Market Trends of Saudi Arabia Big Data And Artificial Intelligence Industry
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.
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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.
