Spending on artificial intelligence in the Middle East and Africa region will jump to $3 billion this year — accounting for nearly 2 per cent of global AI spending of $151.4 billion, according to a new report by International Data Corporation.
The region is expected to experience the fastest growth rate worldwide over the coming years, with the US-based research company predicting that Middle East and Africa AI spending will surge at a compound annual growth rate of 29.7 per cent to reach $6.4 billion in 2026.
Rapid adoption of cloud solutions by different industries and accelerated digital transformation will drive AI spending over the coming years, the report found.
“Organisations across the region are investing in AI technologies and related software and services to drive greater efficiency through automation and contribute to a more agile operating environment,” said Manish Ranjan, senior programme manager for software, cloud and IT services at IDC for the Middle East and Africa.
“The effects of the pandemic have fuelled further spending in relation to AI/ML [machine learning] adoption, particularly within the banking and finance, manufacturing, trade, health care and government verticals,” Mr Ranjan said.
The global AI market is projected to surpass $1.7 trillion in 2030, up from $93.5 billion in 2021, expanding at a compound annual growth rate of more than 38 per cent, data from Grand View Research indicates.
Banking, retail, and federal government will be the Middle East and Africa region's biggest spenders on AI this year, followed by manufacturing, according to IDC.
Together, these four industries will account for nearly 44 per cent of the region's total AI spending this year.
However, IDC expects professional services and transportation to be the fastest-growing industries in terms of AI spending over the 2022-2026 period, with annual growth rates of 36.4 per cent and 33.9 per cent, respectively.
Generative AI, one of the most disruptive offshoots of AI technology, holds immense potential, a recent report by Goldman Sachs found.
It uses machine learning to produce content such as text, images, video and audio, and can generate novel content, in the right context, instead of merely analysing or acting on existing data.
Generative AI could drive a 7 per cent (or almost $7 trillion) increase in the global economy and lift productivity growth by 1.5 percentage points over a 10-year period, Goldman Sachs said.
The global generative AI market is expected to reach $188.62 billion by 2032, growing at an annual rate of more than 36 per cent from $8.65 billion last year, according to a report by Brainy Insights.
The North America region dominated the market last year.
Overall, AI growth prospects in the Middle East and Africa region “look very promising as businesses are increasingly investing in AI- and analytics-based solutions to strengthen and expand their customer experiences, build digital capabilities and drive innovation,” Mr Ranjan said.
Augmented customer service agents, fraud analysis and investigation, improved threat intelligence and prevention systems, and sales process recommendation and expansion, are some of the key business use cases where regional organisations are investing more in the market.
However, the region will need more trained professionals to harness the technology, IDC said.
“Numerous challenges will accompany the region's increasing adoption of AI, with the most critical being the lack of skilled resources such as data scientists, data engineers and AI modellers,” Mr Ranjan said.
“However, the region has multiple initiatives in place aimed at upskilling local talent, with organisations in both the public and private sectors establishing partnerships to foster AI- and ML-specific learning,” he added.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Nissan 370z Nismo
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Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
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Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
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On sale: now
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
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A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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