Saudi Arabia Smart Cities Market Expected Massive Growth Forecast $14,745.2 million by 2027

By functional area, the smart energy segment is expected to exhibit highest growth rate during the Saudi Arabia smart cities market forecast period.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 19, 2024 /EINPresswire.com/ -- The Saudi Arabia Smart Cities Market size was valued at $3,552.1 million in 2019, and is projected to reach $14,745.2 million by 2027, growing at a CAGR of 19.6% from 2020 to 2027. Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the Saudi Arabia smart cities market. However, data security & private concerns with smart cities hinder the market growth. On the contrary, 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 159 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A10247

An increase in the demand for sustainable and eco-friendly urban living facilities, government development initiatives, and need for new economic opportunities for revenue generation in the country drive the Saudi Arabia smart cities market growth. However, high costs of smart cities and citizen’s and government’s concern regarding data handling and privacy in a smart city is expected to hamper the growth of the Saudi Arabia smart cities market during the forecast period. Furthermore, advancements in IoT technology and carbon footprint reduction of smart cities are anticipated to provide lucrative opportunities for the market growth.

By functional area, the smart infrastructure segment held the lion's share in 2019, accounting for nearly one-fifth of the Saudi Arabia smart cities market. This is due to the benefits of smart infrastructure such as continuous connectivity of physical objects with the internet and rapid urbanization. However, the smart energy segment is estimated to manifest the highest CAGR of 22.6% during the forecast period, owing to rise in challenges of electrical systems such as aging infrastructure and growth in the number of variable renewable energy sources and electric vehicles.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/saudi-arabia-smart-cities-market/purchase-options

By functional area, the smart infrastructure segment dominated the Saudi Arabia smart cities market 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 Saudi Arabia smart cities market².

Increased penetration of the Internet of Things and cloud-based applications in the KSA has had a significant impact on the smart cities 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 Saudi Arabia smart cities market.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

IBM Corporation, Hitachi Ltd., Ericsson, Cisco Systems Inc., General Electric, Intel Corporation, AT&T, Inc., Microsoft Corporation, Huawei Technologies Co., Ltd.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A10247

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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10247

However, the smart energy segment is anticipated to witness the highest growth rate during the forecast period in the Saudi Arabia smart cities industry³. 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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
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¹ https://www.alliedmarketresearch.com/saudi-arabia-smart-cities-market-A10247
² https://www.prnewswire.com/news-releases/saudi-arabia-smart-cities-market-to-garner-14-74-bn-by-2027-at-19-6-cagr-allied-market-research-301266514.html
³ https://www.alliedmarketresearch.com/press-release/saudi-arabia-smart-cities-market.html