GCC Artificial Intelligence Market Size, Industry Trends, Segmentation and Forecast Analysis 2024-2032

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.

Factors Affecting the Growth of the GCC Artificial Intelligence Industry:

• Introduction of Government Initiatives and Investments:

Governments in the region have recognized artificial intelligence (AI) as a critical tool for economic transformation and are accordingly channeling resources towards its development. Their strategy involves not only the integration of AI in public services but also in stimulating private sector engagement in AI research and development (R&D). Furthermore, several countries are outlining their plans for AI integration across key sectors such as transport, health, space, and renewable energy. These government-led initiatives provide a strategic direction and financial support for AI projects, encouraging both local and international companies to invest in the region. Moreover, the establishment of AI-specific governmental bodies and councils, which facilitates the implementation of these strategies, ensuring a structured and focused approach towards AI development, is supporting the market growth.

• Ongoing Economic Diversification:

The GCC countries are actively seeking to diversify their economies to reduce oil dependency and achieve sustainable growth. AI plays a central role in this transformation by enhancing efficiency, innovation, and competitiveness in various non-oil sectors such as healthcare, finance, retail, and tourism. In line with this, AI is being widely used for disease diagnosis, personalized medicine, fraud detection, and risk management. This transition to AI-enabled industries is not only creating a demand for AI solutions but also fostering a new technological ecosystem within the region. It encourages the development of local AI startups and attracts foreign AI enterprises, creating a vibrant market. Moreover, the diversification into AI-driven sectors is seen as a strategic move to future-proof the economies against oil market fluctuations and to participate actively in the global digital economy.

• Technological Advancements:

The GCC countries have made substantial investments in building advanced digital infrastructures characterized by high internet penetration rates, state-of-the-art telecom networks, and widespread adoption of digital technologies. This robust infrastructure is crucial for the development and implementation of AI technologies. It ensures that both businesses and consumers have access to the necessary digital platforms and tools to adopt AI solutions effectively. Furthermore, the presence of a strong digital backbone facilitates data collection and analysis, cloud computing, and connectivity, which are essential components for AI applications. Furthermore, the region's focus on smart cities, exemplifying the integration of AI into urban development, is fueling the market growth.

Leading Companies Operating in the GCC Artificial Intelligence Industry:

• 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).

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/gcc-artificial-intelligence-market/requestsample

GCC Artificial Intelligence Market Report Segmentation:

By Type:
• Narrow/Weak Artificial Intelligence
• General/Strong Artificial Intelligence

Narrow/weak artificial intelligence is the most prevalent segment due to its immediate applicability and lower complexity compared to General AI.

By Solution:
• Hardware
• Software
• Service

Hardware accounted for the largest market share due to the significant investments in digital infrastructure and advanced technologies, necessitating robust hardware as the foundational element for AI deployment in the GCC.

By System:
• Intelligence Systems
• Decision Support Processing
• Hybrid Systems
• Fuzzy Systems

Intelligence systems represented the largest segment as they integrate various AI functionalities, offering comprehensive solutions that are highly sought after in the digitally evolving landscape of the GCC.

By Technology:
• Natural Language Processing
• Machine Learning
• Computer Vision
• Context-Aware Computing
• Others

Machine learning holds the largest market share, owing to its versatility and efficiency in data analysis, making it indispensable for a wide range of applications across multiple sectors in the GCC.

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

Construction and manufacturing represented the largest market share due to the GCC's focus on infrastructure development and industrial diversification, where AI significantly enhances efficiency and innovation.

Country Insights:
• United Arab Emirates
• Saudi Arabia
• Oman
• Qatar
• Kuwait
• Bahrain
Saudi Arabia's dominance in the keyword market is attributed to its substantial economic scale, government-led digital transformation initiatives, and significant investments in AI across various sectors.

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

Global GCC Artificial Intelligence Market Trends:

The increasing involvement of the private sector and the rise of startups focusing on AI in the GCC region is propelling the market growth. Additionally, the growing emphasis on education and research in AI to produce a skilled workforce and groundbreaking research is contributing to the market growth. Furthermore, the growing demand for AI applications in sectors like healthcare and retail is driving market growth. Besides this, the development of AI-friendly policies and regulatory frameworks in the GCC, creating a supportive environment for AI innovation and adoption, is favoring the market growth. Moreover, the presence of a relatively young and tech-savvy population in the region, which is more open to adopting AI-driven products and services, is strengthening the market growth.

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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