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Qatar’s AI market to amount over QR1.5bn in 2024: Report
The market size of the artificial intelligence (AI) sector is estimated to reach $428.40m (QR1.55bn) in 2024, as per researchers at Statista. This leads to a compound annual growth rate (CAGR) of 28.66 percent by the end of the decade, resulting in a projected market volume of $1.9bn during the forecast period.
Faisal Al Monai, an AI expert and Co-Founder and Chairman of droppGroup told The Peninsula that investments carried out would strengthen the capabilities and draw global tech leaders to Qatar.
He also lauded the investments across the MENA region indicating a transformative shift from traditional oil-based economies to adopting advanced tech revolution. “By strategically investing in AI, these countries are ensuring their economic success and sustainability for the future. My vision is that MENA countries are positioning themselves as leaders in the global digital economy. This strategic focus on AI is expected to drive significant improvements in productivity, efficiency, and innovation. This will not only propel the region towards achieving its ambitious economic and technological goals but also enable it to become a global hub for AI innovation, Al Monai said.
The Peninsula 12/08/2024
