Artificial Intelligence (AI) refers to the technology, which simulates human intelligence in machines built to think like humans. AI can be applied to machines with traits associated with the human mind, such as decision-making and problem-solving. AI has several industrial applications, such as the production of plants with human supervision. AI helps in managing and analyzing data for decision-making. AI has the ability to perform an action that is best suited for a specific task to exhibit lucrative results.

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The key factor driving the growth of the Saudi Arabia AI market is the increasing adoption of advanced technologies to enhance their research & development activities by various industries such as retail, healthcare, defense, automotive, oil & gas, and manufacturing. AI makes historical data accessibility more reasonable to several sectors, while allowing government agencies & healthcare institutions to build unstructured data accessible to the research domain. With AI, researchers can access datasets more easily, from the historic rain trend to clinical imaging. AI helps researchers and scientists to innovate at a faster rate by providing access to rich datasets and advanced computing infrastructure.

There is a growing demand for AI in various industries such as healthcare, aerospace, automotive, and manufacturing due to the progress in Artificial Neural Networks (ANN). ANN extracts accurate and precise data by substitution of conventional machine learning systems. Single Shot Multibox Detector (SSD) and Generative Adversarial Networks (GAN) have provided techniques for digital image processing. This has increased the adoption of digital image processing in areas such as healthcare, security & surveillance, and transportation. All these factors surge the growth of the AI market in Saudi Arabia. Moreover, Saudi Arabia formed Saudi Data and Artificial Intelligence Authority (SDAIA) in 2019 to supervise AI strategies and initiatives to generate more revenue and surge Saudi Arabia’s economy. These initiatives are expected to accelerate the growth of the Saudi Arabia AI market.

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Based on the offering, the market is segmented into hardware, software, and services. The software segment is expected to grow at a higher CAGR over the forecast period. A high-end AI software includes superior processing power, parallel accessing capabilities, and advanced information capacity, which provides potential to end-use industries to generate lucrative benefits. The growing adoption of AI by several industries is attributed to the ability of AI to provide meaningful insights out of the data present. AI software solutions contain libraries for the deployment and designing of AI applications, including linear algebra, sparse matrices, inference, among others. These factors are responsible for the growth of the software segment in the Saudi Arabia AI market.

Based on the technology, Deep learning segment is anticipated to witness a faster CAGR over the forecast period. Deep learning helps in managing big data volumes with its data-driven applications such as content or speech recognition. Many enterprises are investing in research & development activities for the implementation of cloud-based platforms and on-premises hardware equipment to secure restoration of large data volumes. Machine learning involves cognitive applications such as clustering, hypothesis generation, filtering, alerting, visualization, and navigation. These factors improve the decision-making ability of several industries and upsurge the growth of the machine learning segment.

Based on end-user industry, The retail industry is projected to grow at a higher CAGR during the forecast period. This is due to the high adoption of AI technologies. Nowadays, customers demand more ease in shopping, facilitated by the increase in the use of the cloud-based platform and other AI technologies. This is propelling the growth of the retail segment in Saudi Arabia AI market.

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Key Developments: 

• • In 2020, NVIDIA announced the 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 partnered with HCL to help clients accelerate their digital transformation. It will help enterprises to transfer their workload to IBM public cloud.
  • In 2020, Oracle expanded its partnership with Microsoft and also formed a new cloud-based database infrastructure to benefit IT departments, supply chain managers, and corporate finance.

The Saudi Arabia AI market has been segmented on the basis of offering, technology, and end-user industry. Based on offering, the market is segmented into hardware, software, and services.  Based on technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Deep Learning, Machine Vision and Others. Based on end-user industry, the market is segmented into Healthcare, BFSI, Retail, Manufacturing, Automotive & Transportation, Agriculture, Media & Entertainment and Others.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia AI market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Saudi Arabia AI market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the technology areas of Saudi Arabia AI market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Saudi Arabia AI Market by Offering

• • Hardware
  • Software
  • Services

Saudi Arabia AI Market by Technology

• • Machine Learning
  • Natural Language Processing (NLP)
  • Deep Learning
  • Machine Vision
  • Others

Saudi Arabia AI Market by End-User Industry

• • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Automotive & Transportation
  • Agriculture
  • Media & Entertainment
  • Others