments will use our report to learn about the improvements that can be made in infrastructure deployment, affordability of service, market structure, and regulatory frameworks,” explains Nermine El Saadany, Regional Vice President for the Middle East for the Internet Society.

About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a global charitable organization dedicated to ensuring the open development, evolution, and use of the Internet. Through a global community of chapters and members, the Internet Society collaborates with a wide range of groups to promote the technologies that keep the Internet safe and secure and advocates for policies that enable universal access. The Internet Society is also the organizational home of the Internet Engineering Task Force (IETF).

Logo – https://mma.prnewswire.com/media/1656167/Internet_Society.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/internet-society-report-highlights-challenges-and-recommendations-for-internet-connectivity-in-the-middle-east-302251836.html

Continue Reading

Trending