Page 122 - SAMENA Trends - July-August 2022

TECHNOLOGY UPDATES SAMENA TRENDS

Global AI Market Will Grow to Over 1.5 Trillion U.S. Dollars by 2030

Ever increasing technological change is
rapidly increasing its beneficial impact on
every aspect of people's lives, leisure and
work activity. As it is as every business
in the world turns to digital solutions to
keep pace with an ever more demanding
customer. A key engine for these changes
is the application and development of
Artificial Intelligence (AI), linking up with
the whole digital ecosystem of Internet of
Things (IoT), 5G, cloud computing, cyber
security, entertainment and local, national
and international complete connectivity. AI
is proving increasing disruptive impacting
positively the speed, efficiency and cost of
our daily lives. It is impacting healthcare,
financial products, leisure, manufacturing,
retail amongst many other sectors as well
as creating new sectors for the future. It is
also saving lives as well as time, for example
in healthcare, where it can identify, analyze
and personalize treatments, quicker, safer
and more effectively than ever before. AI is
also helping protect our planet, embedded digital enabler in the region, has launched of stc’s strategic partnership with SCAI
within smart infrastructures, smart cities a long-term strategic partnership with the and DataRobot is very much in line with
and resource management to ensure we Saudi Company for Artificial Intelligence its Vision 2030 goals and “Dare” strategy,
protect the planet and provide food more (SCAI) and DataRobot. This partnership will which aims to improve and develop
productively and efficiently. The market drive the growth and development of the the local economy, while safeguarding
research firm IDC projected that the global Kingdom’s AI capabilities and empower the the Kingdom’s sustainable growth, and
AI market will reach a size of over half a next generation of Saudi changemakers and supporting its human capital development.
trillion U.S. dollars by 2024. Precedence tech talent. All partners will leverage their SCAI and DataRobots join stc’s long list
research suggest the market will grow to resources, networks and ecosystems with of partners, including Ericsson, Huawei
over 1.5 trillion U.S. dollars by 2030, as a range of ongoing collaborative efforts, and Nokia — likeminded entities that have
stated by Statista. This growth is fueled by working together closely and sharing supported the digital service provider to
an ever-increasing number of AI startups. best practices to advance the Kingdom’s establish three innovation centers for
AI startup acquisitions have accelerated tech landscape to transform it into a hub research and development in the Kingdom.
since 2010, growing almost fourfold of innovation. As part of the agreement, This adds even more weight to stc as the
between 2015 and 2018. Global funding DataRobot — the AI Cloud leader — will only global player owning and operating the
for AI startups has increased from over a establish its regional headquarters in complete digital eco-system of IoT, cloud,
billion U.S. dollars in 2013 to 8.5 billion U.S. KSA, where an AI development hub and connectivity, cybersecurity, entertainment,
dollars in the first quarter of 2020 alone. Research and Development center will also banking, every aspect of connectivity and
The potential and key importance of AI be set up. The launch of the partnership 5G etc. It builds on the $1bn launch of
has been recognized with Saudi Arabia for marks the latest step taken by stc and SCAI its major digital hub “MENA Hub” for the
some time. An indication is the formation to bolster the Kingdom’s AI infrastructure, Middle East and North Africa, investment
of the Saudi Company for Artificial with DataRobot underlining its commitment with Alibaba Group the Alibaba Cloud in
Intelligence (SCAI), a company wholly to democratizing artificial intelligence by Riyadh, Kingdom of Saudi Arabia, with an
owned by Public Investment Fund (PIF), providing people and communities easy initial capital investment of $238.3 million
to grow and develop artificial intelligence access to quality AI solutions. Crucially, (SAR 894 million), a 5):50 joint venture with
(AI) and emerge technologies into this will also contribute to the enhancement PIF forming a specialized company for IoT,
industries in KSA, to substitute innovation of regional and global AI services in green are just three recent illustrations of stc’s
in strategic sectors and accelerate key tech, oil and gas and healthcare, setting the determination to invest with expanding
national technological priorities. Within Kingdom apart — on the global stage — as scope, increasing scale and accelerating
this ambitious framework, stc, the leading a pioneer of tech innovation. The launch pace.

122 JULY-AUGUST 2022