Saudi Arabia Artificial Intelligence (AI) Market Size Explodes at Accelerating CAGR to Reach Value USD 9.33 Billion by 2030

Published | 04 July 2024

Saudi Arabia Artificial Intelligence (AI) Market is flourishing because of the increasingly large investments in smart city initiatives and rapid developments in technological infrastructure.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia Artificial Intelligence (AI) Market size at USD 1.52 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Saudi Arabia Artificial Intelligence (AI) Market size to expand at a CAGR of 6.11% reaching a value of USD 9.33 billion by 2030. Saudi Arabia Artificial Intelligence (AI) Market is projected to boom at a significant rate owing to several factors, including the volume of data being generated, the growing demand for data analytics to produce insights, and technical breakthroughs and innovations in the field. The market will also be driven by significant government policy support and substantial investments in AI research & development programs in the coming years.

Opportunity - Rising adoption of deep learning and machine learning (ML) technologies

Continuous growth in the adoption of deep learning and machine learning technologies is emerging as a major driving factor for Saudi Arabia Artificial Intelligence (AI) Market. Deep learning is being employed for a wide range of applications, including fraud detection, data refining, automotive vehicles, investment modeling, and others, because of its ability to process and analyze large volumes of data, identify patterns, and make predictions based on the processed data. Machine learning is also gaining significant traction across various industries, particularly in logistics, as this technology can optimize shipping and delivery routes, efficiently manage inventory, and automate factories.

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Marketing & Sales Function Holds Largest Market Share

Saudi Arabia Artificial Intelligence (AI) Market, based on business function, is divided into marketing & sales, human resources, finance & accounting, operations, cybersecurity, and other segments. The marketing & sales segment dominates Saudi Arabia Artificial Intelligence (AI) market. AI may create marketing material, including blog articles, email text, social media postings, and captions, for digital marketers. Marketers may employ AI for multimedia, including graphics, music, and even video, in addition to writing. AI is becoming a more effective tool for creating dynamic marketing campaigns, increasing RoI, increasing sales, and enhancing consumer engagement. AI also improves lead generation and sales prospecting by improving targeting, personalization, and decision-making, among other things.

Competitive Landscape

Saudi Arabia Artificial Intelligence (AI) Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Retailo Technologies, Quant Data & Analytics, JMM Innovations, Lisan.ai, Tahkom System’s, Foodlobby, Elevatus, Unniit, and Rabeh.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in Saudi Arabia Artificial Intelligence (AI) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Saudi Arabia Artificial Intelligence (AI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Artificial Intelligence (AI) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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