Saudi Arabia Artificial Intelligence Market is expected to register a high CAGR through 2028 owing to rising shift towards online platforms
Rise in usage of ID wallet
solutions to drive the Saudi Arabia Artificial Intelligence market.
According to TechSci Research
report, “Saudi Arabia Artificial Intelligence Market - By Region,
Competition Forecast & Opportunities, 2018-2028,” Saudi Arabia
Artificial Intelligence Market is expected to grow at a faster pace in the
forecast period as Saudi Arabia is among the countries with the highest
adoption of AI in the manufacturing sector.
Saudi Arabia's manufacturing
industry is anticipated to grow significantly during the coming years, notably
in the technological sector, both locally and internationally. Efficiency has
always been crucial to the industrial sector's success and is only getting more
so now. Due to this, a large number of enterprises have implemented smart
technology or are at least strongly contemplating doing so.
Moreover, in order to increase
smart manufacturing activities, businesses are already integrating robotics and
cutting-edge technologies into their production lines. As robots learn to
analyze data and communicate with each other and their human co-workers,
factories are becoming more automated, self-monitoring, and self-correcting.
Future industrial robots are anticipated to operate autonomously and
communicate seamlessly with the whole supply chain using AI and machine
learning. Businesses in Saudi Arabia are very interested in AI from a strategic
standpoint. Saudi businesses are preparing to advance by utilizing AI
technology and stepping up their AI agenda.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Saudi Arabia Artificial Intelligence Market”
The Saudi Arabia Artificial
Intelligence Market is divided into Component, Technology, Enterprise Size,
Industry Vertical, Region and Competitive Landscape. Based on Component the
market is divided into Hardware, Software, Solution. Based on Technology the
market is segmented into Natural Language Processing (NLP), Context-aware
Computing, Computer Vision, Machine Learning, Others. Based on application the
market is segmented into Surveillance, Cybersecurity, Marketing, Chatbots,
Human Resource Management, Others. Based on enterprise size, the market is
segmented into SMEs, Large Enterprises. Based on Industry Vertical, the market
is segmented into IT and Telecom, Retail, Public and Government Institutions,
BFSI. In terms of regional analysis, the Saudi Arabia Artificial Intelligence
Market is segmented into Eastern, Northern & Central, Western, and
Southern. The Central Region is dominant as most of the market players are
present in this region.
In terms of component, Saudi
Arabia's artificial intelligence market's hardware segment is one of the
fastest expanding. Applications that use artificial intelligence need a lot of
memory because deep neural networks' computational layers transmit input data
to thousands of cores very quickly. Compared to when semiconductors were
employed for non-AI applications, the demand for semiconductors increased
five-fold as artificial intelligence became more prevalent. The top market
players are developing gear designed specifically for AI. For instance,
Google's Tensor Processing Units (TPU) cost only a quarter as much to train a
comparable model on AWS and are delivered via the cloud.
In terms of enterprise size, the
large enterprises market for Artificial Intelligence in Saudi Arabia generated
the greatest share in 2022. This section focuses on major end customers with
significant infrastructure, expensive capital, personnel, and raw material
requirements, as well as income beyond a particular level. These businesses
employ digital identity systems to streamline operations and enhance customer
satisfaction. Large businesses typically choose on-premises digital identity
systems since they have the system's infrastructure. Moreover, a key element in
this segment's growth is the increasing number of large corporate units that
are opening in Saudi Arabia.
A recent development in
artificial intelligence that is among the most fascinating is machine learning.
Any kind of computer program that can learn on its own without needing to be
explicitly programmed by a person is referred to as machine learning. Without
explicit programming, machine learning enables computers to develop
intelligence comparable to that of humans. Deep learning, reinforcement
learning, unsupervised learning, and supervised learning are further categories
for machine learning. Machine learning systems may now be trained on a larger
set of instances thanks to increased data availability, and their analytical
skills are assisted by rising computer processing power. Additionally,
algorithmic improvements within the industry itself have increased the potency
of machine learning.
Saudi Arabia inked a contract in
November 2022 to assist economic growth through data and AI. Using artificial
intelligence (AI) and data to help policymaking and economic growth is the
subject of a preliminary agreement signed by the Saudi Data & AI Authority
(SDAIA) and the Saudi Arabian Ministry of Economy and Planning. The agreement
will allow for greater strategic collaboration in important areas, such as
developing metrics to evaluate the impact and effectiveness of social and
economic programs in the kingdom.
Key market players in the Saudi
Arabia Artificial Intelligence Market include:
- Huawei Technologies Co., Ltd.
- Siemens AG
- Microsoft Arabia
- Oracle Corporation
- Alphabet Inc.
- Intel Corporation
- Samsung Saudi Arabia Company Limited
- Advanced Micro Devices
- NVIDIA Corporation
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“Due to supportive regulations,
government funding, and initiatives, Saudi Arabia has evolved into a digital
hub and a supplier in the transition to 5G. For instance, STC launched Mena
HUB, a USD 1 billion investment in infrastructure and connectivity for the area
to support Saudi Arabia's rapidly expanding digital and cloud sector,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia Artificial
Intelligence Market By Component (Hardware, Software, Solution), By Technology
(Natural Language Processing (NLP), Context-aware Computing, Computer Vision,
Machine Learning, and Others), By Application (Surveillance, Cybersecurity,
Marketing, Chatbots, Human Resource Management, and Others), By Enterprise Size
(SMEs, Large Enterprises), By Industry Vertical (IT and Telecom, Retail, Public
and Government Institutions, BFSI), By Region, Competition Forecast &,
Opportunities, 2018-2028,” has evaluated the future growth potential of
Saudi Arabia Artificial Intelligence Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Saudi Arabia Artificial Intelligence Market.
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