The potential impact of AI in the Middle East is expected to reach a staggering $320 billion by 2030, transforming industries and economies across the region.
As the world continues to embrace Artificial Intelligence (AI), the Middle East and North Africa (MENA) region is no exception. PwC estimates that by 2030, AI could have a potential impact of $320 billion in the Middle East, with the United Arab Emirates (UAE) and Saudi Arabia (KSA) leading the charge. This massive shift is expected to result in an annual GDP growth of 20-34%, driven primarily by AI innovations. In this article, we’ll explore the top AI companies in the MENA region that are shaping the future of technology and business.
DevisionX is a deep learning-based AI company that focuses on machine vision solutions across various industries. Their no-code platform, Tuba, allows non-developer users to build AI vision-based applications without any prior coding or AI experience, empowering manufacturing experts to tackle daily challenges head-on.
As a full-service IT firm, Infoarc specializes in software, web, and mobile application development. Their digital marketing platform employs AI to provide businesses with a suite of solutions to optimize operations and improve their bottom line.
Overwrite.ai is an AI-powered platform offering a suite of solutions for businesses to enhance their operations and increase profitability. By harnessing the power of AI, Overwrite.ai aims to revolutionize the way companies do business in the MENA region.
Avey is a mobile application that combines AI and healthcare, enabling users to self-diagnose, connect with doctors, and order medicines online. By streamlining the healthcare process, Avey aims to make medical care more accessible and efficient for users across the region.
The growing impact of AI in the MENA region is undeniable. These innovative startups are reshaping their respective industries and contributing to the region’s overall economic growth. As AI continues to advance, the MENA region is poised to become a global leader in technology and innovation.
AI’s Impact on the Startup Space
As artificial intelligence (AI) continues to advance and become more accessible, its impact on the startup ecosystem is becoming increasingly apparent. Startups across various industries are leveraging AI to create innovative solutions, streamline operations, and gain a competitive edge. The following paragraphs outline how AI is transforming the startup space.
Enhanced decision-making and predictive analytics
AI algorithms excel at processing vast amounts of data and extracting valuable insights from them. This capability is invaluable for startups as they can use AI-powered predictive analytics to make data-driven decisions and anticipate market trends, customer behaviors, and other critical factors. By utilizing AI’s ability to make better-informed decisions, startups can optimize their business strategies and mitigate potential risks.
Improved efficiency and automation
One of the key advantages of AI technology is its capacity to automate repetitive and mundane tasks. Startups can benefit from this feature by automating various aspects of their operations, such as customer support, marketing, and data analysis. By automating these tasks, startups can free up their human resources to focus on more strategic and creative aspects of their business, ultimately improving overall efficiency and productivity.
Personalized customer experiences
AI-powered solutions enable startups to provide highly personalized and tailored customer experiences. By analyzing customer data and behavior, AI can help startups understand their target audience better and create more engaging and relevant products or services. This increased level of personalization can help startups build strong relationships with their customers and increase customer loyalty.
AI has the potential to spur innovation across various industries, from healthcare and finance to logistics and retail. As AI technology becomes more sophisticated, startups can leverage it to create cutting-edge products and services that disrupt traditional industries. This accelerated innovation can lead to the emergence of new business models and opportunities for growth in the startup ecosystem.
Talent acquisition and management
AI can also play a vital role in the recruitment and management of talent within startups. By using AI-powered tools for candidate screening, assessment, and interview scheduling, startups can streamline their recruitment process and make better hiring decisions. Additionally, AI-driven performance management systems can help startups evaluate employee performance more objectively and provide targeted feedback and development opportunities.
AI is revolutionizing the startup space by enhancing decision-making, improving efficiency, enabling personalized customer experiences, accelerating innovation, and optimizing talent acquisition and management. As AI technology continues to evolve, its impact on startups will only grow, opening up new possibilities for growth and success in the rapidly changing business landscape.
Global AI Watch – Companies that Recently Closed Series B
The MENA region is experiencing a surge in AI innovation, and it’s essential to keep an eye on late-stage startups worldwide. These companies, although not based in MENA, are making significant strides in the AI field and are worth watching as they continue to grow and expand their influence.
- Adept: In March 2023, Adept, a startup that develops AI capable of learning how to use software for users, raised an impressive $350 million, reaching a valuation of at least $1 billion.
- Sama: Sama, a company offering data annotation and an end-to-end AI development platform, secured $70 million in funding in November 2021.
- Placer.ai: Placer.ai, a startup specializing in location data analytics, raised $50 million in April 2021.
Global AI Funding Trends
Global AI funding has been increasing at a rapid pace, with numerous startups securing significant investments:
- In 2021, global AI funding doubled to reach $66.8 billion, and a record 65 AI companies achieved valuations of $1 billion or more.
- In 2020, AI startups worldwide received $24.5 billion in funding, although this represented a slight decrease compared to 2019.
- By the third quarter of 2022, total AI startup funding worldwide had dipped to $8 billion, marking a low not seen since early 2020.
- IDC research predicts that worldwide spending by governments and businesses on AI technology will exceed $500 billion in 2023.
- Statista estimates that AI startup company funding worldwide will reach $12.1 billion in 2023.
These statistics underline the growing importance of AI technology in various industries and the continued investment in companies that harness the power of artificial intelligence. With the global AI landscape constantly evolving, it is crucial to watch these late stage startups as they contribute to the broader AI revolution.