Report Ocean has released a comprehensive analysis of the burgeoning Artificial Intelligence (AI) market in Oman, detailing the factors driving growth, industry trends, and future prospects. The market is witnessing a surge due to government-backed initiatives promoting AI adoption and growing investments in AI research and development, as well as startups.
According to the report, the Oman AI market was valued at USD 237.6 million in 2023, with projections indicating a robust growth rate of 15.50% CAGR from 2024 to 2030. By 2030, the market is expected to reach a value of USD 647.5 million.
Key drivers of this growth include advancements in AI technologies such as computer vision and natural language processing (NLP), as well as AI’s expanding use across diverse industries like retail, healthcare, and entertainment. The increasing demand for AI-powered virtual worlds in the metaverse is also fueling this rapid expansion.
Opportunity: AI’s Widespread Adoption Across Industries
AI technology is rapidly gaining traction across multiple sectors, including banking, financial services, insurance (BFSI), technology, telecommunications, transportation, logistics, energy, mining, utilities, retail, manufacturing, and healthcare. The media and entertainment sector leads the Oman AI market, using AI to enhance content creation, improve recommendation algorithms, and deliver hyper-personalized content. The advertising industry is also tapping into AI’s potential, further propelling market growth.
NLP Leads the Technology Segment
The natural language processing (NLP) segment holds the largest market share in Oman’s AI landscape. NLP is widely utilized in translation software, voice assistants, grammar correction tools, and chatbots, offering significant operational efficiency gains for businesses handling large volumes of unstructured data.
Competitive Landscape
The Omani AI market is highly competitive, with several key players vying for dominance, including Fusion Informatics Limited, Informatics for Technology LLC, Oman Data Park, Finlytyx, AITECHOM, Software Systems LLC, Mirrors LLC, and Touchpoynts. These companies are expanding their market presence through strategies like mergers and acquisitions, partnerships, joint ventures, and new product launches.
