The global AI market will grow to more than $ 1.5 trillion by 2030

Posted 9 Hours ago – 07:17 GMT

Saudi Arabia

  • The global AI market will grow to more than $ 1.5 trillion by 2030

Mobilk – The importance of artificial intelligence in business sectors is increasing rapidly as smart machines stimulate every aspect of our daily lives to improve human skills and abilities. AI has also become so embedded in our work that it is difficult to imagine our daily lives without it. This is due to the tremendous developments of the Fourth Industrial Revolution. This intelligence allowed machines to learn and make decisions similar to humans. This technology has exerted its influence on customers’ products and led to great discoveries in the field of healthcare as well as manufacturing, finance, retail and many different vital industries. As the world rushes to spread the efficiency of artificial intelligence to achieve a competitive advantage that saves costs and time, artificial intelligence moves industries from finance to manufacturing with new methods and capabilities.

From a social perspective, AI is not just about improving human lives, it goes beyond that, as many technology companies are investing in AI through the development of healthcare systems. AI also helps to define protocols or regulate personalized medication with the goal of improving analytical tools, while robots help with operations. In addition, artificial intelligence has become a radical solution to the environmental problems facing mankind as a result of global warming. Artificial intelligence has been able to enhance human efforts to meet global challenges, including supporting smart infrastructure, efficiency in managing natural resources, and providing smart agriculture to feed the earth’s population that is growing year by year.

Global AI market revenue is expected to grow significantly by 2030, although several studies indicate a deviation in the amount of increase in global market size. Market research firm IDC predicts that the artificial intelligence market will reach more than half a trillion dollars by 2024. Statista stated that previous research predicts that the market will grow to more than 1.5 trillion US dollars by 2030. The interest in AI technologies and their applications worldwide is increasing the number of start-ups in this field as the total acquisition of AI start-ups has developed gradually since 2010, which has grown by almost four times between 2015 and 2018. Counteracting the rise in AI start-ups by strengthening the financing of these companies as global funding alone increased by more than $ 1 billion in 2013 to $ 8.5 billion in the first quarter of 2020.

Saudi Arabia relies heavily on artificial intelligence, while the Saudi Company for Artificial Intelligence (SCAI), a company owned by the Public Investment Fund (PIF), has launched operations to develop artificial intelligence (AI) and to develop, as evidenced by the rise of technologies in industries in the Kingdom. Saudi Arabia in strategic sectors and accelerating key national technology priorities. Among the AI ​​investments, stc, the region’s leading digital enabler, has launched a long-term strategic partnership with the Saudi Artificial Intelligence Company (SCAI). ) and DataRobot.The strategic agreement was signed with the aim of developing AI capabilities in Kingdom, empowering the next generation and creating technical talent.

The three companies will work closely together to increase the level of utilization of their resources, networks and ecosystems and share the best solutions to advance the technological scene in the Kingdom. As part of the agreement, DataRobot; It is the leading company in the artificial intelligence cloud with the establishment of its regional headquarters in the Kingdom of Saudi Arabia, where an artificial intelligence development center and a research center will also be established.

The launch of this partnership is the latest step taken by stc and SCAI to improve the AI ​​infrastructure in the UK as DataRobot reaffirms its commitment to streamline AI by providing high quality solutions to individuals and communities in the use of AI . It will also contribute to the promotion of artificial intelligence services regionally and globally in the fields of green technology, oil and gas, and healthcare, placing the Kingdom on the global map of technological innovation.

stc’s strategic partnership with SCAI and DataRobot is very much in line with the objectives of Vision 2030 and the “Dare” strategy. This partnership aims to improve and develop the local economy while maintaining the Kingdom’s sustainable growth and human capital development. SCAI and DataRobots join stc’s rich list of partners, including Ericsson, Huawei and Nokia, to be among the leading digital service providers in establishing three innovation centers for research and development in the UK.

With the aim of enabling the comprehensive digital ecosystem, stc has previously launched its main digital center “MENA Hub” for the Middle East and North Africa with an investment of one billion US dollars, which is the leading position of the Kingdom of Saudi Arabia in the ICT sector and stc’s role as a leading player in the region, including empowering the Kingdom’s economy and GDP. stc’s contribution was not only limited to the digital ecosystem, but also invested with the Alibaba Group in the Alibaba Cloud Services in Riyadh, Saudi Arabia, with an initial capital of $ 238.3 million (894 million Saudi -Riyal). And it has increased the level of IoT services as it is a technology-neutral service provider in the smart industrial manufacturing sector, the smart logistics transportation industry and smart cities, through the joint venture with the Saudi Sovereign Wealth Fund and the Public Investment Fund (PIF) ) at a ratio of 50:50 to form a new company specializing in Internet of Things (IoT).

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