Potential of Generative AI in Saudi Arabia
Generative AI is set to revolutionize the operational landscape of companies in Saudi Arabia, with projections indicating an annual profit increase of up to 14%. Research from Strategy& highlights the telecom, media, and technology (TMT) sectors as primary beneficiaries of the diverse use cases that Generative AI presents.
The surge in popularity of Generative AI applications such as ChatGPT and DALL-E has captured global attention. However, the influence of this technology extends far beyond consumer-level services. Businesses around the world are integrating Generative AI tools to enhance productivity and generate new value streams, setting the stage for significant transformations.
Telecom Sector Embracing Innovation
The telecommunications industry in Saudi Arabia is experiencing remarkable growth driven by a young, tech-savvy population. Despite facing intense competition, the market is thriving due to prolific mobile and internet usage. Companies in this sector are increasingly turning to Generative AI to carve out distinctive competitive advantages.
Generative AI provides telecom enterprises with valuable insights that enable the creation of tailored product portfolios and sophisticated customer segmentation. In addition, these advanced AI-driven tools enhance customer engagement, streamline network management, and facilitate targeted marketing campaigns, driving overall business success.
Expanding Media and Entertainment Landscape
Rapid growth characterizes the Saudi media and entertainment market, spurred by high media consumption and a robust digital infrastructure. With a significant online presence and a focus on fostering localized content, Saudi Arabia is positioning itself as a key player in the media landscape.
To capitalize on this momentum, Generative AI tools can expedite the local content creation process while delivering personalized experiences. Media companies can leverage Generative AI for various tasks, including post-production, search functionality, personalized recommendations, and targeted advertising, ultimately enhancing content delivery and engagement.
Thriving Technology Sector and Opportunities
Saudi Arabia’s technology sector is flourishing, backed by national digitization strategies and the development of smart city initiatives. The country aims to establish itself as an innovation hub, focusing on investments in domestic intellectual property and fostering companies that excel in software and infrastructure.
The inclusion of Generative AI in this sector presents vast opportunities for growth and improvement across multiple domains. Saudi tech firms can harness this technology for novel applications, advanced hardware solutions, better research and development processes, and more efficient marketing and operational strategies, tapping into a market nearing $800 million.
As various industries in Saudi Arabia strive to capitalize on artificial intelligence tools, proactive measures are being taken to stay competitive. For instance, Saudi Aramco, one of the largest oil companies globally, is collaborating with a US strategy consultancy to implement AI technologies effectively.
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