Generative AI to Expand Enterprise Software Market to $14 Trillion by 2030
According to Abdullah Al-Swaha, Saudi Arabia’s minister of communications and information technology, generative artificial intelligence is set to expand the global enterprise software market from $1 trillion currently to $14 trillion by 2030. This massive growth in generative AI presents a considerable opportunity for collaboration between Saudi Arabia and France. The France-Saudi Investment Forum in Paris on Monday addressed critical issues across various sectors to create visibility for new investment opportunities for technology startups and entrepreneurship. Significant investment opportunities in tourism, culture, technology, and clean energy were discussed among top Saudi and French officials.
Saudi Arabia’s Technology and Digital Markets
Since the start of Vision 2030, the Kingdom’s technology and digital markets have risen to $40 billion and are one of the largest and fastest-growing markets globally. If we equate this to the eurozone, Saudi Arabia will be the third-highest concentration of tech force within the eurozone. Saudi Arabia’s tech force has increased to 340,000. The country has also surged from 7 percent to 33 percent in science, technology, engineering, and mathematics. The Kingdom is emerging to be the next big tech hub globally.
Women Empowerment in Saudi Arabia
Saudi Arabia has made significant progress in women empowerment. The country surged from 7 percent to 33 percent in science, technology, engineering, and mathematics. The Kingdom is talking about sending the first Arab Muslim woman astronaut to the international space station, galvanizing and inspiring more than a billion women on the face of the earth. These are live proof points of how the Kingdom is emerging to be the next big tech hub globally.
The France-Saudi Investment Forum
The France-Saudi Investment Forum is the latest in a series of high-level French-Saudi engagements over the last year designed to enhance the bilateral partnership. Saudi Minister of Investment Khalid Al-Falih is leading a senior delegation at the forum to highlight the Kingdom’s commitment to strengthening bilateral ties and exploring new opportunities. Through these interactions, both parties aim to unlock new avenues, drive economic growth, and strengthen the bilateral relationship.
Conclusion
Generative AI is set to expand the global enterprise software market from $1 trillion currently to $14 trillion by 2030. This presents a considerable opportunity for collaboration between Saudi Arabia and France. The France-Saudi Investment Forum in Paris on Monday addressed critical issues across various sectors to create visibility for new investment opportunities for technology startups and entrepreneurship. Significant investment opportunities in tourism, culture, technology, and clean energy were discussed among top Saudi and French officials. Saudi Arabia has made significant progress in women empowerment and is emerging to be the next big tech hub globally. The forum is the latest in a series of high-level French-Saudi engagements over the last year designed to enhance the bilateral partnership.