Report Description

Forecast Period


Market Size (2023)

USD 205 Million

Market Size (2029)

USD 1224.56 Million

CAGR (2024-2029)


Fastest Growing Segment

Machine Learning

Largest Market


Market Overview

Saudi Arabia AI in Manufacturing Market has valued at USD 205 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 34.5% through 2029. The Saudi Arabian AI in manufacturing market showcases a promising trajectory, driven by a convergence of factors propelling technological advancements within the sector. With a strategic focus on diversification beyond oil-based industries, Saudi Arabia has embarked on an ambitious journey to leverage artificial intelligence (AI) in manufacturing. This transformative push is bolstered by substantial investments aimed at fostering innovation, streamlining operations, and enhancing productivity. The nation's robust infrastructure and government initiatives, such as the Saudi Vision 2030, have laid the groundwork for the integration of AI-powered solutions in manufacturing processes. Additionally, a burgeoning ecosystem of tech startups and collaborations with global industry leaders contributes to the rapid evolution of AI applications, encompassing predictive maintenance, autonomous systems, and data-driven decision-making. This concerted effort underscores Saudi Arabia's commitment to establishing itself as a frontrunner in AI-driven manufacturing, poised for sustained growth and competitiveness on the global stage.

Key Market Drivers

Government Initiatives and Investments

The foremost driver propelling the advancement of AI in Saudi Arabia's manufacturing sector is the unwavering support and strategic initiatives orchestrated by the government. Under the ambitious Saudi Vision 2030, diversification from oil-based revenue sources to a knowledge-based economy stands as a pivotal goal. Consequently, the government has allocated substantial funds and incentives to catalyze innovation and technological adoption across industries, including manufacturing. Programs like the National Industrial Development and Logistics Program (NIDLP) prioritize the integration of AI technologies to enhance efficiency, competitiveness, and sustainability within the manufacturing landscape. Moreover, initiatives such as the Saudi Data & Artificial Intelligence Authority (SDAIA) underscore the commitment to harnessing AI's transformative potential, fostering a conducive environment for research, development, and implementation of AI-driven solutions in manufacturing.

Industry 4.0 Adoption and Digital Transformation

The global paradigm shift towards Industry 4.0 principles, characterized by automation, connectivity, and data-driven decision-making, serves as a catalyst for Saudi Arabia's embrace of AI in manufacturing. The convergence of cyber-physical systems with AI-powered technologies revolutionizes traditional manufacturing processes, fostering smart factories and intelligent supply chains. Companies in Saudi Arabia are increasingly embracing digital transformation initiatives, leveraging AI algorithms, machine learning, and IoT devices to optimize production, minimize downtime through predictive maintenance, and enhance overall operational efficiency. This evolution towards interconnected, AI-driven manufacturing ecosystems aligns with the nation's aspirations for technological leadership and sustainable economic growth.

Strategic Partnerships and Collaborations

The collaborative landscape between Saudi Arabia and global tech leaders plays a pivotal role in accelerating AI adoption in manufacturing. Partnerships with multinational corporations and tech innovators facilitate knowledge exchange, technological transfer, and skill development. Joint ventures and research collaborations enable the integration of cutting-edge AI solutions tailored to address specific manufacturing challenges. These collaborations not only infuse Saudi Arabia's manufacturing sector with advanced AI capabilities but also foster a culture of innovation and continuous improvement, positioning the country as a hub for AI-driven manufacturing excellence.

Skilled Workforce and Talent Development

The development of a skilled workforce adept in AI technologies stands as a fundamental driver in propelling the AI revolution within Saudi Arabia's manufacturing domain. The government, educational institutions, and private enterprises are actively investing in educational programs, vocational training, and specialized courses focused on AI, machine learning, and robotics. This concerted effort aims to nurture a talent pool equipped with the requisite skills to conceptualize, implement, and maintain AI-integrated manufacturing systems. By fostering a culture of continuous learning and upskilling, Saudi Arabia is laying a robust foundation for sustainable AI-driven growth in manufacturing.

Rising Demand for Operational Efficiency and Sustainability

The surge in AI technology adoption within Saudi Arabia's manufacturing landscape finds its momentum in the relentless pursuit of operational efficiency, sustainability, and resource optimization. This upward trajectory is propelled by AI-powered solutions that introduce a spectrum of benefits, from predictive analytics to real-time monitoring and adaptive control mechanisms. These sophisticated tools play a pivotal role in reshaping manufacturing paradigms by optimizing energy consumption, curbing waste generation, and augmenting overall resource utilization. As global markets pivot towards sustainability as a linchpin of their operations, the integration of AI-driven strategies in manufacturing mirrors Saudi Arabia's steadfast commitment to sustainable development. This harmonious synergy not only cultivates a competitive edge but also echoes the nation's conscientious endeavor to minimize its ecological footprint. Through the deployment of AI technologies, Saudi Arabia's manufacturing sector is poised to navigate the evolving landscape while championing responsible practices that resonate with global trends towards environmental stewardship.

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Key Market Challenges

Infrastructure Readiness and Integration Complexity

One significant challenge in the adoption of AI in Saudi Arabia's manufacturing sector revolves around the readiness of existing infrastructure and the complexity of integrating advanced AI technologies into established systems. While the nation is making strides in technological advancements, some manufacturing facilities might lack the necessary infrastructure to seamlessly integrate AI solutions. Retrofitting legacy systems with AI-driven capabilities poses challenges, as it often requires substantial investments, modifications, and a phased approach to avoid disrupting ongoing operations. Additionally, interoperability concerns between different AI platforms, machinery, and software systems might arise, necessitating standardized protocols and robust connectivity frameworks. Ensuring a smooth integration process without compromising productivity or incurring excessive downtime remains a critical challenge for manufacturers in Saudi Arabia.

Data Privacy, Security, and Regulatory Compliance

The proliferation of AI in manufacturing generates vast amounts of data, raising concerns about data privacy, security, and compliance with stringent regulatory frameworks. Safeguarding sensitive manufacturing data, proprietary algorithms, and intellectual property rights against cyber threats and unauthorized access becomes paramount. Compliance with evolving data protection laws, both domestic and international, adds complexity to the implementation of AI solutions. Achieving a delicate balance between leveraging data for enhanced operational insights while ensuring compliance with data privacy regulations such as the GDPR or Saudi Arabia's data protection laws poses a considerable challenge. Manufacturers must invest in robust cybersecurity measures, encryption protocols, and data governance frameworks to mitigate risks and build trust in AI-driven manufacturing environments.

Skill Gaps and Workforce Transition

Another significant challenge confronting the AI in manufacturing landscape in Saudi Arabia is the shortage of a skilled workforce equipped with expertise in AI, machine learning, and advanced robotics. The rapid evolution of AI technologies necessitates a workforce capable of understanding, operating, and innovating within AI-integrated manufacturing environments. Bridging this skill gap requires concerted efforts from educational institutions, government initiatives, and industry collaborations to develop specialized training programs, certifications, and vocational courses focused on AI in manufacturing. Furthermore, facilitating the transition of the existing manufacturing workforce toward embracing AI technologies demands comprehensive retraining programs and change management strategies to ensure a smooth adaptation to AI-enabled workflows.

Costs and Return on Investment (ROI) Concerns

The upfront costs associated with implementing AI technologies in manufacturing pose a significant challenge for companies in Saudi Arabia. Investments in AI infrastructure, hardware, software licenses, and ongoing maintenance might present financial barriers, especially for small and medium-sized enterprises (SMEs). Calculating and demonstrating the tangible return on investment (ROI) of AI adoption becomes crucial to garner support for such transformative initiatives. Manufacturers often face challenges in quantifying the immediate financial benefits of AI implementation, particularly in terms of operational efficiency gains, reduced downtime, or enhanced product quality. Developing comprehensive ROI models, benchmarking performance metrics, and showcasing success stories becomes imperative to justify AI investments and encourage wider adoption within the Saudi Arabian manufacturing sector.

Key Market Trends

Rise of Autonomous Manufacturing Systems

A significant trend within Saudi Arabia's manufacturing sector is the increasing adoption of autonomous systems empowered by AI. The convergence of AI, robotics, and IoT technologies is paving the way for smart factories capable of autonomous decision-making and operations. These systems encompass a spectrum of functionalities, from autonomous robots handling repetitive tasks to self-optimizing production lines. Saudi Arabian manufacturers are embracing these innovations to enhance efficiency, minimize human intervention, and achieve higher productivity levels. The integration of AI-driven autonomous systems enables real-time monitoring, predictive maintenance, and adaptive control mechanisms, fostering a paradigm shift towards self-regulating manufacturing environments that optimize resource utilization and minimize downtime.

Predictive Maintenance and Equipment Optimization

Another notable trend is the increasing emphasis on predictive maintenance facilitated by AI-powered analytics and machine learning algorithms. Saudi Arabian manufacturers are leveraging AI to move from reactive or scheduled maintenance models to predictive maintenance strategies. By analyzing equipment sensor data and historical performance metrics, AI algorithms can forecast potential machinery failures before they occur, enabling proactive maintenance interventions. This approach minimizes unplanned downtime, reduces maintenance costs, and prolongs the lifespan of critical manufacturing assets. As a result, Saudi Arabian manufacturers are witnessing enhanced operational efficiency, improved equipment reliability, and optimized production schedules, contributing to overall cost savings and competitiveness.

Focus on AI-Driven Quality Control and Product Enhancement

The integration of AI technologies for quality control and product enhancement represents a compelling trend in Saudi Arabia's manufacturing landscape. AI-powered computer vision systems, coupled with machine learning algorithms, enable real-time defect detection, quality assessment, and process optimization across production lines. Manufacturers are deploying AI-driven inspection systems capable of identifying defects, anomalies, or deviations in products with unprecedented accuracy and speed. This trend not only ensures superior product quality but also streamlines manufacturing processes, reduces waste, and enhances overall customer satisfaction by delivering consistently high-quality products.

Expansion of AI-Enabled Supply Chain Management

The incorporation of AI into supply chain management is a burgeoning trend reshaping manufacturing practices in Saudi Arabia. AI-driven supply chain solutions offer predictive analytics, demand forecasting, and inventory optimization capabilities, enabling manufacturers to optimize inventory levels, mitigate supply chain disruptions, and enhance logistics efficiency. By leveraging AI algorithms that analyze vast amounts of data from multiple sources, including historical sales data, market trends, and supplier performance metrics, manufacturers in Saudi Arabia gain actionable insights for agile decision-making, ensuring smoother operations and improved responsiveness to market dynamics.

Customization and Personalization through AI-driven Manufacturing

Personalization and customization of products to meet individual customer preferences represent an emerging trend in Saudi Arabia's AI-driven manufacturing landscape. AI technologies facilitate the customization of products at scale by analyzing consumer data, behavior patterns, and feedback to tailor offerings to specific customer needs. Manufacturers employ AI algorithms to optimize production processes, enabling efficient customization without compromising economies of scale. This trend aligns with the evolving consumer demands for unique, personalized products, fostering increased customer engagement, brand loyalty, and a competitive edge for Saudi Arabian manufacturers in the global market.

Segmental Insights

Offering Insights

The software segment emerged as the dominant force within the Saudi Arabia AI in Manufacturing Market and is anticipated to sustain its preeminence throughout the forecast period. The surge in software dominance can be attributed to several key factors driving the adoption of AI in manufacturing processes across the nation. Software solutions in AI encompass a wide array of offerings, including AI platforms, algorithms, and applications tailored specifically for manufacturing environments. These software solutions facilitate data analytics, machine learning, predictive modeling, and automation, enabling manufacturers to optimize operations, enhance decision-making, and drive efficiencies throughout their production processes. The software segment's dominance is further propelled by the escalating demand for AI-powered analytics and insights, essential for enabling predictive maintenance, quality control, supply chain optimization, and real-time monitoring in manufacturing operations.

The flexibility and scalability offered by AI software solutions make them increasingly attractive to manufacturers seeking adaptable and customizable tools to address diverse operational challenges. As Saudi Arabia's manufacturing sector continues to embrace digital transformation and Industry 4.0 principles, the software segment remains pivotal in providing the technological backbone necessary for driving innovation, streamlining processes, and maintaining a competitive edge in the evolving landscape of AI-driven manufacturing. The continued advancements in AI algorithms, augmented analytics, and cloud-based software solutions further reinforce the dominance of the software segment, indicating its sustained prominence and pivotal role in shaping the future of AI adoption within Saudi Arabia's manufacturing domain.

Application Insights

Predictive maintenance and machinery inspection emerged as the dominant application segment within the Saudi Arabia AI in Manufacturing Market and is anticipated to sustain its leadership throughout the forecast period. The prominence of predictive maintenance and machinery inspection applications is rooted in their pivotal role in optimizing operational efficiency, ensuring equipment reliability, and minimizing downtime for Saudi Arabian manufacturers. AI-powered predictive maintenance solutions leverage machine learning algorithms to analyze equipment sensor data, historical performance metrics, and patterns to forecast potential machinery failures before they occur. This proactive approach enables manufacturers to schedule maintenance activities strategically, preventing unexpected breakdowns and reducing costly downtime. Moreover, the integration of AI-driven machinery inspection systems equipped with computer vision capabilities allows for real-time defect detection, quality assessment, and process optimization across production lines. By harnessing AI technologies for predictive maintenance and machinery inspection, Saudi Arabian manufacturers bolster their competitiveness by enhancing productivity, prolonging equipment lifespan, and ensuring consistent product quality. As the manufacturing sector in Saudi Arabia continues its trajectory towards automation and Industry 4.0 adoption, the sustained emphasis on predictive maintenance and machinery inspection applications underscores their indispensable role in driving operational excellence and efficiency within the manufacturing landscape.

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Regional Insights

Riyadh emerged as the dominant region within the Saudi Arabia AI in Manufacturing Market and is anticipated to maintain its supremacy throughout the forecast period. Riyadh's prominence in the AI in manufacturing landscape is attributed to several key factors contributing to its leadership position. As the capital and largest city in Saudi Arabia, Riyadh serves as a hub for technological innovation, economic development, and government initiatives driving AI adoption in manufacturing. The region benefits from extensive government support and investment in fostering technological advancements, aligning with the broader goals outlined in Saudi Vision 2030. Riyadh's strategic positioning as a center for business and industry facilitates collaborations between government entities, research institutions, and private enterprises, fostering an ecosystem conducive to AI innovation and implementation in manufacturing. Moreover, Riyadh houses a significant concentration of manufacturing facilities, allowing for a robust uptake of AI technologies across diverse sectors, including automotive, electronics, and food processing. The region's proactive approach toward digital transformation, coupled with a burgeoning entrepreneurial ecosystem and access to skilled talent pools, further consolidates Riyadh's position as the epicenter of AI-driven manufacturing advancements in Saudi Arabia. As the demand for AI-driven solutions continues to escalate across manufacturing verticals, Riyadh's comprehensive infrastructure, supportive business environment, and technological readiness are poised to sustain its dominance, driving the continued evolution and growth of the AI in manufacturing market in Saudi Arabia.

Recent Developments

  • In November 2022, IBM unveiled new software aimed at enabling enterprises to dismantle data and analytics silos, thereby facilitating rapid, data-driven decision-making and enhancing their ability to manage unpredictable disruptions. The IBM Business Analytics Enterprise suite offers a comprehensive range of business intelligence tools, including planning, budgeting, reporting, forecasting, and dashboard capabilities. This suite provides users with an integrated, comprehensive view of data sources across the entire organization, empowering them with the insights needed to drive strategic decisions and operational efficiency.
  • In March 2024, Saudi Aramco has introduced the industry's inaugural generative AI model, marking a significant milestone in technological advancement. This innovative model utilizes artificial intelligence to generate solutions and insights autonomously, revolutionizing decision-making processes across the energy sector. By harnessing generative AI, Saudi Aramco aims to enhance efficiency, optimize operations, and drive sustainable growth. This initiative underscores Saudi Aramco's commitment to innovation and leadership in integrating cutting-edge technologies to address complex challenges and propel the industry forward into a new era of data-driven intelligence and operational excellence.

Key Market Players

  • International Business Machines Corporation (IBM)
  • SAP SE
  • Rockwell Automation, Inc.
  • Google LLC
  • NVIDIA Corporation.
  •, Inc.
  • Microsoft Corporation
  • Mitsubishi Electric Corporation.

 By Offering

By Technology

By Application

By Industry

By Region

  • Hardware
  • Services
  • Software
  • Computer Vision
  • Machine Learning
  • Natural Language Processing
  • Process Control
  • Production Planning
  • Predictive Maintenance & Machinery Inspection
  • Automotive
  • Medical Devices
  • Semiconductor & Electronics
  • Riyadh
  • Makkah
  • Madinah
  • Jeddah
  • Tabuk
  • Eastern Province
  • Rest of Saudi Arabia

Report Scope:

In this report, the Saudi Arabia AI in Manufacturing Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Saudi Arabia AI in Manufacturing Market, By Offering:

o   Hardware

o   Services

o   Software

  • Saudi Arabia AI in Manufacturing Market, By Technology:

o   Computer Vision

o   Machine Learning

o   Natural Language Processing

  • Saudi Arabia AI in Manufacturing Market, By Application:

o   Process Control

o   Production Planning

o   Predictive Maintenance & Machinery Inspection  

  • Saudi Arabia AI in Manufacturing Market, By Industry:

o   Automotive

o   Medical Devices

o   Semiconductor & Electronics

  • Saudi Arabia AI in Manufacturing Market, By Region:

o   Riyadh

o   Makkah

o   Madinah

o   Jeddah

o   Tabuk

o   Eastern Province

o   Rest of Saudi Arabia

  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia AI in Manufacturing Market.

Available Customizations:

Saudi Arabia AI in Manufacturing Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Saudi Arabia AI in Manufacturing Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.       Product Overview

1.1.   Market Definition

1.2.   Scope of the Market

1.2.1.        Markets Covered

1.2.2.        Years Considered for Study

1.2.3.        Key Market Segmentations

2.       Research Methodology

2.1.   Objective of the Study

2.2.   Baseline Methodology

2.3.   Formulation of the Scope

2.4.   Assumptions and Limitations

2.5.   Sources of Research

2.5.1.        Secondary Research

2.5.2.        Primary Research

2.6.   Approach for the Market Study

2.6.1.        The Bottom-Up Approach

2.6.2.        The Top-Down Approach

2.7.   Methodology Followed for Calculation of Market Size & Market Shares

2.8.   Forecasting Methodology

2.8.1.        Data Triangulation & Validation

3.       Executive Summary

4.       Impact of COVID-19 on Saudi Arabia AI in Manufacturing Market

5.       Voice of Customer

6.       Saudi Arabia AI in Manufacturing Market Overview

7.       Saudi Arabia AI in Manufacturing Filters Market Outlook

7.1.   Market Size & Forecast

7.1.1.        By Value

7.2.   Market Share & Forecast

7.2.1.        By Offering (Hardware, Software, and Services)

7.2.2.        By Technology (Computer Vision, Machine Learning, Natural Language Processing)

7.2.3.        By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection)

7.2.4.        By Industry (Automotive, Medical Devices, Semiconductor & Electronics)

7.2.5.        By Region (Riyadh, Makkah, Madinah, Jeddah, Tabuk, Eastern Province, Rest of Saudi Arabia)

7.3.   By Company (2023)

7.4.   Market Map

8.       Riyadh AI in Manufacturing Market Outlook

8.1.   Market Size & Forecast

8.1.1.        By Value

8.2.   Market Share & Forecast

8.2.1.        By Offering

8.2.2.        By Technology

8.2.3.        By Application

8.2.4.        By Industry

9.       Makkah AI in Manufacturing Market Outlook

9.1.   Market Size & Forecast

9.1.1.        By Value

9.2.   Market Share & Forecast

9.2.1.        By Offering

9.2.2.        By Technology

9.2.3.        By Application

9.2.4.        By Industry

10.     Madinah AI in Manufacturing Market Outlook

10.1.Market Size & Forecast

10.1.1.     By Value

10.2.Market Share & Forecast

10.2.1.     By Offering

10.2.2.     By Technology

10.2.3.     By Application

10.2.4.     By Industry

11.     Jeddah AI in Manufacturing Market Outlook

11.1.Market Size & Forecast

11.1.1.     By Value

11.2.Market Share & Forecast

11.2.1.     By Offering

11.2.2.     By Technology

11.2.3.     By Application

11.2.4.     By Industry

12.     Tabuk AI in Manufacturing Market Outlook

12.1.Market Size & Forecast

12.1.1.     By Value

12.2.Market Share & Forecast

12.2.1.     By Offering

12.2.2.     By Technology

12.2.3.     By Application

12.2.4.     By Industry

13.     Eastern Province AI in Manufacturing Market Outlook

13.1.Market Size & Forecast

13.1.1.     By Value

13.2.Market Share & Forecast

13.2.1.     By Offering

13.2.2.     By Technology

13.2.3.     By Application

13.2.4.     By Industry

14.     Rest of Saudi Arabia AI in Manufacturing Market Outlook

14.1.Market Size & Forecast

14.1.1.     By Value

14.2.Market Share & Forecast

14.2.1.     By Offering

14.2.2.     By Technology

14.2.3.     By Application

14.2.4.     By Industry






15.     Market Dynamics



16.     Market Trends and Developments

17.     Company Profiles

17.1.International Business Machines Corporation (IBM)

17.1.1.     Business Overview

17.1.2.     Key Revenue and Financials  

17.1.3.     Recent Developments

17.1.4.     Key Personnel/Key Contact Person

17.1.5.     Key Product/Services Offered

17.2.SAP SE

17.2.1.     Business Overview

17.2.2.     Key Revenue and Financials  

17.2.3.     Recent Developments

17.2.4.     Key Personnel/Key Contact Person

17.2.5.     Key Product/Services Offered

17.3.Rockwell Automation, Inc.

17.3.1.     Business Overview

17.3.2.     Key Revenue and Financials  

17.3.3.     Recent Developments

17.3.4.     Key Personnel/Key Contact Person

17.3.5.     Key Product/Services Offered

17.4.Google LLC

17.4.1.     Business Overview

17.4.2.     Key Revenue and Financials  

17.4.3.     Recent Developments

17.4.4.     Key Personnel/Key Contact Person

17.4.5.     Key Product/Services Offered

17.5.NVIDIA Corporation.

17.5.1.     Business Overview

17.5.2.     Key Revenue and Financials  

17.5.3.     Recent Developments

17.5.4.     Key Personnel/Key Contact Person

17.5.5.     Key Product/Services Offered, Inc.

17.6.1.     Business Overview

17.6.2.     Key Revenue and Financials  

17.6.3.     Recent Developments

17.6.4.     Key Personnel/Key Contact Person

17.6.5.     Key Product/Services Offered

17.7.Microsoft Corporation

17.7.1.     Business Overview

17.7.2.     Key Revenue and Financials  

17.7.3.     Recent Developments

17.7.4.     Key Personnel/Key Contact Person

17.7.5.     Key Product/Services Offered

17.8.Mitsubishi Electric Corporation.

17.8.1.     Business Overview

17.8.2.     Key Revenue and Financials  

17.8.3.     Recent Developments

17.8.4.     Key Personnel/Key Contact Person

17.8.5.     Key Product/Services Offered

18.     Strategic Recommendations

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the Saudi Arabia AI in Manufacturing Market was USD 205 million in 2023.


In 2023, predictive maintenance and machinery inspection emerged as the leading application segment in the Saudi Arabia AI in Manufacturing market, highlighting its critical role in enhancing operational efficiency and reducing downtime through advanced analytics and automation.


Riyadh stands out as the dominant region in the Saudi Arabia AI in Manufacturing Market, driven by its concentration of industrial facilities, government initiatives promoting technology adoption, and strategic investments in AI-driven manufacturing solutions.


The major drivers for the Saudi Arabia AI in Manufacturing Market include government initiatives like Saudi Vision 2030, Industry 4.0 adoption, strategic partnerships, skilled workforce development, and the demand for operational efficiency.


Sakshi Bajaal

Business Consultant
Press Release

Saudi Arabia AI in Manufacturing Market is expected to grow at a robust CAGR

Jul, 2024

Saudi Arabia AI in manufacturing market is growing due to increased investment in automation, efficiency enhancement, and the push for Industry 4.0 adoption during the forecast period 2025-2029F