The data analytics, artificial intelligence and cyber security business in theMiddle East and Africa is poised to grow at 20.4% to $28.36 billion by 2026,as experts at the 2ndSmartData Forumpreparesto share industry trends

The data analytics, artificial intelligence and cyber security business in the Middle East and Africa is projectedto grow at 20.4 percent to $28.36 billion by 2026, according to Markets and Research, as experts at the 2ndMiddle East Data Analytics Forum prepares to share industry trends.

According to analysts at International Data Corporation (IDC), businesses were estimated to have spent a whopping $215 billion in 2021 on big data and business analytics solutions, which was a 10 percent increase over 2020.

The news comes as Cogent Solutions Event Management (CS Events) announces to schedule for the 2nd Middle East Data Analytics Forum, to be held on June 22, 2022.The day-long international conference is supported by the UAE Federal Competitiveness and Statistics Center.

The conference is being organised in line with the UAE’s National Innovation Strategy which aims to take UAE to a new height in the advancement of data analytics and national AI strategy 2031.

Enterprisesintheend-userindustriesareincreasinglydeployingartificialintelligence(AI) torealisecostbenefits, increase productivity, and improve their safety standards. Several government-driveninitiatives are changing the dynamics of the industrial sector and contributing to reshaping thelandscape in key economies like Saudi Arabia and UAE, and creating stronger institutional set-upand effectiveregulatoryframeworks,topromoteprivatesectorinvestments.

The 2nd Middle East Data Analytics Forum aims to bring more than 350 C-Level international and regional stakeholders that have already embraced big data analytics and AIto discuss the current challenges, use-case scenarios, opportunities, hence providing a hands-on learning experience to the technology stakeholders converging from key sectors like Governments,BFSI, Healthcare, Retail, Manufacturing, Banking and Finance, Oil & GasUtilities and Transportation just to name a few.

The decision-makers attending the summit from Head of Data, CTO, Chief Data Officers, IT Directors, Head of Digital, CIO, Data Architecture, Director of Smart Data, Data Scientist, Head of AI analytics, Data Engineer & more.

Enterprisesintheend-userindustriesareincreasinglydeployingartificialintelligencetorealisecostbenefits, increase productivity, and improve their safety standards. Several government-driveninitiatives are changing the dynamics of the industrial sector and contributing to reshaping thelandscape in key economies like Saudi Arabia and UAE, and creating stronger institutional set-upand effectiveregulatoryframeworks,topromoteprivatesectorinvestments.

WithCOVID-19becomingthenewreality,organizationsworldwidemustrespondproactivelyto cyber threats that have witnessed a spike during the pandemic. For this reason, cyber resilience,which refers to a sector or organization’s ability to prepare for, respond to, and recover fromcyberattacks, has become an absolute necessity rather than a mere option in the current scenario,itsaid.

Various governments in the region have conducted long-term plans for using artificial intelligenceand ML as an economic stimulus or enhancing workforce efficiency and government structure agility.Now,artificialintelligenceprogrammesarecarriedoutwithgovernments’directsupport,butcompaniesintheregion would havetheirownAI departmentsintheshortterm,itsaid.

UAE government is the first country in the Middle East region to launch its artificial intelligencestrategy, and the first in the world to create a Ministry of Artificial Intelligence. The government isplanningtoinvestinartificialintelligencetechnologiesinaboutninesectors.

At present, many countries in the region are recognising the potential of applying ICT to improvebothsocialandeconomicdevelopment.However,accordingtoastudybySISandMcAfee,theUAE has the second most targeted country in the world for cybercrime, costing the country an estimatedUS$1.4billionper year.

The demand for data analytics professionals is also exploding. U.S. Bureau of Labour Statisticsresearchersprojectstronggrowth(31%)inthefieldofdatasciencethrough2030.Nearly90percentcorporations are predicted to value information as a ‘critical enterprise asset and analytics as anessentialcompetency’thisyear.

“Data is the new oil or gold. However, data means nothing without analytics. Businesses in theMiddle East are deploying enormous resources to boost data analytics, artificial intelligence andcybersecurity–inordertobenefitfromconsumerbehaviourtomarkettheirproductsandservices,”NizamDeen,FounderandChiefExecutiveOfficerofCSEvents–organisersofthe2ndMiddleEastDataAnalyticsForum,says.

“Asaresult,weseeamajorshiftinbusinesstowardsdataanalytics.Expertswillsharetheirthoughtson the new regional and global trends in data analytics, artificial intelligence and cyber security asdigital businesses are gradually replacing brick-and-mortar businesses all over the world. The 2ndMiddle East Data Analytics Forum will offer fresh insights into the future business. That’s why,participationinthisimportantconference is ofparamount importance.”

MohammadHassan,ExecutiveDirectoroftheStatisticsSectorattheFederalCompetitivenessandStatistic Centre; Latifa Alshehhi, Head of Data Management at the Roads and Transport Authority,UAE; Ali Juma AlAjme, Director of Digital Health Department, Ministry of Health and Prevention –UAE;  Thuraya Al-Harthi, Senior Specialist -Innovation and Emerging Technology at the Ministry of Transport, Communication and InformationTechnology, Oman andAli Abdulla Alsadadi, Head of IT, Ministry of Oil, Bahrain and more will lead thediscussions at the 2nd Middle East Data Analytics Forum which is well supported by key industrystakeholders.

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