Favourable government initiatives and ongoing research activities is expected to drive the Saudi Arabia artificial intelligence market throughout the forecast period
According to TechSci Research report, “Saudi Arabia Artificial Intelligence Market By Offering (Hardware, Software, Services) By Technology (Machine Learning; Natural Language Processing; Others) By Application (Surveillance, Cybersecurity, Marketing, Chatbots, Human Resource Management, Other) By End User (BFSI, Healthcare, Retail, IT & Telecom, Government, Others) By Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia artificial intelligence market is expected to grow at a steady rate during the forecast period. An increase in the adoption of artificial intelligence in the robotics industry to improve the performance and increase the efficiency of robots is expected to influence the artificial intelligence market. Saudi Arabia has granted citizenship to Sophia the humanoid robot and actively promotes the development of the robotics industry. Robotics requires artificial intelligence in deep learning models which uses artificial neural nets to process a large amount of data, images, texts, and sound for providing accurate results. The rise in the adoption of artificial intelligence by various end-user industries such as medical, agriculture, energy, aviation, among others for automation purposes to increase the efficiency and output from these prominent industries is contributing significantly to foster the artificial intelligence market growth.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. The demand for remote health monitoring rose dramatically as the patients avoided going out in order to contain the spread of novel coronavirus. The surge in demand for telemedicine which provides treatment and prescription to patients without visiting the healthcare facilities is contributing to the surge in the artificial intelligence market growth.
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However, the lack of skilled professionals is expected to create a hindrance in the growth of the Saudi Arabia artificial intelligence market.
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Saudi Arabia artificial intelligence market is segmented into offering, technology, application, end user, regional distribution, company. Based on offering, the market can be divided into hardware, software, and services. The software segment is expected to witness growth in the forecast period, 2022-2026. Ongoing developments in the artificial intelligence industry have influenced the advancements of information storage capacity, parallel processing capabilities, and high computing power which are improving the performance of the system. Based on technology, the market can be divided into machine learning, natural language processing, and others. The machine learning technology segment is expected to account for a major market share in the next five years. This technology is able to continuously improve by learning from the input provided to them and is capable to automate the process where they are implemented. Based on end user, the market can be divided into BFSI, healthcare, retail, IT & telecom, government, and others. The healthcare segment is expected to hold lion’s share in terms of revenue in the forecast period. The surge in the adoption of artificial intelligence in the healthcare industry which finds application in various end-user tasks in healthcare facilities including robot-assisted surgery, virtual nursing assistants, automated image diagnosis, hospital workflow management, among others is expected to fuel the demand for artificial intelligence in the next five years.
International Business Machines Corporation, Huawei Technologies Co., Ltd., Siemens AG, Microsoft Arabia, Oracle Corporation, Alphabet Inc., Intel Corporation, Samsung Saudi Arabia Company Limited, Advanced Micro Devices, NVIDIA Corporation, among others are some of the leading players operating in Saudi Arabia artificial intelligence market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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According to TechSci Research report, “Initiatives taken by leading authorities to ensure the transformation of cities in Saudi Arabia into smart cities to provide better communication, transportation, healthcare, electronic devices, and the automotive industry is expected to drive the demand for the artificial intelligence market. Upcoming major projects in Saudi Arabia including Saudi Vision 2030, Dubai Vision 2021, and New Kuwait Vision 2035 are expected to boost the demand for internet of things technology, big data analytics, cloud services which in turn is anticipated to propel the artificial intelligence market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Artificial Intelligence Market By Offering (Hardware, Software, Services) By Technology (Machine Learning; Natural Language Processing; Others) By Application (Surveillance, Cybersecurity, Marketing, Chatbots, Human Resource Management, Other) By End User (BFSI, Healthcare, Retail, IT & Telecom, Government, Others) By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia artificial intelligence market and provides statistics & information on market size, structure and future market growth. The report intends 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 in Saudi Arabia artificial intelligence market.
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