The virtual uptrend of any industry is through the robust technology – Artificial Intelligence. The impact is seen on almost all the sectors medical, technology, commerce, energy, etc. It goes beyond imagination in emerging technologies like big data, IoT, robotics, and other innovative fields. The global market for AI had annual revenue with 13% growth in the year 2020 whereas it is estimated to grow 17.4% year over year in 2021. Additionally, by 2024, the five-year CAGR is anticipated to be 18.4% with revenue of more than $37 billion. Machine learning on the other hand grew from $ 1.41 Billion in 2017 and is estimated to grow up to $ 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%.
The Dubai-based – Nybl is an artificial intelligence pioneer with a unique, end-to-end AI ecosystem providing solutions by offering a platform to analyze enormous data sets, in real-time. The company geared up to acquire Nubila ML which is a visual data mining and machine learning platform created to help everyone. The deal expects the founder of Nubila – Marlon de Jesús González to work with Nybl’s R&D for business expansion. The acquisition relates to the recent advancement of Nybl to democratize AI with a remarkable and simple AI ecosystem that eliminates extensive dependence on coding.
Nybl has already served across the Gulf Cooperation Council (GCC) region. Different sectors like Oil & Gas (O&G), healthcare, and security rely on the platform. The company is expanding in clientele spanning through Kuwait, India, UAE, The United States of America, and the Kingdom of Saudi Arabia.
Both the companies share a similar vision of utilizing the advantages of AI and ML as they form the building blocks for the growth of any sector. The conjunction is expected to bring automation to nybl’s processes and allows the users to simplify the process journey from analysis to deployment by managing the entire AI development journey.
The UAE Centennial 2071 project that embarks vision for future generations is based on Economy, Community Cohesion, Government Development, and Education. As per a 2019 report – the ‘Government Artificial Intelligence Readiness Index, UAE ranks as the highest in the Arab world to adopt Artificial Intelligence (AI) technologies. By 2031 UAE aims to use AI in, space energy, education transportation, and technology, etc. additionally with AI technologies it expects to increase GDP by around 35% ($96 billion) as it will save nearly $3 billion of government expenses.