Posted by GCC Artificial Intelligence Market Overview 2024-2032
The latest report by IMARC Group, titled “GCC Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the GCC artificial intelligence market share. The market size reached US$ 7.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2032, exhibiting a growth rate (CAGR) of 13.88% during 2024-2032.
The growth of the Artificial Intelligence (AI) industry in the Gulf Cooperation Council (GCC) region is influenced by several factors that collectively shape its trajectory. These factors are crucial in determining the direction and pace of AI industry growth in the GCC. Government support and initiatives play a pivotal role in driving the growth of the AI industry in the GCC. Countries in the region, such as the United Arab Emirates and Saudi Arabia, have launched comprehensive national AI strategies and invested significantly in AI infrastructure, research and development, and AI education and training programs.
The availability of investment and funding opportunities is a fundamental factor in fostering the growth of the AI industry in the GCC. Increased investment from both public and private sectors, as well as venture capital firms, accelerates research, development, and commercialization of AI technologies, applications, and startups in the region. The presence of a skilled workforce and the attraction and retention of AI talent are critical factors influencing industry growth. Efforts to develop local AI talent, in addition to attracting international expertise, are essential for building a sustainable and vibrant AI ecosystem in the region. The regulatory framework governing AI technologies, data privacy, and intellectual property rights significantly impacts industry growth.
Clear and supportive regulations provide a conducive environment for AI development, deployment, and adoption in the GCC. Collaboration and partnerships between the public and private sectors, academia, and industry players foster innovation and the application of AI across various sectors, including healthcare, finance, transportation, and energy, among others. Cross-sector collaboration plays a crucial role in driving AI industry growth in the region.
GCC Artificial Intelligence Market Trends and Drivers:
In 2024, the Artificial Intelligence (AI) market in the Gulf Cooperation Council (GCC) is expected to experience notable trends. Governments across the GCC are likely to continue their support for AI initiatives, with a focus on national AI strategies, investment in AI infrastructure, and fostering AI-driven economic growth. Various industries, including healthcare, finance, manufacturing, and smart city development, are anticipated to increasingly integrate AI technologies to enhance efficiency, decision-making, and customer experiences. Efforts to cultivate a skilled AI workforce within the GCC will likely intensify, with a focus on education, training, and attracting international AI talent to support the region’s growing AI ecosystem. The implementation of ethical AI frameworks and considerations for responsible AI deployment is expected to gain prominence, addressing issues surrounding AI ethics, privacy, and transparency. The GCC region is expected to witness the emergence of AI startups, supported by increased venture capital funding and a conducive startup ecosystem, driving innovation and diversity in AI applications. These trends collectively reflect a growing and dynamic AI landscape in the GCC, propelled by government support, industry momentum, talent development, ethical considerations, and entrepreneurial endeavors.
GCC Artificial Intelligence Market 2024-2032 Analysis and Segmentation:
Top Key players: – Accubits Technologies, Amazon Web Services, Inc.(Amazon.com Inc.), Cogtalk, Facebook Inc, Fusion Informatics Limited, Google LLC (Alphabet Inc.), Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd, SAP Middle East & North Africa LLC (SAP SE) and Siemens Middle East Limited (Siemens Ag)
The report segmented the market on the basis of country, type, solutions, system, technology and end use industry.
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Solutions:
- Hardware
- Software
- Service
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by Technology:
- Natural Language Processing
- Machine Learning
- Computer Vision
- Context-Aware Computing
- Others
Breakup by End Use Industry:
- Banking, Financial Services and Insurance (BFSI)
- Technology, Media and Telecommunication
- Transportation and Logistics
- Energy, Mining and Utilities
- Retail and Wholesale Trade
- Construction and Manufacturing
- Education and Healthcare
- Others
Breakup by Country:
- United Arab Emirates
- Saudi Arabia
- Oman
- Qatar
- Kuwait
- Bahrain
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024- 2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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