Rapid investment for cognitive and AI systems by 2021; IDC

Latest projections of MEA spending on cognitive and AI systems show a growth of 31.8% this year

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Rapid investment for cognitive and AI systems by 2021; IDC According to IDC, among the major investing industries will be the financial sector where an estimated $28.32m.
By  Zaara Khan Published  November 2, 2017

International Data Corporation (IDC), the global ICT research and consulting services firm, has indicated that the region's investment on cognitive and artificial intelligence (AI) systems will grow by 31.8%, totalling to $37.49m, this year.

The forecast, based on IDC's Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide, also reveals that the market is expected to reach $114.22m in 2021.

In regards to the technologies used in cognitive and IT implementations, software (44.7%) will drive investment in 2021, followed by IT and business services (35%). Hardware will account for the remaining 20.3% of spending in 2021.

According to IDC, among the major investing industries will be the financial sector where an estimated $28.32m will be spent on cognitive and AI solutions in 2021. This will be followed by the public sector, including government, education and healthcare, with 19.8% share and manufacturing with 14.1%.

IDC also predicts that the fastest growing use cases will be linked to defeence, terrorism, investigation, and government intelligence; automated customer service; and fraud analysis and investigation.

"Cognitive systems will increasingly utilise natural language processing, content aggregation, and machine learning to enable applications for a wide range of use cases," said Megha Kumar, IDC's research director for software in the Middle East, Africa, and Turkey.

"At the consumer level, we are already seeing this with the likes of Apple's Siri, Microsoft's Cortana, Amazon's Alexa, and Google Now, and such intelligent agents will become increasingly common in the enterprise setting as well. Indeed, we are already seeing this in action in the UAE, where cognitive assistants called Eva and Rashid have been deployed by Emirates NBD and Dubai's Department of Economic Development, respectively."

"Of all the countries in the MEA region, the UAE is clearly a pioneer when it comes to the use of cognitive and AI systems," added Kumar. "Cementing this position, the country's government recently launched the 'UAE Strategy for Artificial Intelligence', which aims to provide a comprehensive framework for the use of AI across various different sectors and services. At IDC, we expect this initiative to fuel demand for a new range of skills and services within the country over the coming years."

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