International Data Corporation (IDC) says that the Middle East and Africa (MEA), which includes Israel, will spend $3 billion on artificial intelligence (AI) in 2023.
Even though this is only 2% of the global total, spending on AI is expected to grow the fastest in MEA, where spending is expected to hit $6.4 billion in 2026.
The study shows that the industries spending the most on AI in MEA in 2023 will be banking, retail, and the federal and central government. These four businesses will spend 44% of all the money in the region on AI.
IDC thinks professional services and transportation will grow the fastest over the next five years, with CAGRs of 36.4% and 33.9%, respectively.
But the region’s growing use of AI will run into some problems, such as a lack of skilled workers like data scientists, data engineers, and AI modelers.
Still, several programs are in place to improve the skills of local workers. Public and private groups are forming partnerships to help people learn about AI and ML.