“The presence of artificial intelligence (AI) and automation in the workplace is on the rise both locally and globally, driven by rapid technological advances, proven economic benefits, and the push to meet national growth and innovation targets,” – McKinsey & Company.

With the shift towards utilizing AI in business increasing across the region, Abdul Latif Jameel Saudi Arabia recently hosted an Artificial Intelligence (AI) Business Summit at their offices in Jeddah, bringing together various business sectors and featuring AI industry experts from Microsoft and Gartner. The event was intended to further develop the understanding of AI-based and Block Chain technologies from a business perspective: how can they help reduce cost, increase revenue, assist in developing new services and enhance business practice.

According to a recent a study by the market intelligence company Tractica, the total global revenue for AI software is expected to grow from US$9.5 billion in 2019 to as much as US$ 118.6 billion in 2025. By increasing productivity by 40%, AI technologies could deliver as much as US$ 2.9 trillion in business value and recover a staggering 6.2 billion hours of worker productivity by 2021. The strongest enterprise AI opportunities are predicted to be in the automotive, consumer, financial services, telecommunications and retail industries.

With the potential benefits and opportunities presented by AI undeniable, it is fast becoming a compulsory requirement – rather than an option – for businesses around the globe; and Abdul Latif Jameel is no exception.