The Artificial intelligence (AI) market is booming and according to Markets and Markets, the AI industry is projected to become a $190 billion sector by 2025. AI implementation can boost overall productivity and lead to the development of new goods, resulting in job creation and economic growth. PwC estimates that AI deployment will add $15.7 trillion to global GDP by 2030. Mark Zuckerberg’s rebranding of Facebook as Meta further underlines the exponential growth of the AI market and its potential to establish the metaverse. A division within Meta, Meta AI, wants to help machines learn how humans “touch and feel”.
In this regard, Saudi Arabia is expected to be a pioneer in AI in the Middle East and, according to reportlinker.com, Saudi’s big data and artificial intelligence market could eventually be worth $891.7 million in five years as the pandemic accelerated the Kingdom’s technology ambitions.
Impact of AI on Industries
Artificial Intelligence has undoubtedly infiltrated in our daily lives, and we can see its impact on several industries. The COVID-19 pandemic has encouraged and accelerated the adoption of AI in sectors such as healthcare where AI enables improvements in necessary aspects of care that also provide analytic tools to help diagnose and prevent disease. In education, AI technology benefits students as well as teachers through its ability to tailor learning programs to a student’s learning needs. Another area where artificial intelligence will be deployed is human resources where AI will streamline and automate administrative tasks.
Saudi Arabia’s Entertainment and Cultural Industries
Artificial Intelligence has also left an indelible mark on the entertainment business and is likely to stimulate further progress in the industry in the future. Artificial intelligence has had a significant impact on the cultural sector as well. Emotional journey mapping, in combination with AI and immersive technology, will be crucial in redefining how audiences interact with diverse events.
Saudi Arabia is beginning the most significant and far-reaching economic reform and transformation initiative in its history. Under the 2030 Vision of the Kingdom of Saudi Arabia (KSA), a package of economic and social policies designed to free the Kingdom from dependence on oil exports, Artificial Intelligence became a key technology to be developed and integrated in order to create an AI-friendly ecosystem.
Saudi Arabia has revealed its national strategy for Data and AI which included specific targets such as becoming one of the top nations in artificial intelligence by 2030, enabling training for 20,000 data and AI experts as well as support more than 300 active AI start-ups. It also wants to attract foreign investments worth $20 Billion.
At the heart of Saudi Arabia’s Vision 2030 plan, there are also the entertainment industry and tourism sectors, with the government committing to make the Kingdom a “global leader in entertainment”. These areas are expected to draw increased investment, and the adoption of cutting-edge technology will be a critical component in this development. Recently, the entertainment industry has evolved to include fresh, unique experiences geared for the country’s youth. The market in Saudi Arabia is forecast to be worth $1.17 billion by the end of 2030, according to the US-based Research and Markets study, the world’s largest market research store. This translates to a 47.65% annual growth rate for the Kingdom’s entertainment business.
We believe there are three types of user experiences that can boost industry involvement and interaction:
1. Permanent exhibitions & experiences transform permanent spaces, such as engagement centres or museums, into immersive experiences that take guests on an out-of-this-world adventure. Using VR and RFID as a part of art exhibitions are examples of giving the audience a multi-sensory experience.
2. Pop-up events & experiences enable the audience to engage in an exciting way combining artistic flare, storytelling, and production expertise.
3. Virtual online experiences are a fully digital experience that can either simulate or differ completely from the real world by immersing audiences in a hyper-realistic, fully interactive environment via virtual platforms.
Immersive technologies are playing a key role in the transformation of permanent, pop-up, and virtual venues, transporting guests on an extraordinary journey. Using AI as one of the means to create these experiences will be an integral aspect in creating a multi-sensory, ground-breaking experience. Adapting to new technologies will be key to disrupting traditional sectors as well as the entertainment and tourism industries in Saudi Arabia.
