Deep technology refers to the sector of the technology industry that tackles complex challenges using technological solutions that are based on scientific or engineering precedents. It differs from “shallow tech" which relies more on mass production than research and development.
According to the IDSC, the sector is expected to grow at a compound rate of 21.8 percent to reach $3.8 billion in 2032.
The IDSC projects the robotics sector of the deep tech industry to grow at a compound rate of 21.4 percent of all demand on deep technology in the prediction period 2023-2032.
The rate of adoption of deep tech solutions by small and medium-sized companies was predicted by the IDSC to grow at a compound rate of 14.6 percent in the upcoming decade.
Adoption of deep tech solutions by the end-user in the healthcare sector is projected by the IDSC to grow at an annual rate of 17.2 percent.
Where does the Middle East stand?
The prevalence of deep tech is echoed in the Middle East, where 31 middle eastern companies have collectively invested $32.5 million in the sector in the nine months ending with September 2021.
Of these 31 companies, 10 are Egyptian, and 10 are Saudi. The most prominent investors being King Abdullah University of Science and Technology and Aramco, through its venture capital arm Waaed, according to the IDSC report.