The latest forecast from the International Data Corporation (IDC) states that investments in Artificial Intelligence in the Middle East and Africa will reach $530 million in 2022.
IDC is a global technology research and consulting firm. They expect investment in AI to grow 42.5%, equivalent to $290 million year-on-year in 2019. The investment will increase at a compound annual growth rate (CAGR) of 22.2% from the year 2019 to 2022.
See also: Introducing Cortex Venture; Africa’s First Artificial Intelligence Venture Capital Company
The top drivers of Artificial Intelligence in the Middle East are the desire to improve customer support, boost overall efficiency, drive sales, and enhance the quality of products and services. Expenditure on automated customer service agents is expected to grow the fastest at a CAGR of 25.8% to reach $66 million in 2022.
The research shows that the top industries that will invest the most in AI are banking, manufacturing, and commerce. These industries will receive funds from governments across the Middle East and Africa. Investment in AI this year almost doubles the amount in 2017. This reflects the increased interest in Artificial Intelligence which drives automation and enhances existing business processes.
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