The market’s tectonic shift

Artificial intelligence is no longer a supporting player in tech, it is fast becoming the central force in a global technology market that is set to explode, valued at $2.5 trillion in 2023, it is projected to reach $16.4 trillion by 2033, according to UNCTAD. At the center of this sixfold surge is artificial intelligence (AI), set to jump from just 7 percent of the market in 2023 to 29 percent, or $4.8 trillion, within the decade.

This transformation is not just playing out in Silicon Valley or Shenzhen, it’s already reshaping how businesses operate in Lagos, Nairobi, Mumbai, and São Paulo.

Artificial intelligence: from peripheral to powerhouse

AI is evolving from an add-on technology into the backbone of competitive advantage. Its ability to predict consumer behavior, personalize offerings, and drive automation explains its meteoric rise. In healthcare, AI is accelerating diagnoses; in finance, it’s redefining risk management; and in retail, it’s optimizing supply chains.

In emerging markets, the impact is even more pronounced. Picture a retailer in Lagos using AI to anticipate which goods will sell out during the rainy season, or a farmer in Nairobi boosting yields with AI-driven insights. Yet only 30 percent of developing nations have a national AI strategy, compared to two-thirds of developed economies. Without localized intelligence, many risk falling behind. That’s where Rwazi bridges the divide, equipping businesses in Africa, Latin America, and Asia with actionable data to compete globally.

IoT: from market leader to enabler

The Internet of Things dominated 2023 with 36 percent of the frontier tech market. By 2033, its share will nearly halve to 19 percent, but the market will still expand in absolute terms, projected to hit $356 billion.

In practice, IoT remains indispensable, especially when fused with AI. In India, connected supply chains already rely on sensors to track goods; in rural Kenya, soil-monitoring devices are helping farmers optimize irrigation. Rwazi adds another layer by mapping how consumers interact with these IoT-enabled products, helping businesses refine delivery models and tailor services to demand.

Blockchain: the trust revolution

Blockchain is surging from negligible adoption to a projected 14 percent of the frontier tech market by 2033. Its appeal is simple; trust and transparency. In fintech, it’s combating fraud; in supply chains, it’s proving authenticity.

In Uganda, coffee growers can secure premium prices by proving the origin of their beans through blockchain. In Nigeria, fintech startups are using blockchain to build consumer confidence in financial services. Rwazi’s localized data identifies where consumer demand for transparency is strongest, guiding businesses toward blockchain adoption strategies that resonate with real-world needs.

EVs and solar PV: growth meets commoditization

Electric vehicles and solar PV are expanding fast, EVs alone are projected to grow from $255 billion in 2024 to over $2 trillion by 2034. But while absolute growth is strong, their share of the frontier tech pie is shrinking as these technologies mature into commodities.

For businesses in emerging markets, that maturity presents both opportunities and risks. Cities like Lagos and Bogotá are hungry for affordable, sustainable transport, while solar PV adoption is rising in Sub-Saharan Africa’s sun-rich regions. Rwazi’s insights help companies cut through the hype, revealing where consumer appetite is strongest and what factors price, accessibility, reliability, drive adoption.

What this means for business leaders

The coming decade will not be defined by who builds the most devices, but by who builds the most intelligence into them. Companies that integrate AI into decision-making will set the pace. Those who connect IoT with real-time consumer insights will unlock new efficiencies. Blockchain adopters will earn trust in volatile markets. And businesses that pair green technology with intelligence will avoid commoditization.

For business leaders in emerging markets, the stakes are clear: the $16.4 trillion frontier tech boom is both an opportunity and a test. At Rwazi, our mission is to help companies bridge the data divide, leveraging real-time insights to stay competitive in a world where intelligence, not scale, defines success.