New findings from Cisco in the crypto and NFT field have revealed a growing trend of incorporating artificial intelligence (AI) among private firms in Saudi Arabia. This shift is primarily driven by the desire to enhance workplace productivity and operational efficiency within the crypto industry.
The research, documented in the “AI Readiness Index in Saudi Arabia,” involved a comprehensive survey of more than 8,000 companies across 30 different countries. This report was particularly timely as it preceded the highly anticipated LEAP 2024 conference in Riyadh, which is widely regarded as a premier tech event in the region.
A detailed analysis of the survey results unveiled that while 93% of Saudi Arabian companies have formulated advanced strategies for AI integration, only a mere 8% have the necessary readiness to implement this technology across their systems. A notable obstacle hindering full-scale adoption is the lack of robust infrastructure capable of supporting complex AI processes. Additionally, a segment of respondents identified the vague regulatory framework as another barrier to embracing AI within their organizations.
Furthermore, 31% of the surveyed firms identified the shallow talent pool as a key impediment to embracing AI technologies. In response, 82% of these companies have pledged to invest more resources in upskilling their workforce in AI-related competencies.
Despite these challenges, a vast majority of the surveyed enterprises are optimistic about leveraging generative AI models to boost workplace productivity. Some firms are also exploring the potential of AI in creating new revenue streams and offering personalized services to their clientele.
Notably, the index compiled by Cisco highlights a cybersecurity vulnerability among Saudi Arabian firms concerning potential AI system breaches. However, collaborative efforts between the private sector and the government are expected to address these concerns and pave the way for wider AI adoption.
Salman Faqeeh, Managing Director of Cisco Saudi Arabia, emphasized the significance of these findings in guiding the implementation of the National Strategy for Data and AI. He noted that insights from the index would inform key areas such as strategy development, infrastructure enhancement, data management, governance frameworks, talent cultivation, and fostering a culture conducive to AI integration.
In a bold move to propel AI advancement, Saudi Arabia has been channeling substantial resources towards bolstering its digital economy. Initiatives such as investing in cutting-edge Nvidia chips, launching a national AI education campaign, and unveiling the native large language model AceGPT underscore the country’s commitment to becoming a prominent player in the global AI landscape. Faqeeh highlighted that Saudi Arabia’s strategic vision, as enshrined in Vision 2030, places AI at the forefront of its transformation agenda to stay competitive in the evolving crypto and NFT market.
