(MENAFN) The Middle East and North Africa region is poised for tremendous growth in the artificial intelligence (AI) market, according to a report by Research and Markets. The study projects that from its current value of USD500 million in 2020, the industry will grow to a staggering USD8.4 billion by 2026. This equates to a compound annual growth rate of 47.8 percent, with Saudi Arabia and the UAE at the forefront of this expansion. The report indicates that the UAE alone is projected to reach a value of $1.9 billion by 2026, representing a growth rate of 36.2 percent.
The potential of AI is not lost on business leaders in the Middle East region, who view the technology as crucial for their operational growth in the coming years. A survey conducted by global consultancy firm Proviti Middle East revealed that more than 80 percent of CEOs in the region believe that AI is critical to the future of their businesses. Additionally, over 70 percent of these leaders are investing in the booming sector.
Given the immense opportunities presented by AI, Saudi Arabia has made significant investments in the industry. In 2019, the Kingdom’s sovereign wealth fund announced a $500 billion investment over the next decade in AI and other emerging technologies. As such, the region is poised to become a global leader in the AI market, with significant implications for the future of business and innovation in the region.
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