AI Investments In The GCC Have Great Potential
By Tasnim Nazeer/ Forbes Middle East - Image Credit: Shutterstock
SOURCE: Forbes Middle East - AI Investments In The GCC Have Great Potential
Artificial Intelligence (AI) is being embraced by many companies and organizations in the Middle East to cater to a range of industry sectors such as telecommunications, healthcare and entertainment.
The GCC is well positioned to invest in AI in order to utilize their business operations, spearhead innovation and creativity in the region.
Gulf investors have already been making their presence in securing investments in the AI industry to utilize in mobile smartphone communications and healthcare.
According to a report by Pwc Middle East many consumers are happy to embrace AI for healthcare purposes. People are increasingly eager to employ AI and robot technology if they will receive better services in the medical field, speedy diagnosis and treatment and a more enhanced experience.
It is not only healthcare that GCC can make AI investments in, but it can also be used in the fintech industry across the region.
However, with the rise of AI many businesses are concerned with providing a human touch for those who aren’t quite ready for the innovation of robotics in business.
AI has the potential to significantly benefit the GCC industry sectors by building value into production processes and the economy at large.
According to the World Economic Forum, there is a rapidly growing, young, tech-savvy population in the Middle East who could benefit substantially from AI and virtual reality.
It is estimated that 40% of people across the Middle East and North Africa are under the age of 25, and population growth is second only to sub-Saharan Africa. This growth is set to continue, with the total population forecast to reach 700 million by 2050.
With the significant population count expected to rise, it is inevitable that the generation that grew up with technology will undoubtedly have greater interest when it comes to deploying AI in the office.
AI can be utilized for training and educational purposes within the GCC enabling students or employees to train from their locations without having to physically attend classes or conferences.
The GCC countries have already made long-term plans to increase diversification of product offerings, attract investments and grow entrepreneurship through supporting SME’s.
AI can help to further make these goals a reality in making the process easier with the convergence of new technologies.