MENA Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution (Hardware, Software & Services), By Technology, By End-use, By Region, And Segment Forecasts, 2024 - 2030

MENA Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution (Hardware, Software & Services), By Technology, By End-use, By Region, And Segment Forecasts, 2024 - 2030

MENA Artificial Intelligence Market Growth & Trends

The MENA artificial intelligence market size is expected to reach USD 166.33 billion by 2030, projected to grow at a CAGR of 44.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Various cities in the MEA region are actively embracing AI to build smart and sustainable urban environments. AI finds application in traffic management, energy optimization, and public safety, fostering more efficient and secure cities. For instance, Dubai has deployed AI-powered smart traffic control systems that utilize real-time data from traffic cameras and sensors to analyze traffic patterns and optimize signal timings, effectively reducing congestion and enhancing overall transportation efficiency.

The MEA region's governments promote AI through various initiatives, policies, and funding programs. National AI strategies aim to support AI research, development, and adoption to drive economic growth and innovation. For instance, the UAE launched the AI Strategy 2031 to become a global AI leader by investing in research, talent, and integration across education, healthcare, transportation, and public services. Moreover, Middle East and Africa (MEA) emphasizes advancing the use of Arabic language processing in AI technologies owing to the region’s diverse linguistic aspects. This emphasis includes improving Natural Language Processing (NLP) and speech recognition capabilities, enabling more accurate interpretation and generation of Arabic text and speech.

Governments in Saudi Arabia are actively promoting Artificial Intelligence (AI) through a range of initiatives, policies, and financial support programs. For instance, the Saudi Data and AI Authority (SDAIA) is a government agency to help Saudi Arabia create an AI ecosystem of government and private sector entities. SDAIA deploys innovative AI solutions, which comprise strategies for combining data and AI into key domains. Various business processes can be automated and streamlined with AI, increasing productivity and efficiency. For instance, in September 2022, The Saudi Company for Artificial Intelligence (SCAI), owned by the Public Investment Fund in Saudi Arabia, sought to develop artificial intelligence applications, collaborated with the Saudi Technology and Security Comprehensive Control Company, a company in the fields of security, safety, and technology to develop the super-computing capabilities and AI infrastructure which is crucial to power the next generation of AI applications.

MENA Artificial Intelligence Market Report Highlights

• The software segment dominated the market with a revenue share of 35.9% in 2023. Prominent M&A by major players are propelling the market growth. For instance, in July 2022, IBM Corporation announced the acquisition of Databand.ai, Ltd., a provider of data observability software
• The services segment is anticipated to register a significant CAGR over the forecast period. Enterprises are investing extensively in AI services these days to unlock the power of their businesses. They are implementing services to execute activities ranging from forecasting, planning, and predictive maintenance to customer service chatbots and other applications
• Deep learning technology empowers machines to improve their performance by learning from experience and data. Particularly effective with unstructured data like images, videos, and language, it finds extensive applications
• BFSI held the largest revenue share in 2023. AI is streamlining the credit scoring and underwriting processes. Machine learning models analyze vast datasets to assess borrowers’ creditworthiness more accurately. This trend allows financial institutions to make better lending decisions, reducing the risk of default and improving the overall efficiency of loan origination

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