The Rise of Delivery Services in Saudi Arabia's Food Sector

The Saudi Arabia's food service market is projected to generate approximately USD 32.2 billion revenue in 2024, with an anticipated growth rate of 8.8% annually, reaching USD 53.3 billion by 2030. This growth is driven by a surge in demand for home delivery services and an increase in the number of restaurants and retail malls across the country.

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Technological advancements, particularly the use of IoT and AI in managing food service supply chains, are also contributing to market expansion. Urban areas such as Riyadh, Jeddah, and Dammam are experiencing higher demand for convenient meal options due to urbanization and evolving lifestyles. 

The convenience of online food ordering is increasingly appealing to busy professionals and families, further accelerating the growth of the food service sector. Notably, in January 2024, Hunger Station launched its delivery services in NEOM, marking a significant step as the first domestic company in the region to use electric and hybrid vehicles for efficient food delivery.

Digital transformation has notably impacted the food service industry in Saudi Arabia, with IoT technology enabling real-time monitoring of inventory, temperature, and humidity during transit. Additionally, in December 2023, NEOM introduced ‘Topain’, a new food company aimed at revolutionizing food production and distribution with innovative and sustainable practices.

The market is also seeing expansion from international restaurant chains setting up new locations in Saudi Arabia, particularly in Riyadh and Jeddah. This trend is supported by Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to enhance tourism, diversify food offerings, and attract both domestic and international investment into the restaurant industry.

Key Insights

• Full-service restaurants will lead the market with a 35% share in 2024, driven by the popularity of family outings in Saudi Arabia.

• The cafes and bars category is expected to grow at the highest CAGR of 9.2% due to their casual atmosphere and social interaction spaces.

• Independent outlets will hold a 65% market share in 2024, offering unique dining experiences that cater to personalized preferences.

• Chain outlets are projected to grow at a 9.0% CAGR, as they provide consistent menus and convenience.

• Western cuisine will dominate the market with a 45% share in 2024, thanks to the expansion of fast-food options like burgers and pizza.

• Asian cuisine is expected to experience the highest CAGR due to its health benefits and appeal to both locals and international tourists.

• Dine-in options will have the largest market share in 2024, supported by increased urbanization and lifestyle changes.

• The delivery category is forecasted to grow at the highest CAGR, driven by its convenience and variety, especially among younger consumers.

• Al-Riyadh will account for 40% of the market revenue in 2024 and is anticipated to have the highest CAGR.

• Al-Riyadh is home to numerous international food brands and features significant developments such as Al Mamlaka social dining.

• In April 2024, Meituan will launch KeeTa, an international food delivery platform, in Riyadh.

• In February 2024, Barbra will enter Saudi Arabia, collaborating with Big Apple Sweets to open 10 new locations by February 2025.

• Pizza Inn, part of Rave Restaurant Group, will expand in Saudi Arabia with a franchise agreement with Blessings Basket Company.

• Pizza Inn and Blessings Basket plan to open 50 new restaurants in the region.

• These developments highlight the ongoing expansion and modernization of the food service market in Saudi Arabia.

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High-Resolution Imagery Leads Growth in Saudi Arabia’s Earth Observation Sector

The market for satellite-based earth observation in Saudi Arabia is set to generate approximately USD 80.8 million in 2024, with projections to grow at a compound annual growth rate (CAGR) of 5.6%, reaching nearly USD 111.8 million by 2030. This growth is driven by the surging demand for geospatial data and the increasing adoption of satellite imaging in agriculture and forestry. Enhanced image resolution technology is a pivotal trend, improving the precision of satellite data for diverse applications.

Advanced sensors enable high-resolution imagery, enhancing the monitoring of crops, tracking environmental shifts, and detecting infrastructure changes. Artificial intelligence (AI) and machine learning (ML) integration have revolutionized satellite image processing, facilitating real-time pattern detection, trend forecasting, and object classification. These innovations are vital for applications like identifying illegal logging, monitoring land use changes, and assessing crop health.

Environmental monitoring has gained importance in Saudi Arabia, especially in addressing challenges like extreme weather, frequent sandstorms, and water scarcity. Satellite-based systems offer real-time data essential for biodiversity conservation and disaster response. However, a lack of skilled professionals in geospatial analysis, satellite engineering, and data science poses a significant challenge to the sector's development.

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Key Insights:

• SATCOM: Holds the largest market share of 40% in 2024, supporting military observation, weather monitoring, and global connectivity.
• Imaging Segment: Expected to grow at the fastest CAGR during 2024–2030, driven by rising demand for high-resolution data.
• Altitude Range: Satellites at 500–600 km account for 65% of the market, favored for urban planning and environmental monitoring.
• SAR Technology: Projected to grow at a CAGR of 5.9%, excelling in cloudy conditions and offering continuous surface monitoring.
• LEO Satellites: Dominate the market due to lower launch costs and frequent revisit capabilities, essential for earth observation.
• Regional Highlights: Al-Riyadh leads the market in 2024, while the Eastern region is anticipated to grow the fastest, driven by oil and gas industry demands.

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Dual-Interface Cards to Grow Fastest in Saudi Arabia's Market

Market Overview

According to the latest market research study published by P&S Intelligence, the Saudi Arabian smart card market is projected to grow from an estimated USD 439.0 million in 2024 to USD 676.7 million by 2030, reflecting a compound annual growth rate (CAGR) of 7.5%. This growth is largely attributed to the country's rapid digitization across sectors and an increase in digital transactions and online shopping. Heightened focus on advanced access control systems further propels market expansion.

Additionally, government initiatives aimed at streamlining essential documentation and promoting contactless payments are fostering widespread adoption. Smart cards are increasingly utilized in banking, financial services, public transportation, and hospitality, highlighting their versatility and importance in supporting the nation’s digital transformation goals.

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Key Insights

Product Segmentation

Contactless smart cards are anticipated to dominate the market, accounting for approximately 45% of the revenue in 2024. Their popularity stems from extensive use in the BFSI sector and for access control in secure facilities. Dual-interface cards, which support both contact and contactless interactions, are expected to be the fastest-growing segment, with a CAGR of 7.7%. This growth is attributed to their versatility and widespread use in debit and credit card applications.

Component Analysis

Microprocessor-based smart cards are projected to hold the largest market share, contributing 60% of the revenue in 2024. These microprocessors function as compact computers, executing data processing tasks that include encryption and decryption, ensuring secure transactions and communications.

Application Areas

The BFSI sector is expected to be the largest application area in 2024, driven by the extensive use of debit and credit cards. These smart cards facilitate secure and swift payments through technologies like near-field communication (NFC) and radio-frequency identification (RFID). The government and security segment is anticipated to experience significant growth, propelled by the increasing issuance of digital identification documents, such as civil affairs cards and birth certificates. Notably, the Ministry of Hajj and Umrah's introduction of the Hajj smart card, Shaaer, exemplifies efforts to enhance digital services for pilgrims.

Regional Outlook

Al-Riyadh province is poised to lead the market, both in size and growth rate, with a projected CAGR of 35% during the forecast period. This leadership is attributed to a growing population, rising demand for banking cards, government-issued identities, and advanced access control systems. Ongoing infrastructure projects, including the development of metro lines and bus networks that utilize rechargeable smart card systems, further bolster the market in this region.

Competitive Landscape

The Saudi Arabian smart card market is characterized by consolidation, with prominent players such as Inkript, IDEMIA Group, GoldenChip Company (GCC), Thales Group, and Advance Card Technology Factory leading the industry. These companies are continually advancing their technologies to enhance security and authentication, thereby maintaining a competitive edge. For instance, in June 2023, Inkript produced its first biometric payment card based on Zwipe’s platform in the Middle East and Africa, highlighting ongoing innovation within the market.

In summary, the Saudi Arabian smart card market is on a robust growth trajectory, supported by technological advancements, sectoral digitization, and proactive government policies. The increasing demand for secure and efficient transaction methods positions smart cards as a pivotal component in the nation's digital transformation.

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Deepfake AI Revolutionizing Media and Tech

Market Overview

The global deepfake AI market is projected to reach USD 572.3 million in 2024, expanding at a remarkable compound annual growth rate (CAGR) of 44.8%. By 2030, the market is expected to generate approximately USD 5,285.9 million in revenue. This robust growth is primarily driven by the increasing adoption of artificial intelligence technologies across diverse sectors, making deepfake AI a key tool for innovation.

The media and entertainment industry has emerged as a significant driver, utilizing deepfake AI for creative content production. Furthermore, the widespread availability of AI tools that facilitate both the creation and detection of deepfakes is enhancing market adoption and driving expansion globally.

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Key Insights

Segmentation Analysis

The deepfake AI market is segmented based on software type, technology, and end-user industries.

• Software Types: The market includes deepfake generation, detection and authentication, and content moderation software. Each type addresses specific needs, such as creating realistic media, verifying content authenticity, or ensuring compliance with content standards.
• Technologies: Core technologies include Generative Adversarial Networks (GANs), autoencoders, recurrent neural networks, diffusion models, transformer models, and natural language processing (NLP). GANs remain the dominant technology, enabling high-quality content generation, while NLP enhances voice and text imitation.
• End-User Industries: Deepfake AI finds applications in BFSI (banking, financial services, and insurance), telecommunications, government and defense, healthcare and life sciences, legal, media and entertainment, and retail and e-commerce. The media and entertainment sector leads adoption due to its need for innovative content solutions, while government and defense focus on detection and mitigation of malicious deepfakes.

Regional and Geographical Trends

North America holds the largest market share, attributed to the early adoption of AI technologies and the presence of key industry players. The Asia-Pacific region is expected to experience the fastest growth, driven by increasing investments in AI infrastructure and rising demand for innovative content solutions.

Technological Advancements Shaping the Market

The integration of deepfake technologies in content creation is a significant trend. Deepfake AI networks, trained on extensive datasets, can replicate patterns to generate new images, videos, or audio that closely mimic original content. By analyzing speech patterns, tones, and intonations from existing recordings, deepfake algorithms can imitate voices with remarkable accuracy.

Competitive Dynamics, Major Players, and Emerging Opportunities

The deepfake AI market is consolidated, with major players focusing on technological innovations and strategic partnerships to enhance their market presence. The increasing computational power and access to large datasets have improved the effectiveness of deepfake solutions, creating opportunities for new entrants and existing players to develop advanced applications. The collaboration with 5G networks also enhances data transfer speeds, facilitating real-time deepfake applications.

In summary, the deepfake AI market is set for substantial growth, driven by technological advancements, regional developments, and evolving industry dynamics. Stakeholders across various sectors are poised to leverage these opportunities for innovative applications and solutions.

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Rapid Digitalization Accelerates Natural Language Understanding Market Expansion

The global natural language understanding (NLU) market is poised for significant growth, with projected revenues of USD 18.9 billion in 2024 and an anticipated compound annual growth rate (CAGR) of 27.2% from 2024 to 2030, reaching USD 80.3 billion by 2030. NLU, a branch of artificial intelligence (AI), enables computer systems to comprehend human language inputs, both text and speech. The surge in conversational AI technologies, such as chatbots and virtual assistants, is a primary driver of this market expansion. These AI solutions are increasingly integrated across sectors including healthcare, customer service, and e-commerce, enhancing human-machine interactions and operational efficiencies.

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Key Insights

Segmentation Analysis

The NLU market is segmented by application, with text analysis emerging as the largest category. This is attributed to the growing need for processing and understanding vast amounts of textual data across industries. Other significant applications include sentiment analysis, machine translation, and customer experience management, each contributing to the market's diverse landscape.

Regional and Geographical Trends

North America holds the largest share of the NLU market, driven by technological advancements and early adoption of AI solutions. However, the Asia-Pacific region is expected to experience the fastest growth, propelled by rapid digitalization, increased investments in AI technologies, and expanding IT infrastructure.

Technological Advancements Shaping the Market

The integration of AI technologies in both public and private sectors is a key trend, enhancing accuracy, expediting response times, and improving customer experiences. Innovations in AI, big data analytics, and cloud computing provide the necessary infrastructure and processing power for complex language processing tasks, further propelling market growth.

Competitive Dynamics, Major Players, and Emerging Opportunities

The NLU market is consolidated, with key players focusing on strategic developments to strengthen their market positions. Companies are investing in research and development to innovate and offer advanced NLU solutions, catering to the evolving demands of various industries. Emerging opportunities lie in sectors such as healthcare, where maintaining electronic health records and government investments in NLP are driving the adoption of NLU technologies.

In summary, the NLU market is on a robust growth trajectory, fueled by technological advancements, increasing digitalization, and the expanding application of AI-driven language understanding solutions across diverse industries.

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Rising Demand for Cloud-Based Compensation Software to Propel Market to $5.62 Billion by 2030

The global compensation software market is projected to generate $3.22 billion in revenue in 2024, with expectations to reach $5.62 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2025 to 2030. This growth is primarily driven by the increasing adoption of cloud-based solutions, which offer advanced features, scalability, and ease of workforce management. Additionally, the rising trend of remote and hybrid work models necessitates efficient compensation management systems to ensure equitable and competitive pay structures. The integration of artificial intelligence and machine learning into compensation software is further enhancing decision-making processes, contributing to market expansion.

Key Insights

The compensation software market is segmented by offering into solutions and services. The solutions category dominates the market, attributed to the increasing adoption of software that centralizes, streamlines, and automates employee data, aiding in the creation of competitive compensation packages compliant with company pay standards. These solutions assist managers and HR professionals in managing employee compensation, including salaries, bonuses, and benefits, and provide tools for creating dashboards and graphics to present critical data such as pay equity, sales incentives, and merit bonuses.

In terms of deployment type, cloud-based compensation software is experiencing significant growth due to its advanced features compared to traditional on-premises solutions. Cloud-based platforms offer organizations scalability and ease in managing their workforces, along with updates and technical support that allow HR departments to focus on core tasks rather than IT maintenance. These platforms can be accessed by employees and HR teams from anywhere, facilitating hybrid work modes, and offer real-time monitoring and data analytics required for regular automatic updates. Additionally, they provide data protection and privacy through data redundancy, multi-factor authentication, and encryption.

Geographically, North America holds the largest market share, driven by the early adoption of advanced technologies and a strong focus on employee satisfaction and retention. The Asia-Pacific region is expected to witness the fastest growth, propelled by increasing investments in digital transformation and the rising adoption of cloud-based solutions. The growing number of small and medium-sized enterprises (SMEs) in this region is also contributing to the demand for efficient compensation management systems.

Technological advancements are significantly shaping the compensation software market. The integration of artificial intelligence and machine learning is enhancing decision-making processes by providing predictive analytics and insights into compensation trends. These technologies enable organizations to design competitive compensation packages that align with market standards and employee expectations. Furthermore, the development of user-friendly interfaces and mobile applications is improving accessibility and user experience, encouraging wider adoption among organizations of varying sizes.

The market is characterized by fragmentation, with numerous players offering diverse solutions tailored to different organizational needs. Key companies are focusing on strategic initiatives such as mergers, acquisitions, and partnerships to expand their product portfolios and global reach. The increasing emphasis on employee satisfaction, retention, and the need for transparent and equitable compensation practices present significant opportunities for innovation and growth within the compensation software market. As organizations continue to navigate the complexities of modern workforce dynamics, the adoption of advanced compensation management systems is expected to play a crucial role in achieving strategic human resource objectives.

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Power Sector Boom in Emerging Markets Drives Asset Integrity Needs

The asset integrity management market is projected to grow from approximately USD 24.2 billion in 2024 to around USD 34.1 billion by 2030, with a compound annual growth rate (CAGR) of 5.9%. This growth is largely fueled by global industrial expansion, strict workplace safety regulations, rising environmental concerns about deteriorating industrial assets, and continuous technological innovations. Evolving methods and technologies in asset integrity management have enabled more effective service delivery.

Industries like manufacturing, power generation, and oil & gas face challenges from aging infrastructure, with many assets nearing or surpassing their expected operational lifespan. These aging assets increase the risk of breakdowns, failures, and diminished performance. To address these issues and extend asset lifespans, companies are increasingly turning to asset integrity management solutions.

These solutions provide tools for organizations to proactively monitor asset performance, enabling timely maintenance and repairs. This approach not only prevents unexpected failures but also optimizes maintenance expenses and enhances asset longevity.

However, high costs and the complexity of asset integrity management software pose significant challenges. The need for specialized expertise and intricate system integration can be financially burdensome, especially for smaller businesses with limited budgets.

On the other hand, the expanding power sector in emerging economies offers notable growth opportunities for asset integrity management. Rapid urbanization and industrialization in developing regions amplify the need for dependable power infrastructure. As a result, there is rising demand for advanced asset integrity management services to ensure the safety, reliability, and regulatory compliance of critical assets, such as power plants and transmission systems.

Key Insights

• Non-destructive testing (NDT) comprises 30% of market revenue in 2024, with a projected CAGR of 6.5% through 2030, owing to its capability to inspect materials without causing harm.
• The oil & gas sector is anticipated to achieve the highest CAGR of 6.7% during this period, facing challenges with aging infrastructure and strict safety protocols.
• In the U.S., oil production reached 21.91 million barrels per day in 2023, accounting for 22% of global production, while China produced 390 million tonnes of crude oil the same year.
• North America is expected to dominate with a 45% market share in 2024, bolstered by a skilled workforce and strong demand from the oil & gas, manufacturing, and power sectors.
• The APAC region is anticipated to grow fastest at a CAGR of 6.3%, driven by its expansive oil & gas, manufacturing, chemicals, and power generation sectors and stringent safety and environmental regulations.

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