Saudi Arabia Smart Cities Market Drivers Future Growth, USD 14,745.2 Bn by 2027 - Intel Corporation, Microsoft Corporation, and Schneider Electric SE

Rise in efforts to minimize oil dependency, proactive smart city initiatives, and a surge in investments by the government have boosted the growth of the Saudi Arabia smart cities market. However, data security & private concerns with smart cities hinder 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 market players in the future.

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As per the report, the Saudi Arabia smart cities industry 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.

Covid-19 scenario:

• Although the Covid-19 pandemic has severely affected major industrial sectors, the smart cities market witnessed revenue growth during the period. The rise in requirements from the healthcare and transportation systems has increased the demand for smart cities.

• Moreover, there is a high demand for healthcare systems that need minimal human contact due to prolonged lockdown.

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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.

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Key Benefits For Stakeholders
• This study includes the analytical depiction of the Saudi Arabia smart cities market forecast and trends to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and Saudi Arabia smart cities market opportunity.
• The current market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the Saudi Arabia smart cities industry.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the Saudi Arabia smart cities market.

The key players operating in the Saudi Arabia smart cities market analysis 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.

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