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The GCC artificial intelligence market grew at a CAGR of around 24% during 2015-2020. Looking forward, IMARC Group expects the market to continue its robust growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Artificial intelligence (AI) refers to a branch of computer science designed to replicate human intelligence for performing numerous operations in real-time. It is widely adopted for diverse applications, such as visual perception, voice and handwriting recognition, decision-making, language translation, etc. Artificial intelligence offers several benefits, including improved accuracy, better adaptability, enhanced productivity, higher time-efficiency, etc. As a result, it finds extensive usage across several end-use industries, such as trade, defense, automobile, transportation, healthcare, banking, construction, etc.
In the GCC region, the rising internet connectivity along with the increasing penetration of IoT-based smart devices is primarily driving the demand for artificial intelligence. Furthermore, the growing digitization across diverse industry verticals, such as telecommunication, retail, construction, BFSI, etc., is also augmenting the utilization of artificial intelligence for analyzing large data volumes. Additionally, the rising integration of image recognition technology with optical character identification is further propelling the demand for artificial intelligence in drones, self-driving cars, and robots. Moreover, several organizations in the region are getting inclined towards cloud-computing tools incorporated with AI to process accurate real-time data and improve the overall productivity. Apart from this, the emergence of e-commerce platforms in the GCC region has led to the increasing deployment of AI-based algorithms for extracting specific insights to provide better customer engagement. Additionally, the growing development of smart infrastructures coupled with the rising preferences towards AI-based virtual assistants is also bolstering the market growth across the GCC countries. Moreover, various government organizations are heavily investing in the expansion of 5G networking, which will further continue to drive the GCC market for artificial intelligence over the forecasted period. Looking forward, IMARC Group expects the GCC artificial intelligence market to continue its robust growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC artificial intelligence market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, type, solutions, system, technology and end use industry.
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The competitive landscape of the industry has also been examined with some of the key players being Accubits Technologies, Amazon Web Services, Inc.(Amazon.com Inc.), Cogtalk, Facebook Inc, Fusion Informatics Limited, Google LLC (Alphabet Inc.), Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd, SAP Middle East & North Africa LLC(SAP SE) and Siemens Middle East Limited (Siemens Ag).
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