Saudi Arabia Smart Cities Market Size May See A Big Move | Cisco Systems, Ericsson, General Electric, Hitachi

A smart city is a system, mainly made up of ICTs, to create, deploy, and encourage sustainable development practices for tackling increase in urbanization challenges. Cloud-based applications and IoT devices obtain, analyze, and handle data in real-time to enhance the quality of life for the government, businesses, and people. This technology has been widely adopted in the recent years to improve public safety, which can range from monitoring areas of high crime rates to improving emergency preparedness with sensors and many more. The combination of physical infrastructure and facilities with smartphones, data, and modern devices are expected to minimize cost and enhance sustainability.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Rise in demand for modern and upper living standards in the country, enthusiastic initiatives and high investments by government, and efforts to minimize countries dependence on oil and petroleum products fuel the growth of the Saudi Arabia smart cities market. However, data safety and privacy concerns hinder the growth of the smart city market in the country. In addition, higher development costs of smart cities are also expected to impend the growth of the Saudi Arabia smart city market. Furthermore, sustainability and environmental benefits and advancements in the field of Internet of Things (IoT) devices are anticipated to fuel the growth of the smart cities market.
The Saudi Arabia smart cities market is segmented on the basis of functional area into smart infrastructure, smart governance and smart education, smart energy, smart mobility, smart healthcare, smart buildings, and others.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the Saudi Arabia smart cities market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analyses on the market size is provided in the report.
- Porters five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the Saudi Arabia smart cities market from 2019 to 2027 is provided to determine the market potential.

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

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KEY MARKET SEGMENTS
By Functional area:
- Smart Infrastructure
o Smart Transportation
o Smart Water Management
o Smart Stadium
o Smart Public Safety & Security
o Smart Lighting
o Others

- Smart Governance & Education
o Smart Governance
o Smart Education

- Smart Energy
o Power Electronics
o Smart Energy Storage

- Smart Mobility
o Smart Ticketing
o Smart Parking
o Others

- Smart Healthcare
o Connected Healthcare
o Telemedicine
o Others

- Smart Building
o Facility Management Systems
o Buildings Safety & security
o Others

- Others

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