PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1347311
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1347311
GCC artificial intelligence (AI) market is flourishing because of the growing investments in AI systems, an increasing demand for intelligent systems, and rising adoption of cloud technology.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Gulf Cooperation Council (GCC) artificial intelligence (AI) market size at USD 8.6 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC artificial intelligence (AI) market size to grow at a significant CAGR of 11.21% reaching a value of USD 16.2 billion by 2029. Major growth drivers for the GCC artificial intelligence market include the increased investments, governments' supportive initiatives, and a growing focus on digital transformation. Governments in the region recognize AI's potential and launch initiatives to foster innovation and regulatory support. Embracing Industry 4.0, the GCC integrates AI, IoT, and automation for improved manufacturing and supply chain efficiency. The region's data proliferation enables robust AI models, while growing investments in AI startups and research centers fuel innovation and deployment across sectors. These factors contribute to the market's expansion as AI applications span various industries. However, high implementation costs of artificial intelligence solutions are anticipated to restrain the overall market growth during the period in analysis.
The GCC artificial intelligence (AI) market refers to the economic ecosystem and activities related to the development, deployment, and adoption of AI technologies and solutions within the Gulf Cooperation Council (GCC) region. The GCC consists of six Middle East countries: Saudi Arabia, United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman. The market encompasses various aspects, including AI research, investments in AI startups and companies, government initiatives promoting AI adoption, AI-related products and services offered by businesses, and the integration of AI technologies into various industries and sectors. The aim is to leverage AI's capabilities to drive digital transformation, enhance operational efficiency, improve customer experiences, and address complex challenges in healthcare, finance, transportation, energy, and other industries within the GCC region.
COVID-19 pandemic had a mixed impact on the GCC artificial intelligence (AI) market. On the one hand, it accelerated the adoption of AI technologies in healthcare for diagnostics, drug discovery, and patient care. AI-powered chatbots also played a crucial role in providing information and support during the crisis. On the other hand, the pandemic disrupted supply chains, leading to a temporary slowdown in AI investments in non-essential sectors. However, the crisis highlighted AI's potential in addressing challenges, driving the region's focus towards AI-driven solutions for resilience and digital transformation. Post-pandemic, the GCC AI market rebounded and continued its growth trajectory.
By solution, the GCC artificial intelligence (AI) market is divided into Hardware, Software, and Services segments. The software segment held the highest market share in 2022 in the GCC AI market by solution, due to remarkable advancements in information storage capacity, robust computing power, and parallel processing capabilities, enabling the delivery of high-end services. The ability to extract data, offer real-time insights, and support decision-making has positioned the software segment at the forefront of market dominance. AI software solutions encompass a wide range of libraries designed to develop and implement AI applications, including primitives, linear algebra, inference, sparse matrices, video analytics, and various hardware communication capabilities. The growing need for enterprises to comprehend and analyze visual content to gain meaningful insights is expected to drive the adoption of AI software in the forecast period. To optimize operational costs and drive higher profits, businesses are increasingly embracing AI services. Artificial Intelligence as a Service (AIaaS) has become a crucial tool for companies seeking a competitive edge through cloud-based AI capabilities. AI services encompass installation, integration, maintenance, and support tasks, and this segment is projected to witness significant growth in the coming years. Within AI hardware, chipsets like GPUs (Graphics Processing Units), CPUs, application-specific integrated circuits (ASICs), and field-programmable gate arrays (FPGAs) play a pivotal role. Presently, GPUs and CPUs dominate the AI hardware market due to their unparalleled computing capabilities, which are essential for AI frameworks.
Major players operating in the GCC artificial intelligence (AI) market include: Meta, Amazon Web Services, Inc., Microsoft, Samsung Electronics Co., Ltd, IBM Corporation, Google, Baidu, Inc., Cbot, Cisco Systems, Inc., CSP Solution, Dece Software Inc., Dilenytech, Huawei Technologies Co., Ltd, Hyperlink Infosystem, and Intel Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Artificial Intelligence (AI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC 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.
*Financial information of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable