Machine Learning is a subset of Artificial Intelligence that deals with the development of algorithms and statistical models, allowing the system to identify patterns and make decisions based on them without explicit programming.
The process of machine learning involves data collection, data processing, data selection, and evaluation to make an informed decision.
Market Insights & Analysis: Saudi Arabia Machine Learning Market (2023-28):
The Saudi Arabia Machine Learning Market is estimated to grow at a CAGR of around 11.5% during the forecast period, i.e., 2023-28. The major factor attributing to its growth is the digitalization in Saudi Arabia among several sectors such as healthcare, education, telecom, BFSI, etc. This has led to the creation of large databases with crucial information that needs to be processed to determine a pattern or an algorithm, based on which output is produced using machine learning tools to improve the functioning of the device or the computer.
Further, technological advancement in the country also aided in the adoption of machine learning modeling within the country. The improved computer capabilities and the development of open-source data platforms have enabled companies to adopt or hire machine learning tools in analyzing the data from open sources to identify patterns such as predictive demand and forecasting, thereby encouraging the adoption of machine learning services among the end users.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Region Covered||Central, East, West, South|
|Key Companies Profiled||
Baidu, Takamul Smart Technology, IBM Inc., Amazon Web Services, Dataiku, SAP SE, Google Inc., Intel Corporation, CISCO Systems, SAS Institute, Others
|Market Value (2022)||USD 426 million|
In addition to it, the government is also encouraging the adoption of machine learning and artificial intelligence to achieve automation and improve the overall efficiency level. Such as the adoption of robots in the healthcare & television industry to perform repetitive tasks. Such developments are in turn leveraging the adoption of machine learning services, leading to the growth of the Saudi Arabia Machine Learning market.
Saudi Arabia Machine Learning Market Driver:
Rising Technological Advancements and Adoption of Automated Decision-Making Tools– Individuals in the Southeast Asian region are gradually inclining towards e-commerce platforms to make purchases of the necessary commodities owing to the rise in net disposable income. Consumers are spending quality time on the e-commerce website like Lazada, Shoppee, etc., surfing about the goods the companies are offering, which generates a lot of data concerning consumer behavior, owing to which it becomes necessary for e-commerce companies to opt for data analytics & business intelligence services to gain valuable business insights and helps the organizations make informed decisions about marketing strategies, inventory management, pricing, and other pivotal areas of operation. For instance,
In addition to it, the government in the region is also encouraging the adoption of the latest technology and tools to streamline routine work and improve overall efficiency levels. Currently, the government is working on National Strategy for Data and AI under which it is working on establishing an integrated infrastructure to support digitalization and accelerate the adoption of machine learning technology among the end users. This in turn is positively impacting the growth of the machine-learning market in Saudi Arabia.
Saudi Arabia Machine Learning Market Opportunity:
Automation in the Oil & Gas Industry to Lead to the Growth of Machine Learning – A large part of Saudi Arabia’s economy is dependent upon oil & gas. Considering the importance of the oil & gas sector, the country is gradually adopting automation and the use of advanced tools & technology to streamline the extraction procedure of oil & gas from the shores. Use of machine learning tools in the oil & gas sector allows equipment sensors to analyse the data & algorithms to predict & prevent failure. In addition to it, machine learning also analyse the historical data, and patterns based on that production level can be maintained and downtime can be reduced.
Thus, Saudi Arabia is witnessing notable investments among the oil & gas companies including ARAMCO to maximize oil recovery, and to reduce costs. This is emerging as an opportunity area for the growth of the Saudi Arabia Machine Learning market.
Further, the use of machine learning is also gaining traction in the carbon capture & sequestration domain. As it can optimize the level of CO2 injection in the reservoir, it can also generate more accurate simulations and modeling databases thereby aiding project planning and evaluation. Thus creating a conducive environment for the growth of the Saudi Arabia Machine Learning Market during 2023-2028. For instance,
Saudi Arabia Machine Learning Market Challenge:
Technical Limitations and Lack of Accuracy in Data Processing May Limit its Adoption –
The major drawback that machine learning modeling faces is lack of accuracy in processing big data, due to which the output produced suffers from defaults leading to inefficiency in task completion.
In addition to it, machine learning modeling work entirely on the bases of algorithm patterns & data sets, which are susceptible to being hacked. This can hamper the entire security & privacy domain of the industry, due to which several end-users resist in adopting machine learning technology. Thereby restricting the growth of the Saudi Arabia Machine Learning Market.
Saudi Arabia Machine Learning Market Trend:
Mounting Popularity of Machine Learning Technology in the Healthcare Sector- Within the healthcare domain the adoption of machine learning modeling is gaining momentum in areas such as disease diagnosis by analysing patients’ symptoms and historical records. It is also helpful in diagnostic tests such as MRIs, CT scans, X-rays, etc., which allows radiologists to make assessments timely. As a result, the government is also encouraging the adoption of AI & ML modeling in the healthcare domain. For instance,
Further, as the healthcare industry of the country is continuously expanding to serve the domestic as well as medical tourists needs, the demand for the integration of machine learning technology is anticipated to continue to boom from the sector.
Saudi Arabia Machine Learning Market (2023-28): Segmentation Analysis
The Saudi Arabia Machine Learning Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It also includes predictions for the period 2023–2028 at national level. Based on the analysis, the market has been further classified as:
Based on Application:
The advent of digitalization in Saudi Arabia in almost every sector including IT, healthcare, education, etc. has led to the creation of large databases and big data. This contains crucial information relating to the customer’s finances, health details, educational qualifications, etc, and needs to be analyzed thoroughly to determine a pattern based on which the final output is produced using machine learning modeling. Due to major digitalization, machine learning is being extensively used for data processing in the Saudi Arabia Machine Learning Market.
Moreover, in the coming years as well, the same trend is expected to persist as more and more sectors such as healthcare, oil & gas, etc. are moving towards automation to streamline their regular task. Which would further generate data that needs to be processed to achieve an optimized result. Owing to this data processing segment is expected to generate maximum revenue for the Saudi Arabia Machine Learning Market.
Based on Deployment Mode:
Based on the deployment mode the cloud-based model holds the dominant position because the public & private sectors in Saudi Arabia have adopted a cloud-first approach in line with Saudi Arabia Vision 2030. As a result, the demand for cloud services solutions has increased among several business enterprises to store the data and process it accordingly.
In addition to it, setting up cloud-based infrastructure is low in cost in comparison to on-premise infrastructure. As on-premise services include the setting of dedicated infrastructure and an expert team, which is not the case with cloud-based deployment mode. As a result, industries prefer cloud-based deployment, leading to their significant market share.
Saudi Arabia Machine Learning Market Recent Development:
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Frequently Asked Questions
A. The Saudi Arabia Machine Learning Market is expected to grow at a CAGR of around 11.5% during 2023-28.
A. Technological advancement and the adoption of automated decision-making tools are expected to drive the Saudi Arabia Machine Learning Market during 2023-28.
A. The top players in the Saudi Arabia Machine Learning Market are Baidu, Takamul Smart Technology, IBM Inc., Amazon Web Services, Dataiku, SAP SE, Google Inc., Intel Corporation, CISCO Systems, SAS Institute, and others.
A. Cloud-based deployment mode is the leading deployment mode segment in the Saudi Arabia Machine Learning Market.
A. The use of machine learning modeling in the healthcare sector is the key trend shaping the growth of the Saudi Arabia Machine Learning Market.
A. Growing inclination towards automation in the oil & gas sector is expected to drive the Saudi Arabia Machine Learning Market through 2028.
A. Lack of accuracy and security risks is a possible restraint affecting the growth of the Saudi Arabia Machine Learning Market.
A. Potential end users are Healthcare, BFSI, Retail, Telecommunication, IT & Telecom, Manufacturing, etc.
Saudi Arabia Machine Learning Market Research Report (2023-2028) - Table of Contents