GCC Artificial Intelligence (AI) Market Key Players, and Forecast to 2026
GCC is evolving rapidly and observing a drastic modification with AI technologies, especially in countries like the UAE and Saudi Arabia. The growing number of internet users and connected devices are driving the market growth of AI in this region. Governments in the GCC region are pushing the AI agenda to become a global leader in the technology along with increasing investments by the government and private sector, which is paving the way for AI during the forecast period. For instance, in Oct 2017, the UAE Government launched the UAE Strategy for AI to boost productivity and performance, especially in the field of education, transportation, energy, and technology. Several multinational companies are acquiring artificial intelligence start-ups resulting in an expansion in investments in the field of AI. Increasing consumer demand for higher-quality and personalized AI-enhanced products and services will further fuel the market growth of AI in GCC. In addition, rising investments in smart cities are leading to the demand for AI in the market. In Oct 2017, Saudi Arabia government announced an investment of $500 billion in megacity project “NEOM” in the county, the technologies involved in this project are AI, big data, and IoT. However, stringent government policy for data security and the unreliability of AI algorithms are hampering the market growth.
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Various notable players in the GCC AI market include Microsoft Corporation, Google LLC, IBM Corporation, Intel Corporation, Facebook, Inc., NVIDIA Corporation, Qualcomm International, Inc, Fusion Informatics Limited, Stallion.ai, Accubits Technologies (UAE), CogTalk and among others.
The GCC AI market has been segmented based on offering, technology, and end-user. Based on the offering market is categorized into hardware, software, and services. On the basis of technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Deep Learning, Machine Vision, and others. Based on the application market is segmented into Indoor and Outdoor. Based on the end-user, the market is categorized into Healthcare, BFSI, Retail, Manufacturing, Automotive & Transportation, Agriculture, Manufacturing, Media & Entertainment, and Others.
Author Signature :
Ricky Sheikh, GMI Research