Technology & IT | Wednesday 27 December, 2017 2:03 am |

Growing investments by Saudi Arabia in the latest, best-of-breed digital technologies, including artificial intelligence, under the Saudi Vision 2030 initiative, will transform the Kingdom into a vibrant, robust knowledge based economy ready for embracing the emerging challenges of the new millennium.  

 

Artificial intelligence, the concept that machines can act intelligently without people, is based on machine learning in which computers do not rely only on programs. By analyzing and “learning” from massive amounts of different types of data and results, computers can “think” and act on their own.

 

In the Kingdom, there is massive demand for artificial intelligence. The Saudi Public Investment Fund and Softbank Vision Fund are investing in emerging innovations such as artificial intelligence, machine learning, and robotics. These technologies, along with blockchain and the Internet of Things, will be the foundation for USD 500 billion mega-city NEOM which is planned to be fully-automated.

 

“The Kingdom is on the cusp of becoming a global early adopter in artificial intelligence to transform businesses and daily lives, especially through the Vision Fund and NEOM,” said Ahmed Al-Faifi, Managing Director for Saudi Arabia, Bahrain, and Yemen at global digital transformation enabler SAP. “Using artificial intelligence, organizations from energy to healthcare can make better, more informed decisions through the insight gained from analyzing massive amounts of data.”

 

Worldwide, the artificial intelligence market continues to grow rapidly - at 63 percent CAGR to reach USD 16 billion by 2022, according to a recent report by Markets and Markets.

 

One of the biggest opportunities for artificial intelligence is in oil and gas, which globally could see USD 50 billion in cost savings and profit. Using artificial intelligence, oil and gas firms can plan investment around macro-economic conditions; optimize drilling; integrate of wells, reservoirs, and facility management; predict maintenance; and support drone surveillance and deliveries.

 

In addition, the medicine, law, and IT fields could see a major impact from artificial intelligence, according to a recent report by Gartner.

 

SAP is seeing strong Saudi demand for the SAP Leonardo Machine Learning digital innovation system, which embeds machine learning into applications, and is exchanging best practices with the SAP Leonardo Machine Learning Foundation and Partnership on Artificial Intelligence.