SAP Foresees $826 Billion AI Boom by 2030 Amidst Global Business Transformation

At the SAP Innovation Day held in Johannesburg, global leader in enterprise applications and business AI, SAP, unveiled projections indicating a $826 billion boom in the Artificial Intelligence (AI) market by 2030.

The event, which gathered industry leaders and innovators, served as a platform for discussions on navigating the shifting landscape of business amidst unprecedented global transformation.

Speaking at the event, Hans-Peter Fuelle, Chief Business Officer for EMEA at SAP, said the challenges facing businesses today are volatility, uncertainty, and unpredictability.

Fuelle said AI has the potential to reshape industries and drive innovation in the face of evolving market dynamics.

“Interest in artificial intelligence (AI) is at an all-time high. The global AI market is expected to grow from $184 billion in 2024 to $826 billion by 2030,” stated Fuelle.

Kholiwe Makhohliso, Managing Director of SAP Southern Africa, echoed Fuelle’s sentiments, emphasizing the importance of continuous innovation in navigating economic headwinds and building a competitive edge.

Makhohliso stressed the transformative impact of AI on African enterprises, noting its potential to revolutionize industries and drive greater efficiency.

“With the support of a vibrant ecosystem of expert partners and the growing maturity of cloud and business AI solutions, African enterprises can supercharge their innovation efforts like never before,” stated Makhohliso.

Bertrin Pekeur, SAP Business Group Lead at Accenture, shed light on the challenges facing African enterprises amidst a challenging global economy, inflationary pressures, and depressed revenues.

Pekeur highlighted the role of technologies such as AI and cloud in helping enterprises overcome challenges and drive innovation, stressing the importance of innovation in navigating disruptive forces and ensuring business survival.

Thabiso Hlatshwayo, Senior Manager of Solution Consulting at OpenText Africa, emphasized the transformative power of innovation in leveling the playing field for African enterprises and enabling them to compete on the global stage.

Hlatshwayo highlighted the role of technology-driven innovation in addressing unique challenges facing Africa and delivering solutions with global relevance.

Makhohliso concluded by highlighting the vital role of digital transformation and cloud adoption in enabling enterprises to unlock the full benefits of their AI investments.

She said it is important to leverage SAP’s Business Technology Platform and follow global best practices to accelerate AI-driven innovation and drive sustainable business growth.