Blueweave
South Africa Artificial Intelligence Market

South Africa Artificial Intelligence Market

South Africa Artificial Intelligence (AI) Market, By Solution (Hardware, Software, Services); By Technology (Deep Learning, Machine Learning, Natural Language Processing (NLP), Machine Vision); By Business Function (Sales & Marketing, Supply Chain Management, Human Resource Management, Finance & Accounting, Cybersecurity, Legal & Compliance, Operations); By End User (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: December 2023
  • Report ID: BWC231046
  • Available Format: PDF
  • Page: 200

Report Overview

Growing use of digital technologies in healthcare and growth in adoption of autonomous artificial intelligence are expected to boost the growth of South Africa Artificial Intelligence (AI) Market during the forecast period between 2023 and 2029.

South Africa Artificial Intelligence (AI) Market - Industry Trends & Forecast Report, 2029

South Africa Artificial Intelligence (AI) Market size was estimated to be worth USD 0.78 billion in 2022. During the forecast period between 2023 and 2029, the South Africa Artificial Intelligence (AI) Market size is projected to grow at a CAGR of 46.71%, reaching a value of USD 7.81 billion by 2029. Major growth factors for the South Africa Artificial Intelligence (AI) Market include rising launches and innovations in the AI industry, along with its increasing adoption across various end-user sectors, including healthcare, automotive, manufacturing, and others.

South Africa AI Market

Artificial Intelligence (AI) – Overview

The science of creating robots with human-like thought processes is known as artificial intelligence (AI). It is capable of actions deemed "smart." Unlike humans, AI technology can process enormous volumes of data in many ways. AI intends to be able to accomplish human-like tasks, including pattern recognition, decision-making, and judgment. AI helps improve human performance in terms of speed, accuracy, and efficacy. The AI technology approaches may be applied in financial institutions to automate labor-intensive data administration processes, implement quick and accurate credit scoring, and determine whether transactions are likely to be fraudulent.

South Africa Artificial Intelligence (AI) Market

Growth Drivers

Rising Launches of in-grown Artificial Intelligence (AI) Companies

South Africa is registering a significant expansion in the number of in-grown artificial intelligence (AI) companies with the rising adoption of AI in the country. For instance, Lalepa AI, founded by South African scientist Pelonomi Moiloa, is one of the continent’s first companies that develop AI-based products. To support the growing adoption of AI in the country, the government and industry players are also rigorously investing in the market. The government has established the Presidential PhD Initiative through an initial ZAR 1 billion (approximately USD 52 million) investment from the National Skills Fund to boost South Africa’s AI research, which is anticipated to present lucrative growth opportunities to the market during the forecast period.

Restraints

Shortage of Resources and Skilled Workforce

The adoption of AI entails hardware specialized for AI, such as Lisp machines, neuromorphic engineering, event cameras, and physical neural networks, which can run AI algorithms more quickly and efficiently. As South Africa is a developing economy, it might not be financially feasible for local businesses, especially SMEs, to implement AI technology. Furthermore, it is expected that the shortage of qualified professionals to oversee the quickly advancing technology will further impede the growth of the artificial intelligence (AI) market in South Africa.

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

Segmental Coverage

South Africa Artificial Intelligence (AI) Market – By Solution

Based on the solution, the South Africa Artificial Intelligence (AI) Market is segregated into hardware, software, and services. The software segment accounts for the highest share of the market. An increasing number of launches of AI software, such as ChatGPT, Google Cloud AI Platform, IBM Watson, and Viso Suite Platform, are boosting its market growth. Throughout the forecast period, it is anticipated that organizations' need to understand and analyze visual material to acquire relevant insights will accelerate the use of artificial intelligence software.

South Africa AI Market Share

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 Siri in South Africa is directly influencing the need for speech pattern identification and translation into text. Following deep learning, machine learning also covers a substantial market share owing to its prominent use in internet search engines and email filtering.

South Africa Artificial Intelligence (AI) Market – By Business Function

Based on business function, the South Africa Artificial Intelligence (AI) Market is segmented into sales & marketing, supply chain management, human resource management, finance & accounting, cybersecurity, legal & compliance, and operations. The operations segment accounts for the highest share of the market. Artificial intelligence is widely gaining traction in operations management to automate workflows. AI can improve efficiency and productivity by performing mundane and repetitive tasks, which eventually decreases errors as well.

South Africa Artificial Intelligence (AI) Market – By End User

Based on end user, the South Africa Artificial Intelligence (AI) Market is segmented into healthcare, BFSI, law, retail, advertising & media, automotive & transportation, agriculture, manufacturing, and others. The healthcare segment dominates the South Africa artificial intelligence (AI) market. The healthcare sector is increasingly integrating AI into diagnosing health issues and reading medical images, x-rays, and scans to provide data-backed and accurate medical diagnoses. Healthcare organizations may improve the quality of patient experiences and make better clinical choices by using algorithms with the help of artificial intelligence, which is contributing to its market growth in South Africa.

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.

Recent Developments

  • In July 2023 – South Africa officially launched the Artificial Intelligence Association, an industry body focused on promoting and advancing AI, in partnership with Tshwane University of Technology.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Product/ Service Segmentation

Solution, Technology, Business Function, End User

Key Players

IBM, GE Healthcare, Siemens Healthineers, Philips Healthcare, Altamira.ai, Cape AI, SIVOXI, Ashanti_AI, Innovacio Technologies

 

By Solution

  • Hardware

  • Software

  • Services

By Technology

  • Deep Learning

  • Machine Learning

  • Natural Language Processing (NLP)

  • Machine Vision

By Business Function

  • Sales & Marketing

  • Supply Chain Management

  • Human Resource Management

  • Finance & Accounting

  • Cybersecurity

  • Legal & Compliance

  • Operations

By End User

  • Healthcare

  • BFSI

  • Law

  • Retail

  • Advertising & Media

  • Automotive & Transportation

  • Agriculture

  • Manufacturing

  • Others

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. South Africa Artificial Intelligence (AI) Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing Use of Digital Technologies in Healthcare
        2. Growth in Adoption of Autonomous Artificial Intelligence
      2. Restraints
        1. Lack of Data Infrastructure
        2. Lack of Interconnectivity Across Healthcare Systems
      3. Opportunities
        1. Increasing Demand for Technologically Advanced Hardware and Software Products Across Various Industry
        2. Rapid Growth in Digital Data
      4. Challenges
        1. Increasing Data Privacy and Security Concerns
    3. Solution Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. South Africa Artificial Intelligence (AI) Market Overview
    1. Market Technology & Forecast, 2019−2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Solution
        1. Hardware
        2. Software
        3. Services
      2. By Technology
        1. Deep Learning
        2. Machine Learning
        3. Natural Language Processing (NLP)
        4. Machine Vision
      3. By Business Function
        1. Sales & Marketing
        2. Supply Chain Management
        3. Human Resource Management
        4. Finance & Accounting
        5. Cybersecurity
        6. Legal & Compliance
        7. Operations
      4. By End User
        1. Healthcare
        2. BFSI
        3. Law
        4. Retail
        5. Advertising & Media
        6. Automotive & Transportation
        7. Agriculture
        8. Manufacturing
        9. Others
  5.  Competitive Landscape
    1. List of Key Players and Their Offerings
    2. South Africa Artificial Intelligence (AI) Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Escalating Geopolitical Tensions on South Africa Artificial Intelligence (AI) Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. IBM
    2. GE Healthcare
    3. Siemens Healthineers
    4. Philips Healthcare
    5. Altamira.ai
    6. Cape AI
    7. SIVOXI
    8. Ashanti_AI
    9. Innovacio Technologies
    10. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

 

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       South Africa Artificial Intelligence (AI) Segmentation       

Figure 2       South Africa Artificial Intelligence (AI) Market Value Chain Analysis     

Figure 3       Company Market Share Analysis, 2022

Figure 4       South Africa Artificial Intelligence (AI) Market, By Value (USD Billion), 2019−2029         

Figure 5       South Africa Artificial Intelligence (AI) Market Share, By Solution, By Value, 2019−2029

Figure 6       South Africa Artificial Intelligence (AI) Market Share, By Technology, By Value, 2019−2029

Figure 7       South Africa Artificial Intelligence (AI) Market Share, By Business Function, By Value, 2019−2029

Figure 8       South Africa Artificial Intelligence (AI) Market Share, By End User, By Value, 2019−2029

 

List of Tables

 

Table 1        South Africa Artificial Intelligence (AI) Market, By Value (USD Billion), 2019−2029         

Table 2        South Africa Artificial Intelligence (AI) Market Share, By Solution, By Value, 2019−2029

Table 3        South Africa Artificial Intelligence (AI) Market Share, By Technology, By Value, 2019−2029

Table 4        South Africa Artificial Intelligence (AI) Market Share, By Business Function, By Value, 2019−2029

Table 5        South Africa Artificial Intelligence (AI) Market Share, By End User, By Value, 2019−2029

Table 6        IBM Company Overview

Table 7        IBM Financial Overview

Table 8        GE Healthcare Company Overview

Table 9        GE Healthcare Financial Overview

Table 10      Siemens Healthineers Company Overview

Table 11      Siemens Healthineers Financial Overview

Table 12      Philips Healthcare Company Overview

Table 13      Philips Healthcare Financial Overview

Table 14      Altamira.ai Company Overview

Table 15      Altamira.ai Financial Overview

Table 16      Cape AI Company Overview

Table 17      Cape AI Financial Overview

Table 18      SIVOXI Company Overview

Table 19      SIVOXI Financial Overview

Table 20      Ashanti_AI Company Overview

Table 21      Ashanti_AI Financial Overview

Table 22      Innovacio Technologies Company Overview

Table 23      Innovacio Technologies Financial Overview

Market Segmentation

No data available
No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

Ans: South Africa Artificial Intelligence (AI) Market size was estimated at USD 0.78 billion in 2022.
Ans: South Africa Artificial Intelligence (AI) Market size is expected to grow at a CAGR of 46.71% during the forecast period between 2023 and 2029.
Ans: South Africa Artificial Intelligence (AI) Market size is forecast to reach a value of USD 7.81 billion by 2029.
Ans: Major factors driving the growth of the South Africa Artificial Intelligence (AI) Market include growing use of digital technologies in healthcare and growth in adoption of autonomous artificial intelligence.
Ans: Key players 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.
Ans: The healthcare segment holds the highest market share in the South Africa Artificial Intelligence (AI) Market by end user.
Ans: Which is the leading technology segment in the South Africa Artificial Intelligence (AI) Market?
Ans: The operations segment accounts for the highest market share in the South Africa Artificial Intelligence (AI) Market by business function.