The Saudi Arabia AI Market is estimated to expand at a faster CAGR over the forecast period (2020-2027).
The factors driving growth of the Saudi Arabia AI Market includes Government initiatives to enhance regional connectivity and infrastructure, increasing deployment of 5G technology, growing use of Artificial Intelligence (AI) across end-use industries such as Healthcare, Aerospace and Automotive and improvements in the living standards. For instance, the Government investments in projects such as MENA HUB worth USD 1 billion to enhance the regional connectivity and infrastructure across Saudi Arabia, which is expected to accelerate the market growth in the approaching years. Moreover, growing adoption of digital image processing across security & surveillance, and transportation sectors, increasing number of smart cities across Saudi Arabia, increasing penetration of internet and digital technologies and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, strategic partnerships between companies and growing population growth rates, are further contributing towards the market growth.
Based on Offering, the Software segment is predicted to grow at a significant CAGR during the forecast period
Artificial Intelligence based software are used in applications such as linear algebra, sparse matrices, and inference, provides enhanced processing power and advanced information capacity, are some of the features pushing the segment’s growth.
Based on Technology, the Deep Learning segment is projected to grow at a higher CAGR over the forecast period
Deep learning-based technology is used in applications such as clustering, hypothesis generation and filtering, and enhances decision-making ability of several industries, are some of the factors propelling the segment’s growth.
Based on End-User Industry, the Retail segment is anticipated to expand at a remarkable CAGR during the forecast period
Artificial Intelligence is increasingly used in the retail industry because it enhances customer’s shopping experience. Rise in the volumes of digital data in the form of text, sound, and images from social media platforms, are augmenting the segment’s growth.
Key Developments
- In 2020, NVIDIA launched Jetson Nano 2GB Developer Kit, which provides the ideal hand-on platform learning, teaching, and developing AI & robotics applications. It gives a powerful and accessible way to get started with AI & robotics.
- In 2020, IBM entered into partnership with HCL to help clients accelerate their digital transformation. It will help enterprises to transfer their workload to IBM public cloud.
- In 2020, Oracle partnered with Microsoft and also formed a new cloud-based database infrastructure to benefit IT departments, supply chain managers, and corporate finance.
Market Segmentation
Segmentation by Offering
- Hardware
- Software
- Services
Segmentation by Technology
- Machine Learning
- Natural Language Processing (NLP)
- Deep Learning
- Machine Vision
- Others
Segmentation by End-User Industry
- Healthcare
- BFSI
- Retail
- Manufacturing
- Automotive & Transportation
- Agriculture
- Media & Entertainment
- Others
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