Saudi Arabia Big Data And Artificial Intelligence Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.38 Billion |
| Market Size (2029) | USD 2.19 Billion |
| CAGR (2024 - 2029) | 34.24 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia Big Data And Artificial Intelligence Market Analysis
The Saudi Arabia Big Data And Artificial Intelligence Market size is estimated at USD 0.38 billion in 2024, and is expected to reach USD 2.19 billion by 2029, growing at a CAGR of 34.24% during the forecast period (2024-2029).
- Industries in Saudi Arabia are rapidly developing, mainly due to the growing adoption of data-based AI solutions and developments in machine learning, which boosts overall market growth opportunities.
- With high-speed broadband and 5G deployment, data access, and security, Saudi Arabia is building an AI-friendly ecosystem. In March last year, The Communications and Information Technology Commission (CITC) of Saudi Arabia moved on with its fifth-generation (5G) technology deployment plan. A successful test of the High Altitude Platform System providing 5G network coverage from the stratosphere was conducted by the Centre in cooperation with UK company Stratospheric Platforms Limited.
- These regions are heavily invested in e-commerce and governance initiatives, including IP protection; the area has considerable demands for web-based and mobile services. A rise in enterprise and government use of Web services could open many opportunities for contractors and service providers.
- AI has increased reliance on it in the country, which ranges from oil price volatility to rapid urbanization and water scarcity, because of its ability to deal with a range of issues international financial and social challenges. AI, whether on a global scale or in regional policy for this Middle Eastern country, has numerous strategic implications and plays an important role.
- Furthermore, even though college students, technology lovers, and research researchers are very aware of the benefits of artificial intelligence, there needs to be more awareness about its benefits in large populations. In addition, to achieve the adequate performance of the Deep Learning model, it would need exceptional fine-tuning, a proper and reliable algorithm, hyperparameter optimization, uninterrupted training on train data and testing with test data, and mighty computing power.
- During the COVID-19 pandemic, there has been significant growth in demand for broadband and data services along with AI in Saudi Arabia. To keep vital communication lines operational while continuing to deliver an improved living standard for the population of the Kingdom, the country has deployed information and communication technologies ICTs.
Saudi Arabia Big Data And Artificial Intelligence Market Trends
Hardware Sector to Witness the Growth
- Saudi Arabia's government investment fund has a strong business relationship with Softbank. As a result, in Saudi Arabia, Softbank's Vision Fund will invest in Artificial Intelligence. The Vision Fund's most significant investments have been in self-driving cars (Uber, GM Cruise, and Nauto) and two microprocessor companies, ARM and NVIDIA, developing some AI and robotics hardware.
- The demand for AI technologies will grow due to KSA's new vision for 2030 and its policy to strategically position countries in the coming years, i.e., by investing in Artificial Intelligence Technology while developing other sectors such as non-Oily industries that require suitable artificial intelligence hardware. Therefore, the country has signed many MOUs with companies like Huawei, IBM, etc., to develop much-needed AI Hardware and Software and foster its AI Policy and Vision 2030 Strategy.
- The AI Hardware sector includes companies like Amazon, Apple, Baidu, and Google that spend billions of dollars to develop Artificial Intelligence technologies. The inputs required for AI to live up to expectations, such as powerful computer hardware, increasingly advanced algorithmic models, and a vast and rapidly growing database, they considered present.
- In Riyadh, there are offices of global companies that supply software and hardware solutions to various businesses and government projects in Saudi Arabia, such as SAP, Microsoft, Cisco Systems, Tata Consultancy Service, Honeywell, SBM, and Salesforce-Apple, HP, Intel, etc.
Retail Sector to Witness Significant Growth
- Due to the high adoption of AI technologies in this forecast period, shopping malls are expected to increase. The rise of cloud-based platforms and other AI technologies enables customers to expect a more effortless shopping experience. In particular, this is causing a surge in demand for big data and Artificial Intelligence in the Middle East Retail Market.
- To meet a growing number of young and tech savvy customers, retailers are turning to innovative ways where the technology can be used. In addition, retailers will benefit from the analysis of artificial intelligence and big data to more effectively meet customers' needs because of the demand for improved user experience. Implementing artificial intelligence will allow organizations to better understand their client's needs and create an enhanced customer experience by offering insights into customers' likes and dislikes and recommending products they're willing to buy.
- AI can effectively analyze vast data, predict customer behavior, and enhance the e-commerce site's core operation for recommendations with algorithms, product search ranking, merchandising placements, and much more.
- As one of the most accessible AI use cases for e-commerce companies, retailers in Saudi Arabia can let customers access their digital store at any hour of the day. This technology will be able to interact with a customer whenever needed, learn their details, and give them the best possible response to create an even more personalized experience.
Saudi Arabia Big Data And Artificial Intelligence Industry Overview
Saudi Arabia's Big Data and Artificial Intelligence Market is moderately competitive with significant regional players such as Microsoft Corporation, Nvidia Corporation, Amazon Web Services Inc., SAP SE, and Intel Corporation. The companies leverage strategic collaborative initiatives and acquisitions to increase market share and profitability.
In October 2023, Lunit, South Korea's prominent medical artificial intelligence service offering company, announced its plans to reinforce a partnership with the government of Saudi Arabia to bring virtual hospitals to countries in the Middle East. Saudi Vision 2030 project is boosting the virtual hospital initiative. Saudi Vision 2030 is a national project to expand the nation's economy and nurture its public service segments, such as education, health, and tourism, instead of relying exclusively on the oil business.
In September 2023, Huawei Cloud proclaimed the launch of the Huawei Cloud for the Riyadh Region; the announcement was made at the Huawei Cloud Summit held in Saudi Arabia in 2023. This Region is projected to help promote digital-led financial growth in the country. The introduction of the Huawei Cloud Riyadh Region also proclaimed that the Saudi Arabia Region is projected to be Huawei Cloud's focus in porting the Central Asia, the Middle East, as well as Africa, given that innovative, secure, reliable, and maintainable cloud services.
In March 2023, AWS and NVIDIA announced The multipart collaboration, which aims to develop the world's most scalable, on-demand Artificial Intelligence infrastructures optimized for training increasingly complex large language models and innovative AI applications. The collaboration focuses on features of next-generation (Amazon EC2) P5 instances by NVIDIA H100 Tensor Core GPUs and on AWS's state-of-the-art networking and scalability, which the compute performance of deep learning models shall be provided with up to 20 exaFLOPS.
Saudi Arabia Big Data And Artificial Intelligence Market Leaders
Microsoft Corporation
Nvidia Corporation
Amazon Web Services Inc.
SAP SE
Intel Corporation
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Big Data And Artificial Intelligence Market News
- March 2023: NVIDIA has announced a set of cloud services that enable businesses to build, refine, and operate custom large language models and generative AI models that are trained with their proprietary data and created for their unique domain-specific tasks, where Enterprises can use the NVIDIA NeMo language service and the NVIDIA Picasso image, video and 3D service to build proprietary, domain-specific, generative AI applications for intelligent chat and customer support, professional content creation, digital simulation and more.
- February 2023: Oracle has announced to open a third public cloud region to Invest USD 1.5 Billion to Meet Cloud Computing Demand in Saudi Arabia, where Oracle Cloud delivers pioneering innovation in technologies like AI, Machine Learning, and IoT, and it will help fuel the economic growth and digital transformation that is an integral part of the Saudi Vision 20230
Saudi Arabia Big Data & AI Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 An Assessment of the impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Smart city initiatives and rapid rise in the flow of unstructured data due to mass deployment of sensors
5.1.2 Adoption of digital transformation technologies in the enterprises
5.1.3 Favorable Governmental Policies for Inclusions of AI
5.2 Market Restraints
5.2.1 Operational Challenges Due to Lack of Supporting Infrastructure and skill set
5.3 Market Opportunities
5.4 Analysis of Key use cases
5.5 Ecosystem analysis
5.6 Comparative Analysis of Big Data and Artificial Intelligence Adoption - Saudi Arabia and Middle East Countries
5.7 Comparison of National Strategies to Promote Artificial Intelligence (Comparison of Government Led Initiatives of Other Countries across the World)
5.8 Data Science and Artificial Intelligence in Demand in Saudi Arabia
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Hardware
6.1.2 Software
6.1.3 Service
6.2 By Organization Size
6.2.1 SMEs
6.2.2 Large Enterprises
6.3 By End User
6.3.1 IT and Telecom
6.3.2 Retail
6.3.3 Public and Government Institutions
6.3.4 BFSI
6.3.5 Healthcare
6.3.6 Energy
6.3.7 Construction and Manufacturing
6.3.8 Other End Users (tourism, transportation, education etc.)
7. COMPETITVE LANDSCAPE
7.1 Company Profiles
7.1.1 Microsoft Corporation
7.1.2 Nvidia Corporation
7.1.3 Amazon Web Services Inc.
7.1.4 SAP SE
7.1.5 Intel Corporation
7.1.6 Oracle Corporation
7.1.7 IQVIA
7.1.8 Nala.ai
7.1.9 IBM Corporation
7.1.10 NEC Corporation
7.1.11 SAS Institute Inc.
7.1.12 Teradata Corporation
7.1.13 Qlik
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Saudi Arabia Big Data And Artificial Intelligence Industry Segmentation
Artificial intelligence is a topic that blends computer science and robust datasets to enable problem-solving abilities. In contrast, big data refers to data sets that are complex or too large to be handled by ordinary data-processing application software.
The study analyses the current market scenario and growth trends related to the Big Data and Artificial Intelligence industries in Saudi Arabia. A view of National AI Strategies across the world is also included. The study tracks the region's country-level market dynamics and the significant implementation use cases for AI and data analytics. Further, the study analyses the impact of COVID-19 on AI and digital transformation-related technologies.
The Saudi Arabia Big Data and Artificial Intelligence Market is segmented by solutions (hardware, software, services), organization size (SMEs, large enterprises), and end-user (IT and telecom, retail, public and government institutions, BFSI, healthcare, energy, construction, and manufacturing).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | |
| Hardware | |
| Software | |
| Service |
| By Organization Size | |
| SMEs | |
| Large Enterprises |
| By End User | |
| IT and Telecom | |
| Retail | |
| Public and Government Institutions | |
| BFSI | |
| Healthcare | |
| Energy | |
| Construction and Manufacturing | |
| Other End Users (tourism, transportation, education etc.) |
Saudi Arabia Big Data & AI Market Research FAQs
How big is the Saudi Arabia Big Data and Artificial Intelligence Market?
The Saudi Arabia Big Data and Artificial Intelligence Market size is expected to reach USD 0.38 billion in 2024 and grow at a CAGR of 34.24% to reach USD 2.19 billion by 2029.
What is the current Saudi Arabia Big Data and Artificial Intelligence Market size?
In 2024, the Saudi Arabia Big Data and Artificial Intelligence Market size is expected to reach USD 0.38 billion.
Who are the key players in Saudi Arabia Big Data and Artificial Intelligence Market?
Microsoft Corporation, Nvidia Corporation, Amazon Web Services Inc., SAP SE and Intel Corporation are the major companies operating in the Saudi Arabia Big Data and Artificial Intelligence Market.
What years does this Saudi Arabia Big Data and Artificial Intelligence Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Big Data and Artificial Intelligence Market size was estimated at USD 0.28 billion. The report covers the Saudi Arabia Big Data and Artificial Intelligence Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Big Data and Artificial Intelligence Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Big Data & AI in Saudi Arabia Industry Report
Statistics for the 2024 Saudi Arabia Big Data And Artificial Intelligence market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Big Data And Artificial Intelligence analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
