The data analytics, artificial intelligence and cyber security business in the Middle East and Africa is poised to grow at 20.4% to $28.36 billion by 2026, as experts at the 2nd Smart Data Forum prepares to share industry trends
Businesses were estimated to have spent a whopping $215 billion in 2021 on big data and business analytics solutions, which was a 10 percent increase over 2020;
Big data analytics, artificial intelligence, cyber security market in the Middle East and Africa is growing at a compound annual growth rate (CAGR) of 20.4 percent from US$11.78 billion to US$28.36 billion by 2026
The data analytics, artificial intelligence and cyber security business in the Middle East and Africa is projected to grow at 20.4 percent to $28.36 billion by 2026, according to Markets and Research, as experts at the 2nd Middle East Data Analytics Forum prepares to share industry trends.
According to analysts at International Data Corporation (IDC), businesses were estimated to have spent a whopping $215 billion in 2021 on big data and business analytics solutions, which was a 10 percent increase over 2020.
The news comes as Cogent Solutions Event Management (CS Events) announces to schedule for the 2nd Middle East Data Analytics Forum, to be held on June 22, 2022. The day-long international conference is supported by the UAE Federal Competitiveness and Statistics Center.
The conference is being organised in line with the UAE’s National Innovation Strategy which aims to take UAE to a new height in the advancement of data analytics and national AI strategy 2031.
Enterprises in the end-user industries are increasingly deploying artificial intelligence (AI) to realise cost benefits, increase productivity, and improve their safety standards. Several government-driven initiatives are changing the dynamics of the industrial sector and contributing to reshaping the landscape in key economies like Saudi Arabia and UAE, and creating stronger institutional set-up and effective regulatory frameworks, to promote private sector investments.
The 2nd Middle East Data Analytics Forum aims to bring more than 350 C-Level international and regional stakeholders that have already embraced big data analytics and AIto discuss the current challenges, use-case scenarios, opportunities, hence providing a hands-on learning experience to the technology stakeholders converging from key sectors like Governments, BFSI, Healthcare, Retail, Manufacturing, Banking and Finance, Oil & Gas, Utilities and Transportation just to name a few.
The decision-makers attending the summit from Head of Data, CTO, Chief Data Officers, IT Directors, Head of Digital, CIO, Data Architecture, Director of Smart Data, Data Scientist, Head of AI analytics, Data Engineer & more.
Enterprises in the end-user industries are increasingly deploying artificial intelligence to realise cost benefits, increase productivity, and improve their safety standards. Several government-driven initiatives are changing the dynamics of the industrial sector and contributing to reshaping the landscape in key economies like Saudi Arabia and UAE, and creating stronger institutional set-up and effective regulatory frameworks, to promote private sector investments.
With COVID-19 becoming the new reality, organizations worldwide must respond proactively to cyber threats that have witnessed a spike during the pandemic. For this reason, cyber resilience, which refers to a sector or organization’s ability to prepare for, respond to, and recover from cyberattacks, has become an absolute necessity rather than a mere option in the current scenario, it said.
Various governments in the region have conducted long-term plans for using artificial intelligence and ML as an economic stimulus or enhancing workforce efficiency and government structure agility. Now, artificial intelligence programmes are carried out with governments’ direct support, but companies in the region would have their own AI departments in the short term, it said.
UAE government is the first country in the Middle East region to launch its artificial intelligence strategy, and the first in the world to create a Ministry of Artificial Intelligence. The government is planning to invest in artificial intelligence technologies in about nine sectors.
At present, many countries in the region are recognising the potential of applying ICT to improve both social and economic development. However, according to a study by SIS and McAfee, the UAE h as the second most targeted country in the world for cybercrime, costing the country an estimated US$1.4 billion per year.
The demand for data analytics professionals is also exploding. U.S. Bureau of Labour Statistics researchers project strong growth (31%) in the field of data science through 2030. Nearly 90 percent corporations are predicted to value information as a ‘critical enterprise asset and analytics as an essential competency’ this year.
“Data is the new oil or gold. However, data means nothing without analytics. Businesses in the Middle East are deploying enormous resources to boost data analytics, artificial intelligence and cyber security – in order to benefit from consumer behaviour to market their products and services,” Nizam Deen, Founder and Chief Executive Officer of CS Events – organisers of the 2nd Middle East Data Analytics Forum, says.
“As a result, we see a major shift in business towards data analytics. Experts will share their thoughts on the new regional and global trends in data analytics, artificial intelligence and cyber security as digital businesses are gradually replacing brick-and-mortar businesses all over the world. The 2nd Middle East Data Analytics Forum will offer fresh insights into the future business. That’s why, participation in this important conference is of paramount importance.”
Mohammad Hassan, Executive Director of the Statistics Sector at the Federal Competitiveness and Statistic Centre; Latifa Alshehhi, Head of Data Management at the Roads and Transport Authority, UAE; Ali Juma AlAjme, Director of Digital Health Department, Ministry of Health and Prevention – UAE; Thuraya Al-Harthi, Senior Specialist – Innovation and Emerging Technology at the Ministry of Transport, Communication and Information Technology, Oman and Ali Abdulla Alsadadi, Head of IT, Ministry of Oil, Bahrain and more will lead the discussions at the 2nd Middle East Data Analytics Forum which is well supported by key industry stakeholders.