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Infinium Global Research Forecasts a Bright Future for Robotics in Saudi Arabia

PUNE, India, Dec. 4, 2023 /PRNewswire/ -- Robotics holds a central role in Saudi Arabia's Vision 2030, a comprehensive reform program aimed at diversifying the nation's economy and decreasing its reliance on oil revenues. Robotics and automation are pivotal in realizing key objectives of this vision. They contribute to economic diversification by boosting efficiency and innovation across industries, particularly in manufacturing, construction, and healthcare. Moreover, they play a role in job creation by fostering a skilled workforce capable of operating and maintaining automated systems. By leveraging robotics in healthcare and education, Saudi Arabia can elevate the quality of life for its citizens, aligning with Vision 2030's goals. Furthermore, embracing advanced technologies positions Saudi Arabia as a global contender in innovation and technology, thereby enhancing its global competitiveness in line with the Vision's ambitions for a more competitive economy. 

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Opportunity:

Saudi Arabia's artificial intelligence and robotics sector is poised to make a significant impact, contributing an estimated $135.2 billion, equivalent to 12.4 percent of the country's GDP by 2030, as per PricewaterhouseCoopers. The government is actively propelling initiatives like the automation of 4,000 manufacturing plants over the next five years. Additionally, the Kingdom's logistical strategy, launched recently, underscores the integration of robotics and AI into smart city projects, including NEOM. Saudi Arabia has undertaken substantial initiatives to facilitate the adoption of robotics in its economy. The sector's annual growth rate in AI and automation contributions is projected to average 31 percent from 2018 to 2030. Robots and robotic-assisted systems are progressively taking on more complex tasks in a fully automated manner, alleviating workforce burdens and simultaneously enhancing the quality of medical care and outcomes, reflecting the expanding capabilities of these technologies.

Market Attractiveness:

The integration of robotics holds the potential for substantial cost reduction across various sectors, freeing up human labor for more strategic endeavors. This translates into smoother customer service, a positive corporate image, and an improved employee experience, ultimately enhancing the customer journey and creating brand-enhancing moments. It is imperative for robotics companies in Saudi Arabia to initiate educational efforts aimed at enlightening businesses about the cost-saving benefits of automation and motivating them to embrace AI-driven solutions. Additionally, even startups within the Kingdom should be willing to take calculated risks and present innovative automation concepts to attract investment, positioning themselves as pioneers in their field. In fact, Saudi startups are known for their groundbreaking solutions, and the Kingdom is set to witness a significant uptick in robotics investments, with expectations of exceeding $150 million in the next two years, in response to the rapid development of smart cities and the digital transformation wave gaining momentum.

Investment:            

As reported by the Minister of Commerce, the Kingdom has witnessed a remarkable 52 percent surge in the registration of robotics firms, reaching 2,344 in the second quarter of 2023, compared to 1,537 in the same period the previous year. Riyadh led the way with 1,387 registrations, followed by Makkah with 491, the Eastern Province with 269, Madinah with 76, and Qassim with 32. Notably, Saudi venture capital firms are displaying a keen interest in the robotics sector, as evidenced by Prosperity7, Aramco's investment subsidiary, which invested $150 million in the Chinese startup Jaka Robotics. Saudi Excellence Co. has also partnered with the US-based robotics firm Nala Robotics to establish Saudi Arabia's inaugural AI-powered robotic cloud kitchen. The regional market for industrial and service robots is poised to reach $4 billion by 2025, with industrial Internet of Things devices projected to hit $1.5 billion. Anticipations indicate that robotics investments will exceed $150 million in the next two years, in response to the Kingdom's burgeoning development of smart cities and digitalization. On a broader regional scale, the Middle East has the potential to attract up to $125 billion in robotics investments by 2025, focusing on manufacturing technology hardware solutions.

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Recent Development:

In February 2023, Collins Aerospace entered into a significant memorandum of understanding with SRB Aerial Systems L.L.C to collaborate on the research, development, and deployment of unmanned aerial systems and robotics for the Kingdom of Saudi Arabia. Collins Aerospace will contribute its extensive expertise in Unmanned Aerial Systems (UAS) integration, leveraging its mission systems hardware and software, radio communication capabilities, and sensor development knowledge to bolster the development of UAS sovereign capabilities within the nation. This partnership aligns with Saudi Arabia's Vision 2030, which aims to promote locally owned and manufactured products. Additionally, in March 2023, Wave Lifestyle Tech, a South Korean food tech robot company, forged an agreement with the Saudi government to expand its robot-based services, starting in the food industry, as part of Saudi Arabia's broader digital transformation initiatives. The ministry pledges support for Wave's joint ventures and investment prospects in the region, underscoring the collaborative efforts to drive technological advancements in various sectors.

About Us:

Infinium Global Research, a leading provider of market research, has recently released comprehensive reports on several markets across Saudi Arabia. These reports present a detailed analysis of various segments and sub-segments within the Saudi Arabian markets. It also sheds light on the impact of drivers, restraints, and macro indicators on both short-term and long-term market dynamics. The reports provide a comprehensive outlook on trends, forecasts, and dollar values of the markets.

Infinium has published reports across robotics domains operating for Clients in Saudi Arabia for such As Cloud Robotics Market, Warehouse Robotics Market, Nanorobotics Market, Service Robotics Market, Food Robotics Market, Modular Robotics Market, Medical Robotic Systems Market, Etc.

Contact:

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Email: Info@infiniumglobalresearch.com 

Website: www.infiniumglobalresearch.com

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By: PR Newswire Association LLC. - 04 Dec 2023
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