Saudi Arabia Machine Learning Market is projected to grow at a CAGR of 11,5% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major reason for the growth is the growing adoption of the digital ecosystem by the end-user groups including healthcare, education, BFSI, etc. The gradual shift towards digitalization is in turn is leading to the creation of large databases and big data, which contain crucial client information. This information is then used by machine learning technology to analyze the pattern of the consumer’s demand, preferences, and interests.
Based on this algorithm and statistical data, machine learning technology enables analysis of the data in a logical manner and perform predictive modeling to better serve the customers’ need as per their requirements. Further, the advancement in technology such as edge computing, cloud storage, etc. is encouraging industries to gradually switch to the digital ecosystem and improve their overall efficiency level. This, in turn, is creating large databases which require the adoption of machine learning technology to analyze and process that data, leading to the growth of the Saudi Arabia Machine Learning Market.
However, the technology still suffers from some challenges as the input i.e. data that machine learning uses is susceptible to being hacked due to which the privacy and security of the customer’s data are at the highest risk, which is hindering the growth of the market.
Despite these challenges, the adoption of machine learning technology is gaining traction because the government itself is encouraging its adoption. The government is proactively engaging with machine learning technology providers to examine the applicability of this technology in domains such as disease diagnosis, oil & gas, carbon capture, and sequestration. This is encouraging the end users to switch to machine learning platforms to allow them to perform regular tasks and improve overall business efficiency.
BFSI Sector to Witness Increasing Adoptions of Machine Learning Technology
Based on end-user type, the machine learning market is divided into BFSI, Healthcare, Retail, Telecommunication, IT & Telecom, Manufacturing, and Others (Education, Energy & Utilities, etc.). Of them all, its adoption has been significant in the BFSI sector because the increasing penetration of smartphones & internet has led to the digitalization of the finance & banking sector in the country. This has further led to the creation of large databases which are processed using machine learning technology and are used to analyze the pattern of consumer demand. The algorithms and statistical patterns helps BFSI service providers to better understand the customer needs and serve their demand such as the use of Interactive Voice Response (IVR) calls that are pre-recorded based on the historical data of the user’s preferences while banking.
Data Processing Application to Witness Highest Adoption of Machine Learning Technology
Based on the application the market is divided into Data Processing, Feature Engineering, Modeling, Visualization, Fraud Detection & Security, Supply Chain Management & Demand Forecasting, and Others (Robotics, Predictive Maintenance, etc.). Of them, all, data processing application has the maximum use of machine learning technology, as big tech companies such as Uber, Amazon, etc. generate expensive data on a regular basis, which needs constant analysis in order to determine customer preference and demand pattern to better serve its need.
Further, to provide real-time data and analysis, the collected data has to be processed continually on a wide scale. Owing to such key factors data processing segments hold the leading share, thereby leading to the growth of the Saudi Arabia Machine Learning Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Baidu, Takamul Smart Technology, IBM Inc., Amazon Web Services, Dataiku, SAP SE, Google Inc., Intel Corporation, CISCO Systems, SAS Institute, and others. etc. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report