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|01 October, 2017

AI investments in UAE to touch $9bln in 2017

Global spend on cognitive and artificial intelligence solutions estimated to reach $46 billion by 2020

Image used for illustrative purpose only. U.S. dollar notes are seen in this picture illustration

Image used for illustrative purpose only. U.S. dollar notes are seen in this picture illustration

REUTERS/Lee Jae-Won
As UAE takes significant strides toward embracing Artificial Intelligence (AI) technologies and further developing a knowledge-based economy, businesses must seize the opportunity and architect for disruption instead of becoming victims to it, a senior executive has said in a press release.

AI investments in the UAE have recorded over 70 per cent increase over the past three years, and economic analysts have projected investments to touch Dh33 billion by the end of this year.

Businesses in the UAE across different sectors including as healthcare, education, oil and gas, and aviation are on their way to start integrating cognitive systems into their business.

Saeed Al Dhaheri, Chairman of Smartworld, said, during the CIOMajlis held recently in Dubai, "UAE is on the forefront when it comes to adopting the latest smart technologies. Technology is driving businesses now and as CIOs we need to see the impact of artificial intelligence on our operations and how we can leverage on it. It is also about training, training the systems training the network for higher efficiencies."



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CIOMajlis is an initiative by Smartworld, a joint venture between Etisalat and Dubai South, that aims to contribute to realising the vision of the National Innovative Strategy with the goal of making the UAE the world's most innovative country by 2021.

Addressing Chief Information Officers (CIOs) from across the UAE, on the topic 'Enable cognitive business to drive innovation', Anthony Butler, IBM Cloud CTO, Middle East and Africa, said: "Business strategy and technology are now inseparable and that businesses today are using cloud and cognitive technologies to deliver more insight-driven, innovative customer experiences."

Worldwide revenues for cognitive and artificial intelligence (AI) systems are estimated to reach $12.5 billion in 2017, an increase of 59.3 per cent over 2016, according to International Data Corporation (IDC) forecasts.

Global spending on cognitive and AI, termed as the Fourth Industrial Revolution, will continue to see significant corporate investment over the next several years, achieving a compound annual growth rate (CAGR) of 54.4 per cent through 2020 when revenues will be more than $46 billion, according to the forecast.

Businesses in the UAE across different sectors including as healthcare, education, oil and gas, and aviation are on their way to start integrating cognitive systems into their business.

Worldwide, interest in implementing AI systems is surging among companies and institutions, according to market intelligence firm Tractica. Revenue generated from the direct and indirect application of AI software will grow from $1.4 billion in 2016 to $59.8 billion by 2025, Tractica forecasts.


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