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Saudi Arabia’s AI market set to contribute $135.2 billion to the economy by 2030
Since Saudi Arabia and the UAE are leading the deployment of AI in the area, the Middle East cannot be left behind as artificial intelligence disrupts the global economy. The Saudi Arabian Big Data and AI Market was valued at USD 164.98 million in 2020 set to register a CAGR of 32.6% from 2021-2026.
Saudi Arabia is developing a 5G and high-speed broadband ecosystem that encompasses data access, and security. It is also encouraging early adoption of AI and Big data concepts and solutions through numerous smart city programs like NEOM in order to accelerate innovative solutions. Saudi Arabia's Vision 2030 Policy, which outlines the nation's intentions for creating sustainable cities and ensuring the best possible use of resources in infrastructure, urban planning, and important economic sectors. In order to develop into a major industrial powerhouse and global logistics hub, Saudi Arabia is now conducting a significant reform program. The Kingdom has also committed to helping the international effort to reduce emissions and reaching net zero emissions by 2060. Additionally, the Saudi Arabian government sought to use AI to increase automation and administrative efficiency. For instance, as the Kingdom strives to diversify its oil-based economy, it started a multibillion-dollar strategy in November 2020 to become the world leader in artificial intelligence.
A strategic agreement to promote the use of artificial intelligence in the carbon capture and industrial domains across the Kingdom of Saudi Arabia was signed on September 27, 2022, according to the Saudi Data and Artificial Intelligence Authority (SDAIA) and IBM.
The initial use case under this arrangement will be in conjunction with the Saudi Arabian Ministry of Energy, as announced at the second Global AI Summit held in the Kingdom. Artificial intelligence technologies will be used by the Ministry of Energy, IBM, and SDAIA to identify, map, and eventually lower carbon emissions throughout the nation.
Saudi Arabia is making some significant strides in the development of AI such as;
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They want to establish the nation as a leader in data and AI, including the creation and use of data and AI technology, as well as in international strategy and policy development. By 2030, Saudi Arabia wants to be one of the top 15 AI-producing nations.
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In order for Saudi Arabia to use the power of data and AI in both the public and private sectors, they want to alter the existing and future Saudi workforce through education and up-skilling. To attract, nurture, and retain AI talent in the Kingdom, programs are already in place with educational institutions, with a goal of producing 20,000 AI and data specialists and experts.
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When it comes to investment and innovation, Saudi Arabia wants to attract and reward both domestic and international investors and businesses to support investment in Saudi Arabia's qualified prospects. By 2030, the initiative hopes to bring in $20 billion in FDI and domestic investments. To help the kingdom take the lead in the creation and commercialization of cutting-edge technology, create and support core research and innovation institutes in data and AI. The country wants to be one of the top 20 in the world for publications using peer-reviewed data and AI.
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The main objective is to encourage the use of data and AI by building a cooperative and forward-thinking ecosystem that will promote their commercialization and industry use for the benefit of both the public and private sectors. The strategy is to establish the conditions for at least 300 AI and data startups to succeed.
Saudi Arabia is one of the top users of AI technology because it instills entrepreneurship in the educational system and fosters budding entrepreneurship through administrative efforts. Start-ups sought help and encouragement as the nation continues to diversify away from its reliance on oil to enter new markets. As a result, entrepreneurs and AI could proactively meet customer demands with changes to culture, rules, and practices, business regulations, and transparency.
At the World AI Show brought to you by Trescon, the Saudi Arabia roadmap for scaling AI use will be explored and presented in detail.
CEOs, CTOs, CIOs, VPs, Directors, and Heads of IT are coming together to discuss industry-wide problems with cutting-edge AI solutions in order to produce transformative disruptions in industries that are strategically important to Saudi Arabia
Discover solutions to issues and trends in the AI and RPA area by attending compelling keynotes, workshops, use-case presentations, product displays, panel discussions, and tech talks.
Find more about our upcoming World AI Show on the 23-24 of October 2022 here.
Our event hosted in Riyadh at the InterContinental will take a deep dive into the role of AI in governments, organizations and the digital future.
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- 18 November 2022
