The artificial intelligence (AI) market is expected to hit a whopping $15 trillion by 2030 from the estimated $65 billion in 2020.
This was disclosed by industry experts at the ongoing second Global AI Summit in Riyadh on Wednesday.
Speakers at the ‘Investing in AI: from startups and venture funds to corporate innovation’ panel said in view of the huge anticipated market expansion, there was a need for startups cooperation to utilise AI in developing capabilities and keeping pace with global growth in this field.
They also stressed upon the importance of how to guarantee ways that mankind, ecological systems and societies can benefit from AI.
The panel of speakers included managing director of Boston Consulting Group Dr. Hans-Paul Buerkner, founder of Emaar and noon.com Mohamed Al-Abbar and head of technology and media sector at the Public Investment Fund Shahd Attar.
The second day of the summit also witnessed signing of several agreements and announcements.
The Saudi Telecom Company (stc) and the Saudi Data and Artificial Intelligence Authority (SDAIA) signed a memorandum of understanding (MoU) in implementing several national initiatives to enhance the artificial intelligence and digital solutions.
The MOU aimed to develop and research artificial intelligence solutions in association with enabling technologies.
It also tends to localise digital solutions and exchange experiences and knowledge in the field of data management and governance.
The role of stc under the MoU is to support data quality globally within the best practices, along with assisting startups in adhering to data governance and implementing a personal data protection system.
The agreement also seeks to localise AI, developing algorithms and contributing to accelerating the rate of compliance with data regulations at national level along with activating awareness messages to protect personal data.
In another agreement, Saudi Arabian Airlines (SAUDIA) signed a tripartite memorandum of understanding (MoU) with SDAIA and the Saudi Company for Artificial Intelligence (SCAI) to launch a number of national initiatives to benefit from data and AI solutions.
The memorandum of understanding also aims to develop a common framework regarding improving customer experience by using the latest artificial intelligence and emerging technologies, and to discuss ways of cooperation in developing and adopting artificial intelligence applications.
Meanwhile, Saudi Arabia, through its agency SDAIA, also announced its decision to join the World Bank’s digital development partnership (DDP).
DDP is a collaborative public and private partnership to help developing countries leverage digital innovations to solve some of the most challenging issues.
As a new member of the DDP, Saudi Arabia will contribute to the overall digital development agenda of the partnership to enable the sustainable growth of developing countries.
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