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Innovation is one of the key factors driving economic development in the Middle East, especially in the UAE and Saudi Arabia. The region is a world leader in adopting new technologies such as artificial intelligence (AI) and deep learning to build a future-ready economy. This changes the way businesses operate and creates new avenues for growth. The artificial intelligence market, in particular, is expected to grow exponentially, with a report from PwC claiming it will add $320 billion to the region’s economy by 2030.
Businesses in the region are happy to invest in AI-driven solutions to unlock productivity, gain a competitive edge, and meet changing customer demands. A recent ManageEngine study surveyed more than 200 policymakers from a range of private organizations in the UAE and Saudi Arabia to understand the proliferation of AI.
According to the survey, 65% of UAE business decision makers (BDMs) say their organizations have been harnessing the power of AI to automate tasks and build employee self-service. In Saudi Arabia, 61% of BDMs choose to invest in artificial intelligence to prevent cybersecurity attacks.
Interest in artificial intelligence is at an all-time high
Since AI emerged as a concept in the 1950s, interest in the technology has gone through phases of hype and promise (AI Summer) and criticism and disappointment (AI Winter). Whenever the fortunes of AI turn for the better, we notice key developments in related fields such as robotics, machine learning, and deep learning. Today, due to the data explosion, digital and technological advancements, and the availability of cost-effective cloud-based platforms, artificial intelligence has become a minimum requirement technology.
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With large language models (LLMs) in the market, the AI ​​hype cycle is at an all-time high, AI adoption is more attractive than ever, and funding for research activity is pouring in. At a high level, the LLM is the perfect combination of human-like intelligence for analyzing, summarizing and translating language, producing convincing responses. They are at the heart of several breakthroughs in natural language processing (NLP) and conversational AI.
We do not predict that the AI ​​deluge will end anytime soon, and that as AI continues to develop and mature, it will drive more development and adoption. However, while LLM has captured the heart of the market, a narrow model with use-case specific skill sets will be a game changer for IT service management to overcome LLM’s prevalent challenges such as hallucinations, stale training data, lack of corporate context , and more.
Not limited to the enterprise space, artificial intelligence – which has proven to be very beneficial – will become more mainstream in the coming years. In the BFSI space, AI has played an important role in detecting fraud, ensuring compliance with regulatory reporting and effectively managing risk. Given the shortage of healthcare talent, the healthcare industry has adopted artificial intelligence technology to better deliver treatments to improve medical imaging, drug discovery and personalized medicine. Additionally, the energy sector is utilizing AI for predictive maintenance, asset management, and demand forecasting, thereby increasing efficiency and profitability.
Opportunities for knowledge exchange between regional countries
Some countries in the Middle East, such as the UAE and Saudi Arabia, have developed ambitious strategies to establish themselves as global leaders in AI. These strategies provide valuable insights into how the two countries intend to use this technology to improve various sectors. In fact, they have the potential to lead the global AI race thanks to strong government support, increased investment, and growing talent pool.
The UAE government launched an artificial intelligence strategy in 2017, aiming to make the country a global leader in artificial intelligence by 2031, and plans to establish the world’s first artificial intelligence university – Mohamed bin Zayed artificial intelligence University. Saudi Arabia has prioritized AI in its vision plan and established the Saudi Data and Artificial Intelligence Authority (SDAIA) to lead its AI efforts.
Recognizing the technology curve in a changing environment, both countries are committed to using artificial intelligence to drive economic growth and diversification. They plan to use artificial intelligence to attract investment, create new jobs and enhance economic competitiveness.
They focus on creating hubs for AI startups, accelerators and incubators, with plans to collaborate with leading international AI organizations to exchange knowledge and expertise.
While the UAE and Saudi Arabia are leading the way in AI development and starting to reap the benefits of its deployment, their regional counterparts are rapidly embracing digitalization to keep pace. They have recognized the importance of responsible AI development and have therefore implemented data privacy, security and ethics guidelines.
The growing focus on AI in the region presents opportunities for countries such as Egypt and Oman to collaborate and share resources, knowledge, and expertise to accelerate regional AI development. Overall, I am excited by the interest shown in the Middle East and foresee substantial additional investment in talent development, infrastructure and public-private partnerships to advance AI.
Ramprakash Ramamoorthy is Director of Artificial Intelligence Research at ManageEngine
read: UAE ranks first in Arab world in AI adoption
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