The Latin America, Middle East and Africa AI and Machine Learning in Business Market would witness market growth of 33.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA AI and Machine Learning in Business Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of$26.99 billion by 2031. The Argentina market is capturing a CAGR of 35.1% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 33.3% during (2024 - 2031).
Cost reduction and efficiency gains are additional drivers of market growth. AI and ML technologies enable businesses to automate repetitive tasks, reduce manual errors, and streamline processes. This results in cost savings and operational efficiencies, making AI and ML attractive investments for businesses looking to improve their bottom line. Another way AI and ML drive cost reduction and efficiency is by optimizing resource allocation. Through data analysis, these technologies are capable of determining the optimal utilization of personnel, inventory, and equipment. By optimizing resource allocation, businesses can reduce waste and improve overall efficiency.
Furthermore, AI and ML can help businesses improve customer service, which further leads to cost savings as well as increased efficiency. By analyzing customer data, these technologies can personalize customer interactions, anticipate customer needs, and resolve issues more quickly and effectively. This may result in decreased customer service expenses and increased customer satisfaction.
In the BFSI sector, banks in the UAE are using AI for customer service chatbots, fraud detection, and personalized marketing. For example, Emirates NBD, one of the largest banks in the UAE, has implemented AI-powered chatbots to assist customers with their queries and transactions. Similarly, in healthcare, Saudi Arabia uses AI for telemedicine, disease diagnosis, and personalized medicine. Hospitals like the King Faisal Specialist Hospital and Research Centre are leveraging AI to enhance patient care and treatment outcomes. Therefore, the increasing recognition of the benefits of implementing AI and ML will lead to greater adoption of these technologies in this region, which will drive the market's growth.
Based on Component, the market is segmented into Solution and Services. Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Middle-sized Enterprise. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Retail, Energy Sector & Utilities, Manufacturing & Logistics, Healthcare and Others. Based on Application, the market is segmented into Data Analytics, Predictive Analytics, Cyber Security, Supply Chain & Inventory Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA AI and Machine Learning in Business Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of$26.99 billion by 2031. The Argentina market is capturing a CAGR of 35.1% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 33.3% during (2024 - 2031).
Cost reduction and efficiency gains are additional drivers of market growth. AI and ML technologies enable businesses to automate repetitive tasks, reduce manual errors, and streamline processes. This results in cost savings and operational efficiencies, making AI and ML attractive investments for businesses looking to improve their bottom line. Another way AI and ML drive cost reduction and efficiency is by optimizing resource allocation. Through data analysis, these technologies are capable of determining the optimal utilization of personnel, inventory, and equipment. By optimizing resource allocation, businesses can reduce waste and improve overall efficiency.
Furthermore, AI and ML can help businesses improve customer service, which further leads to cost savings as well as increased efficiency. By analyzing customer data, these technologies can personalize customer interactions, anticipate customer needs, and resolve issues more quickly and effectively. This may result in decreased customer service expenses and increased customer satisfaction.
In the BFSI sector, banks in the UAE are using AI for customer service chatbots, fraud detection, and personalized marketing. For example, Emirates NBD, one of the largest banks in the UAE, has implemented AI-powered chatbots to assist customers with their queries and transactions. Similarly, in healthcare, Saudi Arabia uses AI for telemedicine, disease diagnosis, and personalized medicine. Hospitals like the King Faisal Specialist Hospital and Research Centre are leveraging AI to enhance patient care and treatment outcomes. Therefore, the increasing recognition of the benefits of implementing AI and ML will lead to greater adoption of these technologies in this region, which will drive the market's growth.
Based on Component, the market is segmented into Solution and Services. Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Middle-sized Enterprise. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Retail, Energy Sector & Utilities, Manufacturing & Logistics, Healthcare and Others. Based on Application, the market is segmented into Data Analytics, Predictive Analytics, Cyber Security, Supply Chain & Inventory Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- NVIDIA Corporation
- Baidu, Inc.
- SAP SE
- Hewlett Packard Enterprise Company
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- Salesforce, Inc.
- Google LLC (Alphabet Inc.)
- Amazon.com, Inc.
Market Report Segmentation
By Component
- Solution
- Services
By Enterprise Size
- Large Enterprise
- Small & Middle-sized Enterprise
By Industry Vertical
- BFSI
- IT & Telecom
- Retail
- Energy Sector & Utilities
- Manufacturing & Logistics
- Healthcare
- Others
By Application
- Data Analytics
- Predictive Analytics
- Cyber Security
- Supply Chain & Inventory Management
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. LAMEA AI and Machine Learning in Business Market by Component
Chapter 6. LAMEA AI and Machine Learning in Business Market by Enterprise Size
Chapter 7. LAMEA AI and Machine Learning in Business Market by Industry Vertical
Chapter 8. LAMEA AI and Machine Learning in Business Market by Application
Chapter 9. LAMEA AI and Machine Learning in Business Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- NVIDIA Corporation
- Baidu, Inc.
- SAP SE
- Hewlett Packard Enterprise Company
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- Salesforce, Inc.
- Google LLC (Alphabet Inc.)
- Amazon.com, Inc.
Methodology
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