Artificial Intelligence - MENA

MENA

The market size in the Artificial Intelligence market is projected to reach US$7.56bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.59%, resulting in a market volume of US$34.18bn 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.

For more information on the data displayed, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The Artificial Intelligence market in MENA is experiencing rapid growth, driven by factors like increasing adoption of digital technologies, rising health awareness, and the convenience of online services. Sub-markets such as AI Robotics and Machine Learning are also contributing to the elevated growth rate.

Customer preferences: The use of Artificial Intelligence (AI) technology in various industries, including healthcare, is on the rise in the MENA region. This trend is driven by the increasing demand for personalized and efficient healthcare solutions. With the growing aging population and prevalence of chronic diseases, there is a need for remote patient monitoring and management, which AI can provide. Additionally, cultural nuances, such as the importance of privacy in healthcare, have led to the development of AI-powered tools that ensure patient data confidentiality.

Trends in the market: In MENA, the Artificial Intelligence market is experiencing a surge in demand for AI-powered chatbots and virtual assistants in various industries, including banking, healthcare, and retail. This trend is expected to continue as companies seek to streamline operations and enhance customer experience. Moreover, there is a growing focus on leveraging AI for predictive maintenance and process optimization, especially in the manufacturing and energy sectors. These developments highlight the increasing adoption of AI technologies and present significant opportunities for businesses to improve efficiency and competitiveness. However, as AI becomes more prevalent, there are concerns about job displacement and ethical implications that industry stakeholders must address to ensure responsible and sustainable AI implementation.

Local special circumstances: In the MENA region, the Artificial Intelligence market is on the rise due to the region's growing tech-savvy population and government initiatives to promote AI adoption. The UAE and Saudi Arabia are leading the market with their investments in AI research and development. Additionally, the region's unique cultural and regulatory landscape, such as the high demand for Arabic language processing and the push for digital transformation in industries like healthcare and finance, have a significant impact on the market's growth and direction.

Underlying macroeconomic factors: The Artificial Intelligence market in MENA is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with supportive regulatory frameworks and significant investments in AI technologies are experiencing rapid market growth compared to regions with regulatory barriers and limited funding. Moreover, the increasing demand for AI solutions in various industries, coupled with the region's growing population and expanding economies, is driving the market's growth. Additionally, the rising adoption of AI-powered technologies in government initiatives and enterprises is further fueling the market's expansion in MENA.

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.