South Africa Artificial Intelligence (AI) Market Size Zooming 10X During Forecast Period to Touch USD 7.81 Billion by 2029

Published | 22 December 2023

South Africa Artificial Intelligence (AI) Market is gaining traction because of the growing use of digital technologies in healthcare and growth in adoption of AI in automotives.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Artificial Intelligence (AI) Market size at USD 0.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Africa Artificial Intelligence (AI) Market size to grow at a robust CAGR of 46.71% reaching a value of USD 7.81 billion by 2029. The South Africa Artificial Intelligence (AI) Market is expected to boom at a significant rate due to the growing number of innovative products and advancements in the biopharmaceutical sector as well as the growing application of AI in a variety of end industries, such as manufacturing, healthcare, and the automotive industry.

Opportunity: Rising Adoption of Artificial Intelligence in Healthcare

The rising adoption of artificial intelligence in healthcare is emerging as the major driving factor for its market growth in South Africa. The industry players are launching AI healthcare chatbot system, that can be used to help people make an appointment with a doctor, send reports to physicians or surgeons, and assist with inquiries regarding prescriptions. Early illness diagnosis is made possible by AI-powered big data and predictive health analytics, and human error is decreased by machine learning (ML)-based health diagnostics. These chatbot system can offer 24/7 health education resources and is capable of offering personalized diagnosis and treatment recommendations, which is anticipated to drive the South Africa artificial intelligence (AI) market.

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Impact of Escalating Geopolitical Tensions on South Africa Artificial Intelligence (AI) Market

The escalating geopolitical tensions are hindering the growth of the South Africa artificial intelligence (AI) market. For instance, the ongoing Israel-Palestine ongoing conflict negatively impacted the production and supply of semiconductor chips. Israel is a leading chip producer outside of East Asia, as well as a research and development hub. With the outbreak of war between the two countries, R&D activities were completely halted due to the dangerous situation and a shortage of employees to conduct the operations.

South Africa Artificial Intelligence (AI) Market – By Technology

Based on technology, the South Africa Artificial Intelligence (AI) Market is segmented into deep learning, machine learning, natural language processing (NLP), and machine vision. The deep learning segment holds the largest share in the South Africa Artificial Intelligence (AI) market owing to the rising use of image and speech recognition. The growing popularity of digital assistants like Google Voice Search and Apple’s Siri in South Africa is directly influencing the need for speech pattern identification and translation into text. Following deep learning, machine learning also accounts for a substantial market share owing to its prominent use in internet search engines and email filtering.

Competitive Landscape

Major players operating in the South Africa Artificial Intelligence (AI) market include IBM, GE Healthcare, Siemens Healthineers, Philips Healthcare, Altamira.ai, Cape AI, SIVOXI, Ashanti_AI, and Innovacio Technologies. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the South Africa Artificial Intelligence (AI) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the South Africa Artificial Intelligence (AI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the South Africa Artificial Intelligence (AI) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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