Artificial Intelligence - Egypt

Egypt

The market size in the Artificial Intelligence market is projected to reach US$877.30m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.63%, resulting in a market volume of US$3,973.00m by 2030.
In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Analyst Opinion

The Artificial Intelligence market in Egypt is experiencing significant growth, with increasing adoption of digital technologies, rising health awareness, and the convenience of online services driving this growth. The market's elevated growth rate can be attributed to advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. Factors such as government initiatives, rising investment in AI research, and the presence of skilled professionals also contribute to the market's growth in Egypt.

Customer preferences: With the rapid growth of Artificial Intelligence in Egypt, consumers are now seeking innovative solutions to enhance their daily lives. This has led to a rise in demand for AI-powered virtual assistants, smart home technology, and personalized digital services. Additionally, there has been a noticeable shift towards AI-based healthcare solutions, such as telemedicine and remote patient monitoring, driven by the need for convenient and accessible healthcare options. This trend is also influenced by the increasing adoption of digital technologies among younger generations and the growing awareness of the benefits of AI in improving overall quality of life.

Trends in the market: In Egypt, the Artificial Intelligence market is experiencing a surge in chatbot adoption, with businesses utilizing these virtual assistants to enhance customer service and streamline operations. Additionally, there is a growing trend of using AI-powered analytics to improve decision-making and optimize business processes. This trajectory highlights the increasing reliance on AI technology by Egyptian companies, signaling a shift towards automation and efficiency. As a result, there is potential for significant cost savings and improved competitiveness for industry stakeholders. However, there may also be concerns about job displacement and ethical considerations surrounding AI implementation. Overall, the current trends in Egypt's AI market suggest a promising future for AI technology in the country, with potential implications for various industries and stakeholders.

Local special circumstances: In Egypt, the Artificial Intelligence market is experiencing rapid growth due to the country's increasing investment in technology and innovation. The government's support for AI development, along with the growing startup ecosystem, has created a favorable environment for the market to thrive. Additionally, cultural factors such as a strong focus on education and a tech-savvy population also contribute to the market's success. However, regulatory challenges and limited access to capital remain barriers to entry for smaller players in the market.

Underlying macroeconomic factors: The growth of the Artificial Intelligence Market in Egypt is also influenced by macroeconomic factors such as increasing investment in technology and the government's initiatives to promote digital transformation. With a growing economy and favorable regulatory environment, Egypt is witnessing a rise in the adoption of AI technologies in various industries, such as healthcare, finance, and retail. Additionally, the country's young and tech-savvy population is driving the demand for AI solutions, while the government's efforts to improve digital infrastructure are fueling the market's growth.

Methodology

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.