UAE: Artificial Intelligence market to reach $1.9b by 2026

  • Date: 29-Mar-2023
  • Source: Khaleej Times
  • Sector:Technology
  • Country:UAE
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UAE: Artificial Intelligence market to reach $1.9b by 2026

Businesses need to understand challenges and risks to successfully integrate AI into their operations, consultancy says

The UAE is one of the most advanced countries in the region regarding AI adoption. - Shutterstock

Published: Wed 29 Mar 2023, 12:30 PM

The value of the artificial intelligence (AI) market in the is expected to reach $1.9 billion by 2026, representing a compound annual growth rate (CAGR) of 36.2 per cent, research shows.

The AI market in Middle East is expected to grow significantly in the coming years. According to a report by Research and Markets, the AI market in the Middle East and Africa is expected to grow from $500 million in 2020 to $8.4 billion by 2026, representing a CAGR of 47.8 per cent.

The UAE is expected to be one of the key markets for AI in the region, with the government and businesses investing heavily in AI initiatives. In 2020, the UAE’s AI market was valued at $290 million, data shows.

As adoption of AI into business practices gains ground in the Middle East, business leaders need to clearly understand their data and AI goals, partner where necessary, iterate and experiment, focus on business impact and user experience, and above all, embrace change in