Saudi Arabia Smart Cities Market Size to Reach $14,745.2 Million by 2027 – Report by AMR
Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the market.
PORTLAND, OR , UNITED STATES, UNITED STATES, October 10, 2022 /EINPresswire.com/ — The environmental friendliness of smart cities and technological advancements in IoT and cloud technologies are expected to open lucrative opportunities for the market players in the future. The Saudi Arabia smart cities market was pegged at $3.55 billion in 2019, and is projected to reach $14.74 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027.
Increased penetration of the Internet of Things and cloud-based applications in the KSA has had a significant impact on the market in Saudi Arabia. IoT applications provide tools for traffic monitoring, noise levels, air quality levels, vehicle, and diverse industries emission levels. Also, implementations of IoT industries have helped improve the healthcare, manufacturing, city-wide transport, and mobility sectors in the Saudi Arabia, boosting the growth of market.
Demand for smart cities is on the rise in Saudi Arabia as it may enable new scopes for increasing the eco-friendliness of the country. Awareness around the Internet of Things (IoT) and cloud computing has increased across various citizens and government officials of the country and the COVID-19 pandemic is acting as a major driver to get the government of Saudi Arabia more interested in benefits related to smart cities in supporting smart transportation solutions, better healthcare management, and energy-saving capabilities. The KSA is affirming its readiness to invest in new smart cities. Further, the government and the KSA’s prince are inclined toward revamping existing cities to make them have smart city-like capabilities along with new smart city projects across the country.
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By functional area, the smart infrastructure segment dominated the Saudi Arabia smart cities industry share in 2019 and is expected to dominate the market in the coming years, owing to the increase in several government initiatives for smart city development under the Saudi vision 2030 framework. Furthermore, smart transportation under the smart infrastructure sub-segment had the largest market share due to its energy-efficiency and environmental advantages. Moreover, with a high urban population in the country, smart transportation solutions provide means for faster travel in smart cities of the kingdom, further propelling the growth of market.
However, the smart energy segment is anticipated to witness the highest growth rate during the forecast period in the industry. This is attributed to rise in awareness regarding usage of renewable sources of energy, developing Green energy projects in KSA & innovative smart metering products. For instance, in September 2020, Saudi Electricity Company secured $1.3 billion to finance smart meters as well as other green energy projects.
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Key market players such as – AT&T, Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric SE.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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Segmental analysis of the market is provided in both qualitative and quantitative aspects. This aids the clients in identifying the most lucrative segment to go on with investments, on the basis of a complete backend analysis concerning the segmental presentation, coupled with brief salutation of the operating organizations and their important developmental activities.
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