GCC Artificial Intelligence Market 2024, Size, Outlook, Key player Analysis and Forecast by 2032

The latest report by IMARC Group, titled "GCC Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032". The GCC artificial intelligence 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.

Artificial Intelligence (AI) refers to the simulation of human intelligence in computer systems. It involves the development of algorithms, software, and hardware that enable machines to perform tasks that typically require human intelligence. These tasks include problem-solving, learning from experience, understanding natural language, recognizing patterns, and making decisions. AI can be categorized into two main types: Narrow AI, also known as Weak AI, and General AI, also known as Strong AI. Narrow AI is designed to perform specific tasks, such as language translation or image recognition, and excels in those areas but needs a broader understanding and capabilities. General AI, on the other hand, possesses human-like intelligence and can perform any intellectual task that a human can. They are used to automate processes, enhance data analysis, develop predictive models, and create intelligent systems that can adapt and improve over time. At present, AI, including machine learning (ML) and deep learning, finds extensive applications in the healthcare, finance, automotive, and entertainment industries across the GCC countries.

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GCC Artificial Intelligence Market Trends and Drivers:

The GCC artificial intelligence market is primarily driven by the rising investments in AI technologies due to favorable government initiatives aimed at diversifying the economy and fostering innovation, making the GCC a fertile ground for AI startups and enterprises. Apart from this, the region's strong presence in sectors like healthcare, finance, and logistics has accelerated the adoption of AI for optimizing operations, enhancing customer experiences, and improving decision-making. Moreover, the growing digitalization of industries and the youth population's tech-savviness have augmented the demand for AI-powered solutions in areas like smart cities, cybersecurity, and automation. Besides this, the increasing adoption of AI-driven healthcare solutions and remote working technologies in the GCC amid the coronavirus (COVID-19) pandemic has catalyzed market growth. Other factors, including rising strategic partnerships with global tech firms, heightening investment in AI research and development (R&D), and the emergence of AI-focused educational programs, are also anticipated to drive the market further.

Report Segmentation:

The report has segmented the market into the following categories:

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

Competitors Landscape with 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)
Siemens Middle East Limited (Siemens Ag).

Explore Full Report with TOC: https://www.imarcgroup.com/gcc-artificial-intelligence-market

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.