GCC Artificial Intelligence Market

GCC Artificial Intelligence Market Overview:

The GCC artificial intelligence market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Artificial intelligence (AI) is a branch of computer science designed to mimic human intelligence to perform various tasks in real-time. It is extensively used for numerous applications, such as voice and handwriting recognition, visual perception, decision-making, and language translation. It offers numerous benefits, including improved productivity, enhanced accuracy, and higher-time efficiency. In recent years, AI has gained momentum due to its utilization in various end-use industries, such as defense, automobile, transportation, trade, healthcare, construction, and banking.

One of the primary factors driving the market is the increasing internet connectivity, along with the growing penetration of IoT-based smart devices. Additionally, the increasing integration of image recognition technology with optical character identification is escalating the demand for AI in self-driving cars, drones, and robots. Other than this, the growing digital dependency, and rising industry 4.0 trends, are other major growth-inducing factors. Besides this, the demand for AI is augmenting on account of the sudden coronavirus disease (COVID-19) outbreak to enhance traditional analytics and decision-making capacities in healthcare institutions. In line with this, the integration of AI with IoT technology (AIoT) enhances operational efficiency, improvises services and solutions, improves IoT scalability, aids in advanced risk management, and minimizes cost and unplanned downtime, which is positively influencing market growth. Furthermore, the emergence of e-commerce platforms in the GCC region has resulted in the deployment of AI-based algorithms to offer better consumer engagement. Apart from this, the continual development of smart infrastructures with rising preferences toward AI-based virtual assistance is accelerating the product adoption rate. Moreover, several government organizations are extensively investing in the expansion of 5G networking, thereby strengthening market growth. Furthermore, various leading key players are significantly investing in research and development (R&D) activities for the upgradation and development of numerous applications of artificial intelligence. These factors are expected to create a positive market outlook in the near future.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC artificial intelligence market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC artificial intelligence market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC artificial intelligence market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC artificial intelligence market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC artificial intelligence market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC artificial intelligence market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC artificial intelligence market industry. Furthermore, the value chain analysis of the GCC artificial intelligence market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Artificial Intelligence Market Segment Insights:

The GCC artificial intelligence market has been analysed as followed:

By Type:

• Narrow/Weak Artificial Intelligence
• General/Strong Artificial Intelligence

By Solutions:

• Hardware
• Software
• Service

By System:

• Intelligence Systems
• Decision Support Processing
• Hybrid Systems
• Fuzzy Systems

 By Technology:

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

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

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Artificial Intelligence Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC artificial intelligence market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs