Report Overview

Increasingly significant investments in AI startups and AI research and development programs, and the government’s initiatives to promote the adoption of AI are expected to boost the growth of Oman Artificial Intelligence (AI) Market during the forecast period between 2024 and 2030.

Oman Artificial Intelligence (AI) Market - Industry Trends & Forecast Report, 2030

Oman Artificial Intelligence (AI) Market size was estimated to be worth USD 237.6 million in 2023. During the forecast period between 2024 and 2030, Oman Artificial Intelligence (AI) Market size is projected to grow at a CAGR of 15.50%, reaching a value of USD 647.5 million by 2030. Major growth factors for Oman Artificial Intelligence (AI) Market include advancements in AI technologies, particularly in natural language processing and computer vision, and rising adoption across various sectors, including entertainment, healthcare, retail, and others. In addition, the growing need to develop virtual worlds in the metaverse is anticipated to drive Oman Artificial Intelligence (AI) market during the forecast period.

Artificial Intelligence (AI) – Overview

The artificial intelligence (AI) market refers to the application of AI technology, such as machine learning (ML), natural language processing (NLP), and computer vision, to various industries and sectors. It involves the development and deployment of intelligent systems and solutions that can simulate human intelligence, perform cognitive tasks, and automate complex processes. The market includes various AI-enabled products, platforms, and services, such as chatbots, virtual assistants, image recognition tools, predictive analytics solutions, and speech recognition systems, among others.

Oman Artificial Intelligence (AI) Market

Growth Drivers

Favorable Government Policies and Initiatives

The Government of Oman is making considerable investments and launching policies to boost the adoption of artificial intelligence (AI) in the country. For instance, the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) in Oman launched the initiative ‘Factory Automation and Artificial Intelligence’ to promote the adoption of artificial intelligence in the industrial sector. In another instance, Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) is collaborating with the University of Technology and Applied Sciences to launch an artificial intelligence industry program. Such developments are anticipated to drive Oman Artificial Intelligence (AI) Market over the forecast period.

Challenges

High Cost associated with AI Adoption

High implementation cost associated with AI acts as a major restraining factor for the growth of Oman Artificial Intelligence (AI) Market. The cost of different AI projects depends on different factors, such as hardware, feature complexity, development, and integration with existing systems, which drive up its pricing and may limit its adoption, particularly among small enterprises. In addition, another factor that limits the market growth is talent acquisition to efficiently handle and exploit advanced AI technologies, which may constrain the expansion of Oman Artificial Intelligence (AI) Market.

Impact of Escalating Geopolitical Tensions on Oman Artificial Intelligence (AI) Market

Escalating geopolitical tensions among countries and spreading across the Middle East region could have a significant impact on the growth of Oman Artificial Intelligence (AI) Market. Conflicts between nations disrupt supply chains, hinder international collaborations, and increase regulatory uncertainties, contributing to market volatility. Countries facing instability may prioritize domestic security over technological imports, altering market dynamics and growth trajectories. Additionally, heightened global uncertainty can dampen investor confidence, limiting funding for AI innovations in Oman. As geopolitical tensions persist, strategic partnerships and regulatory frameworks become pivotal in navigating the evolving landscape of AI adoption in Oman.

Oman Artificial Intelligence (AI) Market

Segmental Coverage

Oman Artificial Intelligence (AI) Market – By Type

Based on type, Oman Artificial Intelligence (AI) Market is segmented into narrow/weak AI and general/strong AI. The narrow/weak AI segment holds a larger share of Oman Artificial Intelligence (AI) Market by type. The market is dominated by weak AI platforms, such as ChatGPT, Google Assistant, Alexa, and Siri. They are programmed to perform a single task, such as responding to written text prompts. Weak AI offers remarkable efficiency compared to humans and, therefore, is deployed to perform tasks, such as fraud detection, image enhancement, and financial planning.

Oman Artificial Intelligence (AI) Market – By Solutions

On the basis of solutions, Oman Artificial Intelligence (AI) Market is segmented into hardware, software, and services. The software segment accounts for the highest market share in Oman AI Market. The AI software accommodates the adoption of AI across various sectors. Software for both generative AI and descriptive AI that are used in sectors, including finance, marketing, and healthcare. AI software helps companies improve decision-making process and customer engagement, thus enhancing their productivity and innovation. As a result, the adoption of AI software is surging among SMEs, large enterprises, and government organizations, which is anticipated to drive Oman AI Market over the forecast period.

Oman Artificial Intelligence (AI) Market – By System

Based on the system, Oman Artificial Intelligence (AI) Market is segmented into intelligence systems, decision support processing, hybrid systems, and Fu15.50y systems. The intelligence system dominates Oman AI Market by system. In AI, intelligent systems refer to a wide class of systems that have algorithms installed that enable them to carry out activities that normally require human intellect. Intelligence systems are essential for promoting innovation in a variety of industries, from robotics to data analysis.

Competitive Landscape

Major players in the highly competitive Oman Artificial Intelligence (AI) Market include Fusion Informatics Limited, Informatics for Technology LLC, Oman Data Park, Finlytyx, AITECHOM, Software Systems LLC, Mirrors LLC, and Touchpoynts. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2024 – Lens LLC, a satellite and AI company based in Oman, and STAR.VISION, a China-based AI satellite company, announced the development of an advanced digital twin-city project for urban planning.

Scope of the Report

By Type

• Narrow/Weak AI

• General/Strong AI

By Solutions

• Hardware

• Software

• Service

By System

• Intelligence Systems

• Decision Support Processing

• Hybrid Systems

• Fuzzy Systems

By Technology

• Natural Language Processing (NLP)

• Machine Learning

• Computer Vision

• Context-aware Computing

• Others

By End User

• Banking, Financial Services and Insurance (BFSI)

• Technology, Media, and Telecommunication

• Transportation & Logistics

• Energy, Mining, and Utilities

• Retail & Wholesale Trade

• Construction & Manufacturing

• Education & Healthcare

• Others