‘70% Of Global Economic Activity Now Centred On Services’

The commoditisation trap for hardware seems impossible to escape without a product strategy backed by software innovation, as over 70 per cent of the world economy has become services, and this percentage continues to grow worldwide, the co-founder of TechCastle Foundation, Chike Onweuegbuchi has revealed.

This is even as Onweuegbuchi disclosed that stakeholders will converged at the third edition of the Africa Tech Alliance Forum (AfriTECH 3.0), to brainstorm on how tech companies can leverage on Technology-as-a-Service (TaaS), which is the rising future for technology sector, to grow the technology ecosystem in Africa.

Onweuegbuchi,  in a press statement, made available to LEADERSHIP, said, as at today, the boundary between hardware and software is blurring, even as he disclosed that software is infiltrating more and more technology products that used to function only by mechanical rules and analog signals.

“Different models of driverless cars are navigating themselves with sensors and software. This trend is not stopping. Hardware-based technology companies often find themselves falling behind their innovative software counterparts in identifying new value for customers. In more dramatic cases categories of hardware technology got replaced by software. No one still buys radio or CD players anymore.

“Thus, software is threatening to replace hardware-based networking. The “commoditisation trap” for hardware seems impossible to escape without a product strategy backed by software innovation hence over 70 per cent of the world economy has become services, and this percentage continues to grow worldwide,” Onweuegbuchi further posited.

As of 2020 the United States produced 79 per cent of its GDP in services, the co-founder averred, while revealing that majority of the companies in Africa are strategising to compete primarily on a service basis.

This approach referred to as Technology-as-a-Service (TaaS), which is the rising future for technology sectors, will be discussed at AfriTECH 3.0, scheduled to hold on the 8th of November 2023 in Lagos, with the theme: ‘Technology-as-a-Service (TaaS) in Emerging Economy,’  he stated.

“Hosted by TechCastle Foundation in collaboration with Techeconomy and partners, AfriTECH 3.0 is a unique engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating technology ecosystem in the African continent and globally.

“Key topics to be explored include TaaS-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation, Driving ‘TaaS’ Model through infrastructure deployment, leveraging subscription model to survive tough economic times, cloud computing, omnichannel communications for improved CX, Consumer protection, fraud and data privacy, etc,” he revealed.

Speaking on past editions, Onweuegbuchi averred that, past editions of AfriTECH were well attended by C-Suite executives, investors, innovators, senior government officials from within and outside the Continent, adding that, with over 1,500 participants and feedback on the events overwhelmingly positive, the 2023 edition is much anticipated.

“Africa Tech Alliance Forum Excellence Award (ATAEx Award) recognises the pivotal role of the technology ecosystem in the development of Africa’s economy. ATAEx award is merit centric for organisations and individuals that have contributed to the growth and development of the ICT industry in Africa.

“In its 3rd edition, this edition we are introducing an online voting process for stakeholders in the sector to select who deserves to be awarded in each category. You can visit the Africa Tech Alliance Excellence (ATAEx) awards and the Africa Tech Alliance Excellence (ATAEx) awards website to vote,” Onweuegbuchi added.