MENA AI Market Size (2023-2033)
Published date : 22 April 2024

MENA AI Market Size (2023-2033)

MENA is experiencing like in many other regions an important surge in AI adoption. The MENA AI market, valued at approximately US $17.31 billion in 2023, is projected to expand dramatically to US $702.77 billion by 2033, marking a staggering compound annual growth rate (CAGR) of 44.83% over the next decade.

This growth is strongly driven by regional governments that are promoting AI development through strategic initiatives, incentives, and infrastructure enhancements, thereby creating an ideal environment for AI innovation. A notable recent example is Saudi Arabia's announcement in March 2024 of a $40 billion AI technology fund.

Additionally, the drive towards AI is further fuelled by digital transformation across various industries in MENA where companies are increasingly using AI to boost efficiency and competitiveness. The region's rich data resources also provide a solid foundation for the development of sophisticated AI applications.

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