AI to grow in MEA

July 2019 News

Artificial intelligence (AI) spending in the Middle East and Africa (MEA) is poised to reach $290 million this year, rising to $530 million in 2022, according to the latest forecast from International Data Corporation (IDC). The global technology research and consulting firm expects investment in AI across the region to grow 42.5% year on year in 2019 and continue increasing at a compound annual growth rate (CAGR) of 22.2% over the 2019-2022 period.

IDC’s research shows that the top three industries in terms of AI investment in 2019 will be banking, manufacturing, and retail. These industries will remain the top three through 2022, although spending by federal/central governments across MEA will see the strongest growth of the region’s top five verticals, increasing at a CAGR of 26.3%.

The three most popular use cases – automated customer service agents, automated threat intelligence and prevention systems, and fraud analysis and investigation – will account for a combined 31.4% of AI investment across MEA in 2019. These use cases are expected to retain their positions throughout the forecast period, with spending on automated customer service agents growing the fastest at a CAGR of 25.8% to reach $66 million in 2022.

According to an extensive IDC survey conducted earlier this year among CIOs from across the Middle East, the top five drivers fuelling demand for AI systems are the desire to improve customer support, augment marketing activities, boost overall efficiency, enhance the quality of products and services, and drive sales. Such benefits have become the hallmark of artificial intelligence as the technology advances and organisations wake up to its ground-breaking potential to revolutionise the way they work.

“Spending on AI in the MEA region this year is set to almost double from where it stood in 2017, which reflects the huge growth in interest we have seen around this technology over the last 18 months,” says Jyoti Lalchandani, IDC’s group vice president and managing director for the Middle East, Turkey, and Africa. “Investments in artificial intelligence are being driven by the promise, opportunity, and excitement of a new wave of automation that not only drives inefficiency out of processes but also changes how people interact with the digital world around them. Indeed, the use of AI-based automation and the changing relationship between employees and increasingly intelligent machines will drive opportunities to evaluate and enhance existing business processes in ways that have not been seen since the early 1990s.”

The abundant opportunities presented by artificial intelligence will feature prominently when the ICT industry’s leading vendors and most influential end users gather at Dubai’s Hilton Al Habtoor City on February 26-27 next year for the IDC Middle East CIO Summit 2020. Running under the theme ‘The Race to Reinvent: Connecting Leaders to Empower Digital Transformation’, the event will represent the region’s largest ever gathering of CIOs, with more than 500 delegates expected to attend.

For more information about the IDC Middle East CIO Summit 2020, contact Sheila Manek at smanek@idc.com or on +971 4 446 3154.




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

TAPA: The role of an effective treasury function in business risk management
June 2019, Technews Publishing , News
Neil Le Roux, the Founder of Diligent Advisors will speak at the TAPA SA (Transported Asset Protection Association) annual conference on 26 July 2019.

Read more...
iLegal 2019: Enhancing and empowering your control rooms
July 2019, Technews Publishing , News, Conferences & Events
iLegal 2019 will be held on 12 September 2019 at The Rosebank Crowne Plaza in Johannesburg. iLegal is the surveillance industry’s premier one-day conference hosted jointly by Hi-Tech Security Solutions and Dr Craig Donald.

Read more...
Residential Estate Security Conference 2019: Managing for efficiency
July 2019, Technews Publishing , News, Conferences & Events
The Residential Estate Security Conference 2019 will be held on 20 August 2019, once again at the Indaba Hotel in Fourways, Johannesburg.

Read more...
Spending to save
August 2019, Technews Publishing , News
As residential estates and complexes grow like weeds across South Africa, often promoting themselves as more secure than a stand-alone house, many are finding that close proximity to a neighbour or a ...

Read more...
From the editor's desk: The difference between potential and skills
August 2019, Technews Publishing , News
This issue of Hi-Tech Security Solutions includes our annual Local Manufacturing feature and it’s great to know that local security manufacturers are still going strong, even if the general manufacturing ...

Read more...
A customised solution for backup power
August 2019, Specialised Battery Systems , News, Integrated Solutions
Specialised Battery Systems designed and implemented a bespoke solution for Stallion Security Electronics to deploy at almost any site.

Read more...
Patient critical – healthcare’s cybersecurity pulse
August 2019, Wolfpack Information Risk , News, Cyber Security, Healthcare (Industry)
The healthcare industry has become one of the leading cybersecurity attack vectors worldwide for several reasons.

Read more...
iLegal 2019: Keeping security one step ahead
July 2019, Technews Publishing , News
The iLegal 2019 conference will focus on Augmented Surveillance, including the physical and logical technologies, people and processes required to enhance security and business decisions.

Read more...
A one-size-fits-all approach won’t secure the IoT
August 2019 , News, Cyber Security
Securing the Internet of Things (IoT) is something which cannot be done with a one-size-fits-all approach, and every kind of connected object must be assessed individually.

Read more...
Came acquires Turkish company Özak
August 2019, CAME BPT South Africa , News, Access Control & Identity Management
Came broadens its market horizons and signals growth and consolidation in the Middle East.

Read more...