Saudi Arabia Artificial Intelligence Market
![](https://www.blueweaveconsulting.com/assets/front/images/cover-new-3.png)
Saudi Arabia Artificial Intelligence (AI) Market, By Offerings (Software, Hardware, Services); By Technology (Deep Learning, Machine Learning, Natural Language Processing (NLP), Machine Vision); By Business Function (Marketing & Sales, Human Resources, Finance & Accounting, Operations, Cybersecurity, Others); By End User (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Oil & Gas, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: July 2024
- Report ID: BWC24503
- Available Format: PDF
- Page: 200
Report Overview
Growing significant investments in smart city projects and rapid advancements in technology infrastructure are expected to boost the growth of Saudi Arabia Artificial Intelligence (AI) Market during the forecast period between 2024 and 2030.
Saudi Arabia Artificial Intelligence (AI) Market - Industry Trends & Forecast Report, 2030
Saudi Arabia Artificial Intelligence (AI) Market size was estimated to be worth USD 1.52 billion in 2023. During the forecast period between 2024 and 2030, Saudi Arabia Artificial Intelligence (AI) Market size is projected to grow at a CAGR of 6.11%, reaching a value of USD 9.33 billion by 2030. Major growth factors for Saudi Arabia Artificial Intelligence (AI) Market include rising data volume and an increasing need for data analytics to generate insights along with technological advancements and innovations in the sector. In addition, high investment in AI research and development and favorable government policies are anticipated to drive Saudi Arabia Artificial Intelligence (AI) Market during the period in analysis.
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.
Saudi Arabia Artificial Intelligence (AI) Market
Growth Drivers
Favorable Government Policies and Investments
Saudi Arabia has recently revealed USD 40 billion in funding for AI under its Vision 2030 and economic diversification plan, as reported by The New York Times. The funding makes the Kingdom the world’s largest investor in AI and is targeted towards establishing it as the global leader in the sector. Along with boosting the adoption of AI, Saudi Arabia is also significantly investing in training in AI to deal with the skilled labor shortage in the sector. The Kingdom recently launched an initiative called AIM, which is aimed at training over 1,000 engineers in AI. Such favorable government investments and initiatives are projected to drive Saudi Arabia Artificial Intelligence (AI) Market in the coming years.
Challenges
Shortage of Skilled AI Professionals
The adoption rate of AI across various industries may slow down owing to the shortage of workers with AI expertise. There is a significant shortage of professionals who carry a deep understanding of various AI technologies, such as machine learning, deep learning, natural language processing, and others. According to the IBM Global AI Adoption Index 2023, conducted by Morning Consult on behalf of IBM, the main barrier preventing organizations that are researching or using AI from successfully adopting the technology is "limited AI skills and expertise."
Saudi Arabia Artificial Intelligence (AI) Market
Segmental Coverage
Saudi Arabia Artificial Intelligence (AI) Market – By Offerings
Based on offerings, Saudi Arabia Artificial Intelligence (AI) Market is segmented into software, hardware, and services. The software segment holds the largest share in Saudi Arabia Artificial Intelligence (AI) market. The industry will keep growing to provide precise data, develop clever applications, and advance machine and deep learning. For example, cloud-based software deployment has gained prominence, while pre-trained models and configurable AI are still gaining traction.
Saudi Arabia Artificial Intelligence (AI) Market – By Technology
On the basis of technology, Saudi Arabia Artificial Intelligence (AI) Market is segmented into deep learning, machine learning, natural language processing (NLP), and machine vision. The deep learning segment accounts for the highest market share owing to its rising integration in the automotive sector. For the automobile to properly detect its surroundings, sensor data from cameras, radar, and lidar is processed using deep learning algorithms. Meanwhile, the machine learning (ML) segment is also growing at a substantial rate. Machine learning tools are increasingly being deployed to boost customer services and improve retention rates.
Saudi Arabia Artificial Intelligence (AI) Market – By End User
By end user, Saudi Arabia Artificial Intelligence (AI) Market is divided into media & entertainment, BFSI, IT & telecommunications, healthcare, automotive & transportation, oil & gas, and others. The BFSI sector dominates Saudi Arabia Artificial Intelligence (AI) Market. The sector is increasingly adopting AI into its operations to automate tasks, predict market trends, and boost customer services through chatbots. AI assists the banking sector in making more informed lending decisions by evaluating the borrower’s creditworthiness more accurately and minimizing default. AI also helps in personalizing services and products in the finance sector, which further drives its adoption in Saudi Arabia market.
Competitive Landscape
Major companies in Saudi Arabia Artificial Intelligence (AI) 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.
Recent Developments
-
In March 2024 – Armada, the world’s first full stack edge computing platform based in the United States, announced a collaboration with Edarat Group, to boost edge computing and Artificial Intelligence (AI) in the Middle East in the industrial sector of the MENA region, including Saudi Arabia.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Billion |
Product/ Service Segmentation |
Offerings, Technology, Business Function, End User |
Key Players |
Retailo Technologies, Quant Data & Analytics, JMM Innovations, Lisan.ai, Tahkom System’s, Foodlobby, Elevatus, Unniit, Rabeh |
By Offerings
-
Software
-
Hardware
-
Services
By Technology
-
Deep Learning
-
Machine Learning
-
Natural Language Processing (NLP)
-
Machine Vision
By Business Function
-
Marketing & Sales
-
Human Resources
-
Finance & Accounting
-
Operations
-
Cybersecurity
-
Others
By End User
-
Media & Entertainment
-
BFSI
-
IT & Telecommunication
-
Healthcare
-
Automotive & Transportation
-
Oil & Gas
-
Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Saudi Arabia Artificial Intelligence (AI) Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Government Initiatives and AI Strategies
- Growing Significant Investments in Smart City Projects
- Rapid Advancements in Technology Infrastructure
- Restraints
- Increasing Data Privacy and Security Concerns
- High Implementation Costs
- Shortage of Shortage of Skilled AI Professionals
- Opportunities
- Increasing Government Spending
- Growing Industrialization in the Saudi Arabia
- Increasing Demand of Artificial Intelligence (AI) in Various Industries
- Challenges
- Legal and Regulatory Frameworks
- Cybersecurity Concerns
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Saudi Arabia Artificial Intelligence (AI) Market: Marketing Strategies
- Saudi Arabia Artificial Intelligence (AI) Market: Pricing Analysis
- Saudi Arabia Artificial Intelligence (AI) Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Offerings
- Software
- Hardware
- Services
- By Technology
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
- By Business Function
- Marketing & Sales
- Human Resources
- Finance & Accounting
- Operations
- Cybersecurity
- Others
- By End User
- Media & Entertainment
- BFSI
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Oil & Gas
- Others
- By Offerings
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Products
- Saudi Arabia Artificial Intelligence (AI) Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Impact of Escalating Geopolitical Tensions on Saudi Arabia Artificial Intelligence (AI) Market
- Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
- Retailo Technologies
- Quant Data & Analytics
- JMM Innovations
- Lisan.ai
- Tahkom System’s
- Foodlobby
- Elevatus
- Unniit
- Rabeh
- Other prominent players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Saudi Arabia Artificial Intelligence (AI) Segmentation
Figure 2 Saudi Arabia Artificial Intelligence (AI) Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Saudi Arabia Artificial Intelligence (AI) Market Size, By Value (USD Billion), 2019–2030
Figure 5 Saudi Arabia Artificial Intelligence (AI) Market Share, By Offerings, By Value (USD Billion), 2019–2030
Figure 6 Saudi Arabia Artificial Intelligence (AI) Market Share, By Technology, By Value (USD Billion), 2019–2030
Figure 7 Saudi Arabia Artificial Intelligence (AI) Market Share, By Business Function, By Value (USD Billion), 2019–2030
Figure 8 Saudi Arabia Artificial Intelligence (AI) Market Share, By End User, By Value (USD Billion), 2019–2030
List of Tables
Table 1 Saudi Arabia Artificial Intelligence (AI) Market Size, By Value (USD Billion), 2019–2030
Table 2 Saudi Arabia Artificial Intelligence (AI) Market Share, By Offerings, By Value (USD Billion), 2019–2030
Table 3 Saudi Arabia Artificial Intelligence (AI) Market Share, By Technology, By Value (USD Billion), 2019–2030
Table 4 Saudi Arabia Artificial Intelligence (AI) Market Share, By Business Function, By Value (USD Billion), 2019–2030
Table 5 Saudi Arabia Artificial Intelligence (AI) Market Share, By End User, By Value (USD Billion), 2019–2030
Table 7 Retailo Technologies Company Overview
Table 8 Retailo Technologies Financial Overview
Table 9 Quant Data & Analytics Company Overview
Table 6 Quant Data & Analytics Financial Overview
Table 7 JMM Innovations Company Overview
Table 8 JMM Innovations Financial Overview
Table 9 Lisan.ai Company Overview
Table 10 Lisan.ai Financial Overview
Table 11 Tahkom System’s Company Overview
Table 12 Tahkom System’s Financial Overview
Table 13 Foodlobby Company Overview
Table 14 Foodlobby Financial Overview
Table 15 Elevatus Company Overview
Table 16 Elevatus Financial Overview
Table 17 Unniit Company Overview
Table 18 Unniit Financial Overview
Table 19 Rabeh Company Overview
Table 20 Rabeh Financial Overview
Market Segmentation
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
Frequently Asked Questions (FAQs):
RELATED REPORTS
WHY CHOOSE US
-
24/7 Research Support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Custom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
-
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.