- ARAB NEWS
- 25 Apr 2024
Since 1975
RIYADH: The artificial intelligence market in the Middle East and North Africa region is expected to grow from $500 million in 2020 to $8.4 billion by 2026, according to a new report.
The findings by firm Research and Markets suggests that the market for the advanced technology in the region will witness a compound annual growth rate of 47.8 percent, with Saudi Arabia and the UAE leading from the front.
According to the report, the value of the artificial intelligence market in the UAE alone will reach $1.9 billion by 2026, representing 36.2 percent growth.
Business leaders in the Middle East region also consider AI crucial in the coming years for their operational growth. According to a study conducted by global consultancy firm Proviti Middle East, more than 80 percent of CEOs in the region believe the technology is critical to the future of their businesses, and over 70 percent of them are investing in the booming sector.
Understanding the potential of AI, Saudi Arabia is heavily investing in the industry, as the Kingdom’s sovereign wealth fund announced in 2019 a $500 billion investment in AI and other emerging technologies over the next decade.
The Kingdom has also launched several initiatives, including the establishment of the Saudi Arabian Data and Artificial Intelligence Authority and the National Data Management Office, to accelerate the implementation of AI in the Kingdom’s various sectors.
The UAE is also boosting its involvement in the technology, and has launched the National Artificial Intelligence Strategy 2031, with its focus on attracting talent for jobs of the future, funding research and innovation hubs, and developing appropriate infrastructure and data ecosystems along with a balanced legislative environment.
As nations and companies across the world steadily embrace AI, a recent report from investment bank Goldman Sachs suggested it could take the place of 300 million full-time jobs around the world.
